|
|
|
 |
|
Issue 34| December 7, 2012
|
|
Ron Kirk applauds House vote to extend permanent normal trade relations to Russia and Moldova
On Nov. 16, United States Trade Representative Ron Kirk hailed the overwhelming bipartisan support in the House of Representatives to end the application of Jackson-Vanik to Russia and Moldova. The President authorized to extend permanent normal trade relations to both countries." This vote brings us one step closer to the day when America's businesses and workers will enjoy the full benefits of Russia's World trade Organization membership, and will no longer be disadvantaged compared to their global competitors," said Ambassador Kirk. Read more.
|
China's foreign direct investment stays on track
China drew $91.7 billion in foreign direct investment (FDI) between January and October, marking the 10th month that aggregate year-to-date flows fell compared with the previous period. "China's economy is acutely sensitive to external demand, despite a gradual rebalancing towards domestic consumption," said Commerce Ministry spokesman Shen Danyang. China's total exports were worth about 31 percent of GDP in 2011, according to World Bank data, and an estimated 200 million Chinese jobs are in the export sector or supported directly by foreign investment, making FDI a particularly important gauge of prospects for China's vast factory sector. According to the data from the United Nations Conference on Trade and Development, even with China's slow start it remains on course to secure more than $100 billion of FDI for the third successive year. Read more. |
The United States and Colombia discuss trade progress
Deputy U.S. Trade Representative Miriam Sapiro recently hosted the inaugural meeting of the U.S.-Colombia Free Trade Commission. This trade commission is primarily responsible for supervising the implementation of the U.S.-Colombia Trade Promotion Agreement and resolving any issues that arise. Both sides agreed that the operation of the agreement has been going smoothly and is benefiting both countries. Statistics show that U.S. exports to Colombia from May to September were more than 20 percent higher than the year before. Both governments are now working together to ensure that the Colombian Action Plan related to labor rights continues to be fully implemented. Read more. |
Europe Trade Chief visits Mexico and Peru to cultivate trade
European Union Trade Commissioner Karel De Gucht recently visited Mexico and Peru. Since the EU's bilateral trade deal with Mexico in 2000, trade has grown by 187 percent since the agreement's entry. De Gucht's visit to Mexico included meeting with Enrique Pena-Nieto, the elected President of Mexico, to discuss such progress. His visit focused on promoting the swift ratification of the trade agreement signed by the EU, Peru and Colombia in June 2012. The commissioner said that he "welcomes Lima's continued efforts to improve social and environmental rights." These are key factors that the European Parliament takes into consideration for future approval of the trade deal with Peru and Colombia. Once the trade agreement with Peru and Colombia is fully implemented the deal will result in a total tariff savings of more than 500 million euro per year. Read more. |
NAFTA works- the importance of metropolitan areas in U.S. exports to Mexico
Mexico is an essential trade partner for cities in the United States, buying more than $198 billion in U.S. products annually making Mexico the U.S.' second largest export market. Metropolitan areas are a major contributor to U.S. total exports. In 2011 metropolitan area exports were strong with an increase of 22 percent from 2010, compared to only 16 percent growth experienced by the U.S. urban areas. Also among the top 50 U.S. exporting cities, 44 experienced export growth to Mexico and 14 of them increased their sales by at least 20 percent in just one year. Metropolitan areas are also the export dynamos of U.S. sales to Mexico. In 2011, exports from the three largest exporters Detroit, Los Angeles and Houston increased to at or above the national growth rate. Sales to Mexico are a key component of U.S. exports and economic growth. According to the U.S. Bureau of Economic Analysis, exports to Mexico contributed to 46 percent of the U.S economy growth in 2010 and 2011. Read more. |
Port strike over
On Tuesday, Dec. 4, Mayor Antonio Villaraigosa announced the ending of the eight-day port strike. Villaraigosa thanked both employers and the union for working "feverishly" to reach a new deal. With the end of the strike, the ports will be busy, with a workforce of thousands returning to their daily duties. Port of Los Angeles Executive Director Geraldine Knatz thanked the mayor for his "leadership and tenacity in keeping the negotiations moving over the past 24 hours." Read more. |
Thank you for reading the Trade Intelligence Briefs in 2012. Our next edition will be released in January 2013.
|
Compiled by Global Initiatives Interns Aaron Borboa, Brittany Garcia and Tanya Gonzalez. For more information, contact Jasmin Sakai-Gonzalez, 213.580.7569. |
|
|
|
|
|
|
