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President Obama releases 2013 trade policy agenda
President Barack Obama stresses the importance of international trade for America's economic recovery in his trade policy agenda delivered by Ambassador Ron Kirk on March 1. The president outlines strategies that the U.S. will implement to continue to increase international trade and promote U.S. exports abroad. "In 2013, trade will continue to move us forward toward President Obama's goal of an economy built to last - one that is globally competitive and that will support a thriving American middle class for generations to come," Kirk said. The agenda focuses on building Trans Pacific and Trans Atlantic relationships as well as working with bilateral agreement partners, the World Trade Organization, and the newly implemented Interagency Trade Enforcement Center to ensure the legitimacy and longevity of international trade. Read more . |
Deputy U.S. Trade Representative Demetrios Marantis welcomes hard work, productive outcomes in revived U.S.-Taiwan talks
The meeting of the U.S.-Taiwan Trade and Investment Framework Agreement (TIFA) Council produced numerous results including new joint statements on investment principles and information and communication technology services, and the launch of new TIFA working groups on investment and technical barriers to trade. The U.S. encouraged and welcomed Taiwan's agreement to conduct bilateral technical exchanges to facilitate the establishment of scientific maximum residue levels for pesticides to ensure safer and more environmentally-friendly products. Read more. |
United States and Iraq announce progress on entry into force of Trade and Investment Framework Agreement
The U.S. and Iraq announced that the bilateral U.S.- Iraq Trade and Investment Framework Agreement (TIFA), is likely to enter into force later this year. The agreement will provide a bilateral forum devoted to fostering greater trade and investment between Iraq and the United States. The first meeting of the joint council for bilateral consultations on trade and investment issues is expected to take place in 2014. The joint council meeting will provide a permanent forum for annual senior-level discussions on trade and economic issues including services, transparency, worker rights and intellectual property. Two-way trade between the U.S. and Iraq in 2012 was $21.3 billion, with U.S. exporting 2.04 billion and Iraqi exporting 19.3 billion in industries including energy, defense, information technology, automotive and transportation. Read more. |
Latin America taps private sector for infrastructure needs
Financial officers of Latin America is looking to the private sector for help on funding a $200 billion infrastructure investment gap, which has been dragging on economic growth and preventing the region from catching up to other developing markets. It is believed that better infrastructureis one of Latin America's most pressing needs. However, the limited government budgets strain the amount of public investment. Planned financial sector reforms would aim to improve the ability of development banks to work with the private sector, said Mexico's Deputy Finance Minister Fernando Aportela, . If the region could double its infrastructure investment, potential real annual GDP growth could increase by two percentage points. Read more . |
Los Angeles Harbor Commission certifies final Environmental Impact Report for proposed rail yard
The Los Angeles Harbor Commission certified the final Environmental Impact Report for BNSF Railway Company's proposed Southern California International Gateway (SCIG) Intermodal rail yard and approved a landmark rail infrastructure project that would increase the efficiency and competitiveness of moving containerized cargo through the nation's busiest harbor complex to U.S. and international markets. Modernizing the Port of Los Angeles's transportation infrastructure is crucial to creating jobs, strengthening economies and improving life qualities. Construction is due to begin this year and will create 1,500 employment opportunities per year over three years. SCIG will also generate about 250 operational jobs in 2016 and 450 direct jobs by full build-out in 2023. Read more. |
German investor confidence unexpectedly rise to 3-year high
German investor confidence rose to a three-year high in March, projecting a recovery of the largest economy of Europe. According to ZEW Center for European Economic Research, its index of investor and analyst expectations, which aims to predict economic developments six months in advance, increased to 48.5 from 48.2 in February, ranking highest since April 2010. The Bundesbank predicts that the economy will expand in the current quarter after last year's contractions. Confidence has improved for a fourth month in February. The major potential risks of the market are Italy's political turmoil and Cyprus's financial instability.
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Trading Places: The New Reality of Global Trade, April 17
Join us for the next Global Initiatives Council session with special guest speaker Elizabeth Stephenson, principal at McKinsey & Company, as she shares McKinsey's perspective on the role of trade in the global economy and highlights emerging trends in trade, including the shifting balance between developed and emerging economies, the growing role of South-South trade, and the impact of nearshoring. Register Now!
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Compiled by Global Initiatives Intern Owen Wang.For more information, contact Jasmin Sakai-Gonzalez, 213.580.7569. |
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