Issue 65| Sept. 18, 2015
President Obama is confident in getting TPP completed in 2015
 
After this years' tough negotiation among the twelve Pacific Rim countries of the Trans-Pacific Partnership (TPP), which covers about 40 percent of global economy, the complicated obstacles have finally been narrowed down to issues regarding market access and intellectual property. President Obama showed his confidence members of the Business Roundtable in Washingtonto members of the Business Roundtable in Washington, D.C. by working hard with Republican and Democratic leaders to complete the TPP agreement through Congress this year. Read more.
 
U.S., Canada and Mexico reach agreement over auto-production quotas
 
Months after Japan and the U.S. held secret talks over automotive tariffs that did not include Mexico and Canada, the four countries have reconvened to negotiate new terms. Currently under NAFTA standards, 60 percent of an automobile must be manufactured within a NAFTA country to enter those same countries without a tariff charge. Canada, the U.S. and Mexico have concurred in lowering the car part quota to 50 percent. The benefit to maintaining such a percentage is the prevention of hindering the auto-manufacturing industry in North America, which accounts for 20 percent of all trade in all three NAFTA countries. Read more.
 
Japan Endorses Taiwan's Inclusion into the Next TPP Discussions
 
As new members seek admittance into the TPP, Japan has surprised many critics by officially supporting Taiwan's participation in the TTP in the latest Asian-Pacific Economic Cooperation meeting in Cebu, Philippines. Japanese Parliamentary Vice-Minister Shinji Koizumi and Taiwanese National Development Council Minister Duh Tyzz-jiun have held bilateral talks, identifying the potential growth of Japan with Taiwan as its ally.  Read more.
 
 
European Trade Commissioner proposed a new TTIP court to replace ISDS
 
After meeting with U.S. Trade Representative Michael Froman for the first time to review and discuss the progress made over the Transatlantic Trade and Investment Partnership (TTIP), European Trade Commissioner Cecilia Malmström proposed a new permanent dispute settlement court system. This system not only serves TTIP cases but also international cases such as the European Union-China trade deal, and replaces the traditional mechanism for investor-state dispute settlement (ISDS). Critics claim this replacement will benefit corporations and state authorities. Read more.
 
U.S., China exchange new investment treaty offers ahead of Xi visit
 
The U.S. and China have exchanged revised offers for the negotiation of the Bilateral Investment Treaty (BIT) in preparation for Chinese President Xi Jinping's visit to the White House in late September. Compared with the U.S., China has more restrictions on foreign investment. U.S. investors expect the successful conclusion of BIT will create significant progress in driving economic reforms in China and market openings in favor of U.S business investments. Read more
 
L.A. and Beijing rise to promote improved clean air agreements
 
On Nov. 11, 2014, U.S. President Barack Obama and the President of the People's Republic of China Xi Jinping announced a joint-agreement to bilaterally combat climate change by reducing emissions, using sustainable non-fossil fuels and promoting environmentally friendly trade methods. The two countries agreed that the U.S. would lower emissions as much as 28 percent from 2005 levels by 2025, and that China emissions would decline no later than 2030.  L.A. and Beijing are two among dozens of cities whose agreements to fight against climate change have recently been established as a result of the climate agreement between Obama and Xi. Read more.
 
Compiled by Global Initiatives Interns Edwin Cante  and Debby Zhong.

For more information, contact Jasmin Sakai-Gonzalez, 213.580.7569.