8:17AM
Now Japan and EU start talks on free trade deal
Thursday, March 28, 2013 at 8:17AM FT story.
Comes right on the heels of recent talks with US to consider starting similar negotiations.
This is the West not waiting on the WTO, which is good.
It's also the West recognizing collective strengths, which is also good.
That's the funny thing about trade pacts - they tend to come when times are bad.
Because, when times are good, everyone's too picky and demanding. But when times are bad, and everyone assumes trade protectionism will rule, wiser heads prevail.
This is old-school globalization (1945-1980), and it's good to see that it's still capable of moving the ball forward.
Reader Comments (2)
I can’t help but feel that the United States lack of coherent trade policy exacerbates regional tension in East Asian/South Asia. Instead of fostering real building blocks (read: trade) the United States defines these regional relationships through cold war, military relationships. Why isn’t the Trans-Pacific- Partnership open to more countries? Japan, Thailand, Indonesia, the Philippines, and Bangladesh have interest in stopping draconian tariffs and pursuing trade agreements via the TPP. Why can the United States not foster the regional relationships that help countries work through sea disputes, laying the foundation for a safer tomorrow? Furthermore, why does the United States only define their relationship with these countries with military ties, enforcing a poor man’s us versus them.
Quite idealistic of me. Why does the Obama administration (how much blame does Tom Donilon and mike Froman deserve?) announce the TPP- which defines “new high standards” that will modernize international trade and generate billions of dollars in trade and millions of jobs in the 21st century- but the only countries the US doesn’t already have preferential trade agreements with is Brunei, Malaysia, Vietnam, and New Zealand (what a blockbuster!). China, New Zealand, Japan, and Australia are already discussing preferential trade agreements with the entire Association of South East Nations.
Maybe it would be best not to say the west recognizes collective strengths or the west is not waiting for the WTO. The stupidity of the Asian pivot knows no bounds.
I agree: This narrowminded TPP approach is laughable.Besides TAFTA, and EU-Japanese free trade areas we should also see the development of the BRICS-bloc. They want to estabilsh an Economic Council and a develeopment bank.How should the West react here?