Trade Agreements News

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Any existing EU agreement, which will not be rushed, will end on 31 December and future trade will take place on WTO terms until an agreement is reached. President Trump`s trade agenda was based on four pillars: President Trump seems to view trade as a zero-sum game. For him, a negative bilateral trade balance indicates that the trading partner concerned is not complying with the rules. China has been at the top of its agenda for the past four years; Trump also criticized the trade policies of close partners such as the European Union (EU) and Japan. To achieve his goals, President Trump has focused on bilateral and quid-pro-quo solutions, not multilateral cooperation. His approach was very transactional, but he was interested in “deals” as applicable international trade law. His motto was “America First.” The UK government is also conducting trade negotiations with countries that do not currently have trade agreements with the EU, such as the United States, Australia and New Zealand. While a member of the EU, the UK was automatically part of some 40 trade agreements that the EU has concluded with more than 70 countries. In 2018, these activities accounted for about 11% of total trade in the UK.

The EU`s chief negotiator, Michel Barnier, says the UK cannot have a Canadian-style trade deal with the Bloc, prompting a furious reaction from Downing Street. While it may be difficult for India to reintegrate rcEP, there are other free trade agreements worth studying. A subject with the European Union, for example, has been long overdue. It is a contract that deserves to be signed. If India holds back, someone else will benefit; This year, Vietnam signed its own pact with the EU. Protectionism, not openness, is what India is really going to “waste”.” As Barack Obama`s vice president, Joe Biden was a strong advocate for the Trans-Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (TTIP) negotiations. As president, it is questionable whether he will take this thread and give a high priority to trade policy. It seems certain that he will not prioritize trade agreements, at least during the first period of his presidency. At the beginning of his presidency, he will instead focus on emergency measures for the national economy.

It is also certain that more attention will be paid to the concerns of Biden`s unions and environmental organizations. It is therefore unlikely that Biden will quickly withdraw the steel and aluminum tariffs advocated by the respective unions.