The U.S.-European Union "Transatlantic Trade and Investment Partnership" negotiations, which were launched last month, are the biggest consolation prize in the history of international trade liberalization. Since the end of World War II, the United States and Europe, as the world’s two economic superpowers, have led successive rounds of global negotiations that slashed import tariffs, removed quotas and greased the wheels of international commerce. The last and biggest round, which created the World Trade Organization in 1994, was, like the seven others before it, essentially a U.S.-EU agreement with the rest of the world along for the ride.
Few at the time knew it would be the last such ride. The United States and Europe tried again by launching the Doha Round negotiations in 2001, but this time they ran into stronger and richer countries -- China, India, Brazil and others -- who said no and meant it. As the Doha talks stalled, the United States and Europe went off to negotiate their own bilateral trade deals with more-willing partners. Over the past decade, the United States has sewn up 17 pacts with smaller countries like Peru, Colombia and Singapore, as well as a larger deal with South Korea; the EU has been perhaps even more ambitious, concluding deals with such countries as Mexico, Egypt, South Korea and, imminently, Canada, as well as initiating talks with bigger economies like India and Japan. ...
To read the rest, sign up to try World Politics Review
- TWO WEEKS FREE.
- Cancel any time.
- After two weeks, just $11.99 monthly or $94.99/year.
Request a free trial for your office or school. Everyone at a given site can get access through our institutional subscriptions.
- The Realist Prism: Despite Hope of Minsk Summit, Damage Done to Russia-West Relations
- How Latin America Can Maximize its Shale Gas Potential
- Strategic Horizons: 2016 Election Will Redraw Road Map for U.S. National Security
- Global Insights: When it Comes to Nonproliferation, China Has Been a ‘Free Rider’
- Diplomatic Fallout: Why the International System Is Still Worth Fighting For