The U.S. is sole superpower in global trade

by David Ignatius

Story Summary


Name a foreign-policy issue on which China and most of the rest of the world’s nations are struggling to keep up with a U.S. initiative.

The pace-setter is the negotiation for a Trans-Pacific Partnership that would include the United States and 11 other nations.

The TPP countries account for about 40 percent of the world’s GDP and 40 percent of U.S. exports. According to the trade representative’s office, an agreement could add $223 billion to global income by 2025 and boost U.S. exports by $124 billion.

China has been asking U.S. officials privately if it might join a TPP follow-on.

China’s problem is that the EU is already deep into negotiations for a new trade agreement with the U.S. This one is known as the Transatlantic Trade and Investment Partnership, or “TTIP,” to acronym-lovers. An agreement among the 28 EU countries and the U.S. would cover about 45 percent of the world’s GDP and 30 percent of global trade.

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(The Daily Star :: Lebanon News ::



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