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After more than five years of negotiations produced a final Trans-Pacific Partnership this week, supporters now face the task of putting the free trade agreement among a dozen Pacific Rim countries into effect. In the U.S., there are already indications that securing congressional approval could be a tough job. In addition, timeframes within U.S. law and the TPP itself could delay full implementation for years.
Press reports indicate that the drop in exports is attributable to the increasing value of the U.S. dollar against foreign currencies and weak demand abroad as major trade partners continue to struggle economically.
A joint statement asserted that the final agreement “achieves the goal we set forth of an ambitious, comprehensive, high standard and balanced agreement” that “addresses the challenges our stakeholders face in the 21st century, while taking into account the diversity of our levels of development.”
The ninth meeting of U.S. and Taiwanese officials under a bilateral trade and investment framework agreement illustrated that the two sides are continuing their work to resolve trade irritants as they consider future initiatives such as a bilateral investment agreement and Taiwan’s potential participation in the Trans-Pacific Partnership.
Just two months after the Generalized System of Preferences was reauthorized, President Obama has issued a proclamation modifying GSP to eliminate benefits for some products and countries and restore or maintain benefits for others. Additional changes could be announced in the coming months based on the results of an ongoing review by the Office of the U.S. Trade Representative.
The downward revisions reflect factors such as falling import demand in China, Brazil and other emerging economies; declining prices for oil and other primary commodities; and significant exchange rate fluctuations. In addition, volatility in financial markets, uncertainty over monetary policy in the United States and mixed recent economic data have clouded the outlook for trade in the second half of 2015 and beyond.
The Advisory Committee on Commercial Operations to U.S. Customs and Border Protection will hold an open meeting Oct. 29 in Washington, D.C.
Following a meeting between President Obama and Chinese President Xi Jinping last week, the U.S. and China said they will speed up talks on a bilateral investment treaty and pledged to continue working to resolve issues on technology trade.
Addressing an increasingly contentious issue, President Obama and Chinese President Xi Jinping announced following a Sept. 25 meeting in Washington, D.C., a series of joint actions to improve cybersecurity. These measures will likely forestall, at least for the short term, the U.S. imposition of sanctions against China over allegations of government-backed hacking of U.S. corporate computer systems.
Talks reportedly made “enormous progress” on priorities such as improving the ease of doing business in India, infrastructure development, standards and global supply chains. At the same time, there was little to no movement on some of the more problematic issues, including a bilateral investment treaty and intellectual property rights.
The Department of Justice announced this month tough new policies signaling an intensified effort to prosecute individuals for corporate misconduct. In a Sept. 10 speech, Deputy Attorney General Sally Quillian Yates said that “the only way to truly deter corporate wrongdoing” is to “seek accountability from those who break our laws and victimize our citizens” because doing so “deters future illegal activity, … incentivizes changes in corporate behavior and … ensures that the people who engage in wrongdoing are held responsible for their actions.”
This case highlights both the federal government’s increasing prosecution of individuals in relation to corporate misconduct and the serious consequences that can result from adulteration or misbranding of food products.
In recent remarks to the Business Roundtable, President Obama was optimistic about the prospects of wrapping up talks on an Asia-Pacific free trade agreement and assertive on a number of irritants with China ahead of a key meeting with that country’s president.