On May 7, President Park Geun-hye of the Republic of Korea made her first official visit to the United States and had a summit meeting with President Barack Obama at the White House. It is the first meeting between them since they were inaugurated in January and February of this year.
The U.S. semiconductor industrial base is critical to the nation’s continued leadership in advanced defense technologies. The importance of this industry adds urgency to declining cost-competitiveness among U.S. manufacturers and diverging alignment between global demand and domestic production capacity.
The decision to welcome Japan into the Trans-Pacific Partnership (TPP) promises to be transformative, not only for the world’s third-largest economy (see March 2013 Global Economics Monthly), but also for the trade negotiations themselves.
The Obama administration’s recent actions have caused trade policy observers to be simultaneously enthusiastic and skeptical. Who can blame them? In the President’s first term, the trade agenda could be fairly described as minimalist.
A New Zealander can set up a small business in a day. A Brazilian who legally wants to do the same requires over 100 days. Enforcing a simple contract in New Zealand is complicated enough: a matter of over 200 days. The Brazilian business is looking at over 700 days for the same result.
Albert Einstein would have summarized Treasury Secretary Jack Lew’s recent visit to Brussels, Paris and Berlin to “consult” with his counterparts about Europe’s economic woes as the very definition of insanity: “doing the same thing over and over again but expecting a different result.”
The United States and Japanese governments announced today that they had reached agreement on the terms of Japan’s participation in the Trans-Pacific Partnership (TPP) following nearly 18 months of bilateral consultations. This opens the door to the world’s third-largest economy joining the regional trade negotiations as soon as this summer.
Last Friday, the Argentine government refused to follow a court order to put forth a proposal outlining how it would pay off $1.4 billion to remaining bondholders from its default more than a decade ago.
The author of this Issue Perspective, Stephen Engelken who served as Deputy Chief of Mission of the U.S. Embassy to Pakistan from 2010-2011, explores the assertion that India and Pakistan must expand their bilateral trade significantly if South Asia is to remain peaceful over the coming 20 years.
I arrived in Tokyo for the first time thirty years ago this month, expecting to spend six months studying Japanese and seeing the world. Both Japan and I have changed in the three decades since. Yet whenever I visit Tokyo, it’s the continuity that strikes me most.