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Global Free Trade: The fundamental lynchpin of economics is questioned by some, and highly desired by others

Global Free Trade: The fundamental lynchpin of economics is questioned by some, and highly desired by others

  • April 2017
  • 47 pages
  • ID: 4920983
In this report:
According to Vietnam's General Statistics Office, textile exports between January and March 2017 were valued at $##.##bn, up ##.##% compared to last year.
Exports of this technology to China reached a new peak in 2014, being valued at $##.##bn but have since declined to $##.##bn.
Food exports to Canada and Mexico grew ##%, compared to an increase of ##% to the rest of the world since the deal was enacted in 1994.

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Overall Free Trade: The fundamental lynchpin of economics is questioned by some, and highly desired by others

Brief

Free trade, as a method of economic development and as an ideal, is in a state of flux in 2017. The anti-globalization feeling among various was sufficient to allow one of the biggest members of the European Union to leave. The USA has pulled out of a main free trade treaty and all but killed off another. Free trade deals are enormously complex mechanisms and have been blamed for animosity around the globe; nevertheless, they can also be very useful methods of reducing trade barriers which previously hampered commerce. More could be done to make sure free trade deals are serve the interests of the people who are governed by them.

Main highlights

- Following the departure of the United States from TPP negotiations, the way was left open for the Chinese inspired RCEP free trade deal. Few, if any, expect RCEP to decline as TPP did, but there are challenges ahead and the final shape of the agreement is by no means certain.

- The future of free trade in the European Union is under pressure. The united kingdom (UK) is about to leave, different anti-EU parties have achieved substantial electoral success and there is discontent from some of the newest members. The EU must change to meet developing challenges.

- Statements from US President Trump that NAFTA is taking away US jobs are unfounded, yet there are legitimate concerns about how the trade treaty works for ordinary people amid accusations NAFTA only helps big companies.

Overview

- Examines how the US withdrawal from TPP has impacted negotiations regarding future trade treaties.

- Examines the challenges faced by the EU in the face of populism and the leaving of a main member.

- Looks at how trade talks in Asia area will now progress without the influence of the US.

- Assesses the establishment of a additional free-trade block in African continent and the likely impact on African economies it could have.

- Examines how a Chinese led free-trade deal will develop as negotiations continue to take place.

Purposes to acquire this study

- How will the Trump version of trade impact NAFTA and the future of free trade in North America continent?

- Can the EU survive a main member leaving and the rise of anti-EU sentiment?

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