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The impact of the US global rebalancing strategy on international markets

Source: Taiwantrade | Updated: 12 March 2015

According to US President Barack Obama’s State of the Union address on January 20, 2015, the goal of the US trade policy for the coming year is to finalize the trade negotiations of the "Trans-Pacific Partnership Agreement" (TPP) with Asia and "The Transatlantic Trade and Investment Partnership Agreements" (TTIP) with Europe. They would enable the country to gain a dominant role in the formulation of new rules and regulations and maintain its leadership position in global economy and trade.

 

In the name of liberalization and globalization, the three major economies of the United States, Europe, and Japan have joined hands to promote TPP and TTIP negotiations. In turn, new rules will be made to regulate the world's economy, trade, finance, service industries, high-tech industries, green energy industries, biochemical industries, medical industries, intellectual property commodities, agricultural products, imports, and exports. These developments can further advance the Obama administration's "rebalancing Asia strategy" to the level of its economic and trade-oriented "global rebalancing strategy".

 

Through the TTIP and TPP negotiations, the three major economies will further open up markets and strengthen rule-based investments to eliminate trade tariffs, deal with non-tariff barriers, improve market access for trade in services, enhance compatibility and transparency, form new rules and cooperation models in areas of worldwide attention such as intellectual property rights and market mechanisms, and promote economic and trade rules that raise the global competitiveness of SMEs. The completion of the TTIP and TPP negotiations will give rise to two of the world's largest "free trade areas". This will in turn force Taiwan to carry out the necessary legal reforms that meet the new global norms, rules, and regulations. Faced with the new challenges of global trade and what the TTIP and TPP will bring, Taiwan needs to enhance its competitiveness, step up its international cooperation efforts, and most importantly, actively seek participation in the world's key regional economic integration pacts.

 

I-hsin Chen (g987@taitra.org.tw)

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