A Small Reason to be Cheerful; Free Trade in the Pacific  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 401 no. 8760 (Nov. 2011), page 17.
Topik: International Relations; Trade Liberalization; International Trade; Free Trade; Political Behavior; Trade Policy; Trade Agreements

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.69 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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It was easy to miss a bright piece of news last weekend from the other crucible of world trade, the Pacific Rim. In Honolulu, where US President Barack Obama hosted a summit of Asia-Pacific leaders, Canada, Japan and Mexico expressed interest in joining nine countries (America, Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore and Vietnam) in discussing a free-trade pact. Altogether, the possible members of the Trans-Pacific Partnership (TPP) produce 40% of world GDP - far more than the European Union. Regional trade deals are not always a good idea. If they distract policymakers from global trade liberalisation, they are to be discouraged. But with the Doha round of global trade talks showing no flicker of life, there is little danger that the TPP will derail a broader agreement; and by cutting barriers, strengthening intellectual-property protections and going beyond a web of existing trade deals, it should boost world trade. The creation of a wider TPP is still some way off. For it to come into being its architects - Obama, who faces a tough election battle next year, and Japan's Yoshihiko Noda, who faces crony politics laced with passionate protectionism - need to show more leadership.

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