It Is Time for Transatlantic Free Trade
S.E. Eizenstat & D.S. Hamilton, EUBC & JHU | December 19, 2012
Europe buys three times more US products than China. ++ Though US orientation towards Asia is legitimate, the importance of transatlantic relations must not be neglected. ++ A Transatlantic Free Trade Agreement can significantly foster bilateral economic growth. ++ Liberalizing trade and eliminating tariffs can lead to 7 million new jobs in both the US and Europe. ++ An agreement would also serve as a paradigm of free trade and liberalization. ++ US-EU standards quickly would become the model for global standards.
Negotiations between the EU and Turkey about full membership have almost come to a dead end. ++ A breakthrough will be difficult to achieve due to the continuing criticism on Turkey’s restrictions on human rights. ++ Recent surveys show a decreasing identification of Turks as Europeans and as Turkey as a part of Europe. ++ Direct Turkish involvement regarding EU decisions has also dropped. ++ 2013 with the 50th anniversary of a bilateral Association Agreement can be a decisive year for Turkish-European relations.
Touting China as global growth engine can prove to be a deception. ++ China has to transform its internationally oriented economy into a domestically directed one. ++ China’s governmental structure, its one-child policy, an aging population and rising wages are some of the Chinese flaws. ++ India offers much better conditions for foreign investment and global economic growth. ++ India’s advantages also include a skilled and globally competitive workforce, good infrastructure and a more transparent governmental regime.
Cooperation between the US and Russia in international affairs still suffers from mutual distrust. ++ An improvement demands the willingness to shape a longer-term strategy addressing contemporary global challenges. ++ American and Russian interests do not necessarily collide. ++ A common agenda can be possible when it comes to the rise of China, energy cooperation or combating terrorism and extremism. ++ Despite the difficulties in fostering a trustful bilateral partnership, the potential benefits are worth setting the re-reset button.
Neither the Bush nor the Obama administration could successfully alter the bad US image in combating climate change. ++ Given latest decisions in US climate policy, the US seems unwilling to take the lead. ++ However, the US reduced its emission of carbon dioxide by 10 percent and increased its percentage of renewables. ++ Despite this domestic development, the US neglects its environmental responsibility internationally. ++ By closing this gap, the Obama administration can be a credible contributor to today’s global environmental challenges.
