European Union's Proposed New Plan for Its Development and Growth
In a recent development, former EU Commissioner Günther Oettinger (CDU) has called for renewed negotiations on a Transatlantic Free Trade Agreement (TTIP). This move comes in response to the formation of the world's largest free trade zone by China and 14 other states, which includes the 10 ASEAN member states and major economies like Japan, South Korea, Australia, and New Zealand.
Oettinger aims to counterbalance the new dominance of Beijing with an agreement between the US and Europe. He expresses concern about the speechlessness of Europe, despite pursuing a multilateral approach, and sees the TTIP as a means to assert Europe's influence in global trade relations.
Joe Biden, a clear supporter of multilateralism and global networks, could potentially support Oettinger's call for renewed TTIP negotiations. Biden is expected to make the US a partner in matters of openness, trade, and investment protection. If successful, the new TTIP agreement could serve as a counterweight to the growing influence of China in global trade.
The Regional Comprehensive Economic Partnership (RCEP) free trade agreement, which covers about 30% of the global GDP and population, enhances regional economic integration and establishes China as a central hub in global trade relations. It promotes tariff reductions, trade facilitation, and cooperation in various economic sectors, reshaping global trade dynamics and strengthening Asian regional supply chains.
However, there is a risk that in the future, standards and norms for products and services will be set in Asia. This could potentially impact Europe and the US, making it crucial for both regions to maintain their influence in global trade negotiations.
Oettinger's push for TTIP is driven by this strategic concern. He suggests that the new agreement highlights the strategic failure and slowness of US President Donald Trump with his protectionist strategy. The success of the TTIP could potentially set a new standard for global trade, counterbalancing the influence of the RCEP and ensuring that Europe and the US remain key players in the global trade arena.
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