Edited by Gavin Boyd, Alan M. Rugman and Pier Carlo Padoan
Chapter 4: Structural potentials in Atlantic trade: measuring the impact of a US-Europe free trade agreement
4. Structural potentials in Atlantic trade: measuring the impact of a US–Europe free trade agreement Walid Hejazi 1. INTRODUCTION A majority of the world’s trade and foreign direct investment (FDI) is concentrated in three regional trading blocks: North America, Europe and Asia. Although two of these regions have formal regional trade agreements (North America and Europe), the third (Asia) does not. Although there have been serious discussions involving a potential free trade agreement (FTA) among some Asian economies, no major agreement is yet forthcoming. In addition to having successful agreements in North America and Europe, there continues to be progress in expanding these agreements, including adding new members to an existing free trade area, such as the recent admission of ten new members into the European Union. There is also discussion about having an FTA among all countries in North and South America, the Free Trade Area of the Americas (FTAA). There are also examples of one country within a free trade area establishing an FTA with an outside member, including Canada–Chile, Canada–Costa Rica, Canada–Israel, the United States–Israel, United States–Jordan, United States–Australia and the United States–Singapore. At a much more comprehensive level, there has been discussion of establishing a transatlantic trading area, namely a United States–Europe or perhaps a North America–Europe FTA. In addition to the elimination of tariffs on a broad spectrum of goods and services, such an agreement would also require identifying which sectors would be exempt, as...
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