Globalisation can create more wealth for everybody, but it can also be disruptive and needs to be harnessed by international rules. When business goes global, the rules for fair play must also be set globally.
As the world’s leading trade powers, the EU and the USA have a strong interest in creating conditions in which trade can prosper.
Both partners share common interests in developing coherent strategies in order to promote peace and stability, to create conditions for harmonious economic development in the wider world and to promote the stability of the international trade, financial and monetary systems, as well as the economic integration of countries in transition and developing countries.
The EU and the US are linked by a similar set of values. They have a common belief in democratic government, human rights and market economics, and they are bound by close security ties. Both sides share a common concern in handling effectively a wide variety of political and security issues across the globe.
The EU and the US both account for around one fifth of each other’s bilateral trade. In 2005, exports of EU goods to the US amounted to EUR 251 billion (23,7 % of total EU exports), while imports from the US amounted to EUR 163 billion (13,9 % of total EU imports). In services, EU imports from the US were EUR 108,53 billion (35,45 % of world flows) and EU exports to the US amounted to EUR 114,89 (35,08 % of world flows) [5; 9].
To assess and develop transatlantic cooperation, the European Union and the United States hold regular presidential summits.
Decisive step forward in the relations between the two partners was taken at the EU-US summit in Madrid, in December 1995, when the European Union and the United States adopted the New Transatlantic Agenda (NTA) [6]. Both sides pledged to work together to promote peace, democracy and stability, foster economic growth and liberalisation worldwide, meet global challenges such as terrorism and environmental degradation, and to build stronger non-governmental links between the people of Europe and the United States. Thus, the new transatlantic agenda launched an era of unprecedented cooperation on a wide range of political and economic issues.
Cooperation between the executive branches of the EU and the US is reinforced by regular dialogue between the legislatures. The importance of meetings between representatives of the US Congress and of the European Parliament has been increased as the latter has developed a much stronger role in decision-making in the EU, from its beginnings as a largely consultative assembly to its current status as the directly-elected voice of EU citizens. Their joint transatlantic legislators’ dialogue (TLD) is one of the clearest signs of the great importance that EU and US elected representatives give to transatlantic relations.
NTA provided a new framework for a partnership of global significance, designed to lend a new quality to the transatlantic relationship, moving it from one of consultation to one of joint action in four major fields:
– promoting peace and stability, democracy and development around the world;
– responding to global challenges;
– contributing to the expansion of world trade and closer economic relations;
– building bridges across the Atlantic [8].
Since the NTA was adopted, the EU and US have made good progress in implementing the actions which were agreed. In many cases this has direct, beneficial implications for the citizens and business across the Atlantic.
The EU and USA have reduced barriers to trade, benefiting businesses and consumers on both sides. Within this framework, a new initiative to reinforce the transatlantic economic partnership was launched at the EU–US summit on 18 May 1998 in London under the TEP, negotiations began in November 1998 on several bilateral agreements, complemented by a wide range of bilateral cooperative actions and a regular dialogue on multilateral trade policy issues. The EU–USA have concluded agreements to remove technical barriers to trade by mutual recognition of conformity assessment, and to work together on customs procedures [7, 12–15].
The creation of an Open Atlantic Prosperity Area is a very important to remove all economic, trade and financial barriers between the United States and the EU, and advance the cause of free trade. It must be based on a new-generation agreement, i. e. a WTO-plus agreement open to the rest of the world, an advance on the concept of a free-trade area, and one which promotes progress towards removing the barriers that are most damaging to trade. The creation interregional free trade zone between the two world trade leaders would result in gains of up to 3,5 % in per capita income for the EU.
However, does this mean that the economies of the European Union and the United States are entirely liberalized? There are still many barriers that prevent the two blocs from making the most of the advantages of free trade. These barriers no longer take the form of tariffs or quotas. Rather, they permeate the entire economic system [3].
Despite appearances, in fact trade disputes between the United States and the EU affect barely 2 % of all trade. The North Atlantic is the most prosperous area on Earth, the main engine of the world economy. Trade links are much more far-reaching and dynamic than is commonly believed. The figures are categorical in this respect:
1. Considered together, the EU and the United States accounted for 42 % of world GDP in the year 2005.
2. The EU and USA were the source of 62 % of direct investment throughout the world (flows); and 79 % of accumulated assets abroad (stocks) in the year 2005.
3. The EU and U.S. between them negotiate 79 % of all securities transactions, and are the source of 70 % of global mergers and acquisitions.
With regard to mutual trading links, exports of goods and services from the EU to the United States in the year 2005 accounted for one quarter of all European exports; in the opposite direction, the EU received one third of all American exports. In spite of the considerable press attention they generate, trade disputes between the two Atlantic partners are in reality somewhat marginal, affecting barely 2 % of the total volume of operations.
An analysis of the Transatlantic economy reveals an extremely interesting fact: the core of Transatlantic economic relations does not reside in traditional trade, which accounts for no more than 20–25 % of the total. In fact, the heart of the Transatlantic economy lies in mutual direct investment. This is a distinctive feature of the far-reaching integration that has been achieved by both economies. It has created a relationship that goes well beyond traditional trade relations and is manifested in the disappearance of the traditional distinction between foreign borders and domestic borders, since foreign companies are physically present in the domestic market.
To create an Open Atlantic Prosperity Area is a way of completely liberalizing economic relations between the United States and the European Union, and serving as a prelude to the greater integration of world trade. Efforts to liberalize trade no longer focus on reducing tariffs or eliminating quotas, except in the case of agriculture. It is unquantifiable non-tariff barriers that are impeding free trade. The average tariff within the Transatlantic economy is low, at less than 5 %. Quotas are not that significant either.
A Transatlantic free trade area is not desirable for a number of reasons: it could divert the demand for products and services towards more expensive producers nestling behind a series of new tariff barriers; it would multiply accusations against the ‘Atlantic fortress’ as a rich man’s club; the Doha Round would be condemned to failure; and, in all probability, this would mark the end of the WTO as well. Let us restate our position: we are not proposing a free trade area, but a new-generation agreement, a ‘WTO-Plus’ agreement based on eliminating those barriers that the WTO agreements are incapable of removing and that are damaging to Transatlantic trade [2, 192–195].
This agreement would keep the door open to any one who wished to join in the future. The consequences of a possible failure or dissolution of the Doha Round would be lessened, and the goals of the WTO could be achieved from the top down, instead of seeking to achieve a difficult agreement based on maximum commitment from all 149 members of the organization. This is a multilateral proposal.
The transatlantic agreement is to remove existing barriers that take the form of alleged consumer or environmental protection and ‘anti-dumping’ measures. Differing technical standards, competition policies, golden shares, safeguard measures for threatened industries, intervention measures designed to create ‘national leaders’ and national favouritism in the adjudication of public contracts should no longer impede economic relations between the United States and the EU.
Both the United States and the EU award export and production subsides, and sustain prices by means of tariffs. Export subsidies are one of the main obstacles being discussed at the Doha Round negotiations. By subsidizing exports, the EU competes unfairly with farmers in more productive countries, such as those of the Cairns Group or the poor farmers of Africa and Latin America. The United States is another sinner in this respect.
A good step forward would be for the new Open Atlantic Prosperity Area (OAPA) to eliminate any trade safeguard clauses and antidumping measures, which are quite unjustifiable between developed economies.
If goods or services fulfil the rules of the country of origin, they should be accepted throughout the entire Area. The open nature of the OAPA would mean that a Brazilian vehicle could be sold throughout the Area without any modifications, as long as Brazil were able to demonstrate fulfilment of a number of local requirements equivalent to those agreed in the EU and the United States. The same would apply to professional services. Horizontal non-tariff barriers also abound within the Transatlantic economy. With the excuse of protecting the public, numerous rules have been implemented dealing with financial regulations, corporate governance etc., and in the process setting up barriers to free international trade. Conflicts of jurisdiction and corrective measures against competition are unjustifiable in the Atlantic world. The ‘country of origin’ rule is particularly important in this respect. In spite of the fact that the US system is based on legislation and the courts, and the European system on commissions and administrative measures, it should be possible to avoid conflicts when it comes to approving mergers and acquisitions. Working groups have been set up to standardize regulations and decisions. However, there is such a difference between the way the two systems work that the best solution would be to recognize the rules of the country of origin.
Both the EU and the United States have created a range of different trade regimes for countries with serious development problems. The Europeans have opened their market to a fair extent to some 69 countries in Africa, the Caribbean and the Pacific (ACP States), brought together under the Lome and Cotonou Conventions [1, 110–112]. The Americans have also signed a large number of regional agreements, some of which are preferential trade arrangements, and have recently signed free trade agreements such as CAFTA (USA-Central America Free Trade Agreement). The OAPA must encompass all preferential trade regimes in favour of poorer countries within a single programme, enabling the current beneficiaries to widen their options by gaining preferential access to the market of the other Atlantic partner. Aid and soft loans would also be brought under a joint agreement.
Implementation of the OAPA, which requires urgent and determined political impetus at the highest level, would bring extraordinary benefits for all, even the poorest countries.
The transatlantic economic relationship has grown strongly over recent years, to the significant benefit of both economies. The EU and the US are each other’s main trading partners (taking goods and services together) and account for the largest bilateral trade relationship in the world. The transatlantic relationship defines the shape of the global economy as a whole as either the EU or the US is also the largest trade and investment partner for almost all other countries. The huge amount of bilateral trade and investment illustrates the high degree of interdependence of the two economies. Close to a quarter of all US–EU trade consists of transactions within firms based on their investments on either side of the Atlantic.
Література
1. Шнирков О. І. Торговельна політика Європейського Союзу: Монографія.– К.: Вид.-полігр. центр “Київ. ун-т”, 2005.– 152 с.
2. Шнырков О. И. Закономерности формирования зон свободной торговли в мировой экономике // Актуальні проблеми міжнар. відносин.– 2003.– Вип. 42 (Ч. І).– С. 192–195.
3. Cabrillo F. Economic affairs. New approaches to free trade: in favour of an open atlantic prosperity area.– FAES, the Foundation for Social Studies and Analysis.– 2006. – № 30 (31.05).– 8 р.
4. EU–USA // http://europa.eu.int/comm/trade/issues/bilateral/regions.
5. International trade statistics 2005 // http://www.wto.org/english/res_e/statis_e/its2005_e/ its05_toc_e.htm.
6. NTA // http://www.europa.eu.int/comm/external_relations/us/new_transatlantic_agenda/ index.htm.
7. The European Union and the United States. Global partners, global responsibilities.– European Comission, 2004.– 34 p.
8. Quinlan J. Drifting apart or growing together? The primacy of transatlantic economy.– Washington: DC; Center for Transatlantic Relations, 2003.– 189 p.
9. WTO Annual Report // http://www.wto.org/english/annual_report_e.htm.
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