Chapter 17 Global Trade: Europe and the Developed States.

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Chapter 17 Global Trade: Europe and the Developed States

The Triad Basis of global trade in triad of regions (US, EU and East Asia) EU action focused on these regions Rugman - trade greater at regional level than global level Most trade intra-regional. Most other trade are inter-regional between triad.

The EU and the WTO WTO - multi-lateral forum All EU states represented by Commission Develops common position based on Common Commercial Policy Commits EU to fair and free trade

CCP and WTO In line with WTO, CCP comprises three elements: The dispute settlement mechanism Trade Policy Instruments. Monitoring of third party commercial defence actions.

Intra-Industry Trade EU trades with states in same types of products Created by: -Economies of scale -Specialisation -Taste overlap -Geographic and economic proximity

Intra-Industry Trade Types of trade in IIT: horizontal trade in similar type of products (in similar class and product range) trade in vertically differentiated products distinguished by quality and price (such as importing high quality textiles and exporting low quality textiles). vertical specialisation of production that results in trade of similar types of goods at different stages of the product value chain.

EU and the Triad: Japan Fifth largest trading partner 4.5 % of EU exports 7.2 % of EU imports 4.1 % of EU FDI Inflows 5 % of EU stock of FDI Limited dialogue between partners.

EU and the Triad: the US 25 % of EU exports 15 % of EU imports Largest source of EU FDI inflows and outflows Bilateral action: `New Trans-Atlantic Agenda’

Major EU-US Controversies Beef hormone Bananas Steel GMO Aircraft subsidies Foreign sales corporations

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