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Tag Archives: trade

The EU-China investment deal may be anachronic in a bifurcating world

Ultimately, only time will tell if this landmark trade agreement will be productive and counter the potential bifurcation of international value chains. After more than seven years and 35 rounds of negotiations, the European Union finally reached a deal with China on the Comprehensive Agreement on Investment (CAI) in December 2020. CAI is intended to replace 25 bilateral investment agreements between EU individual member states and China by offering greater market access within specific...

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Will COVID accelerate productivity growth?

The COVID-19 pandemic has prompted an increasing number of rich-country firms to reduce their reliance on global supply chains and invest more in robots at home. But it is probably too soon to tell whether this switch will increase productivity growth in advanced economies. By: Dalia Marin Date: February 10, 2021 Topic: European Macroeconomics & Governance Since the mid-2000s, productivity growth in advanced economies has been anaemic. Average annual productivity growth in...

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China and the WTO: Why Multilateralism Still Matters

An examination of China’s participation in the World Trade Organization, the conflicts it has caused, and how WTO reforms could ease them. China’s accession to the World Trade Organization (WTO) in 2001 was rightly hailed as a huge step forward in international cooperation. However, China’s participation in the WTO has been anything but smooth, with China alienating some of its trading partners, particularly the United States. The mismatch between the WTO framework and China’s economic...

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The double irony of the new UK-EU trade relationship

The Trade and Cooperation Agreement signed between the European Union and the United Kingdom goes against six decades of UK efforts to avoid being economically disadvantaged in Europe. Tracking the evolution of the EU-UK relationship over the last 60 years can help in understanding this. By: André Sapir Date: January 12, 2021 Topic: European Macroeconomics & Governance On 1 January 2021, the United Kingdom left both the European customs union and the single market. Its trade...

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Deglobalisation in the context of United States-China decoupling

After decades of increasing globalisation, there now seems to be a slowing, or even a turn to deglobalisation, meaning decelerating trade and investment and reduced global value chains. This trend seems to have accelerated because of the United States’ push to contain China in the context of their strategic competition. So far, however, there is less evidence of deglobalisation in terms of financial flows. After decades of increasing globalisation on every front, from trade – pushed further...

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Europe is losing competitiveness in global value chains while China surges

The European Union owes much of its economic weight to its regional value chain and integration into the global value chain. But the EU’s global value chain role is shrinking, and while EU trade integration with China is increasing, it is mainly to China’s benefit, undermining the EU’s external competitiveness. COVID-19 has led to the transmission globally of value chain disruptions originating in China and the scarcity of critical medical goods, not helped by an increase in export...

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The impact of the new Asian trade mega-deal on the European Union

Although the economic implications of the Regional Comprehensive Economic Partnership (RCEP) for the EU are modest, the geopolitical and strategic implications are not. With the arrival of a new US administration and the central role of China in the bloc, the EU needs to outline an Asian commercial strategy that reconciles the importance of China and the transatlantic relationship. The 15 November agreement to form the Regional Comprehensive Economic Partnership (RCEP) between the 10 members...

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RCEP might not stop reshuffling of Asian value chains

China is no doubt bound to benefit, but other members of the regional trade pact may benefit even more This opinion post was originally published in Asia Times. There could not be better timing for China to announce such a huge trade deal as the Regional Comprehensive Economic Partnership (RCEP), in the midst of presidential reshuffling in the US. Furthermore, among the many wild cards that Beijing could use during the period of political vacuum in the US, opting for trade liberalisation...

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China-EU economic relations in the era of US-China economic competition

Testimony before the European Parliament on the subject of China-EU economic relations. On November 9th, 2020 Bruegel senior fellow Alicia García-Herrero presented her testimony before the Committee for International Trade (INTA) of the European Parliament. At the public hearing entitled ‘EU-China Trade and Investment Relations in a post-covid world’, she presented her input on EU-China economic relations.

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Socio-economic effects of digital trade and artificial intelligence on EU industries including their value chains and EU imports and exports with major trade partners

Testimony before the European Parliament on the subject of digital trade. On November 9th 2020, Bruegel senior fellow André Sapir and Bruegel scholar Georgios Petropoulos presented their testimony and participated in a discussion with MEPs by invitation of the Committee for International Trade (INTA) of the European Parliament. At the webinar entitled ‘Data flows, artificial intelligence and international trade: impacts and prospects for the value chains of the future’, they presented their...

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