The Danger of Divergence: Transatlantic Financial Reform & the G20 Agenda
Despite the inclement weather that forced the postponement of our event on Capitol Hill today, the Atlantic Council, along with its partners TheCityUK and Thomson Reuters, is proud to release a new report, entitled “The Danger of Divergence: Transatlantic Financial Reform & the G20 Agenda.” This ground-breaking report examines the state of financial regulatory reform in the United States and the European Union, and highlights the dangers that regulatory divergence can pose to both financial stability and efficiency. In doing so, it sheds new light and analysis that highlights one of the major challenges to the Atlantic relationship and offers specific policy solutions to address divergences.
The report can be accessed here.
News
WTO Closes $1T Trade Deal in Bali | Politico
Over the weekend, the World Trade Organization reached a landmark agreement on the so-called “Bali Package,” a series of trade facilitation measures that will make it easier and cheaper to move goods around the world by cutting red tape and improving customs procedures. Besides boosting trade, the pact will reduce corruption by eliminating opportunities for customs officials to extract bribes to get goods across borders.
Global Deal Shows ‘Coming Alive’ of WTO | Financial Times
For the first time in its 18-year history, the World Trade Organization reached an agreement on a multilateral global trade deal. Against the backdrop of large deals being negotiated across the Atlantic and Pacific, Bali has at least temporarily reaffirmed the WTO’s ability to get things done. Director-General Roberto Azevêdo described the package as a beginning, allowing the WTO to move forward on the other areas of work that have been stalled for over a decade.
Marco Rubio Showcases Support for Free-Trade Agreements | Sunshine State News
Applauding the WTO’s successful step toward reducing global barriers to trade in Bali, US Senator Marco Rubio described the expansion of free and fair trade as a national imperative that will create jobs and growth here in the United States. Rubio additionally called for a continued pursuit of regional and bilateral trade agreements such as TTIP that hold immense economic promise.
For Little Cost, NJ Companies Can Join February Trade Mission to Europe | NJ Biz
The European American Chamber of New Jersey is organizing an Executive Trade Mission to Europe in February to encourage transatlantic trade between US and EU business partners. Camille Sailer, chamber president, said a half-dozen companies from such sectors as IT, law, environmental services, finance and real estate have signed on.
Minnesota Benefits if Trade Pact Passes | Star Tribune
Using the results from a recent Atlantic Council report, Minnesota exports to the EU are expected to increase by an additional 38.5 percent if an agreement is reach on TTIP. Minnesota’s motor vehicle exports to the EU, which have grown by 17 percent since 2006, could expand by an additional 350 percent. Additionally, 15,170 jobs are expected to be added to net employment in the state.
Recent Analysis
Public Sees US Power Declining as Support for Global Engagement Slips | Pew Research
A recent survey by Pew Research Trust found that among the American general public support for closer trade and business ties with other nations is at the highest point in more than a decade with 77% of Americans supporting growing economic ties with other countries.
Obama Cannot Lead from Behind on Trade | Financial Times
A successful TTIP will require President Obama to face opposition at home, mostly within his own party. Some leading liberal Democrats have opposed any inclusion of financial services in a TTIP deal that would dilute Dodd-Frank reforms. To move forward, President Obama should capitalize on growing public support for global trade, following the results of a Pew Research Center and CFR poll showing a clear majority of Americans believe it would be good for the US.
Upcoming Events
December 16 9:00am – CSIS in Washington will host “NAFTA @ 20: Next Steps for North American Competitiveness.
Third Round of TTIP Negotiations in Washington – December 16-20
Stock Taking Exercise between EU Commissioner Karel de Gucht and USTR Michael Froman – early 2014
Employment Opportunities
Assistant Director, Transatlantic Relations Program, Atlantic Council.