Read on Twitter
My notes from this thought-provoking article:
1/11 https://twitter.com/lseideas/status/1299011828211683329
1/11 https://twitter.com/lseideas/status/1299011828211683329
Principle 1:
"The framework for economic diplomacy
['how a country manages its foreign economic relations including trade and investment']
should seek to balance commercial openness
with strategic foreign policy aims."
2/11
"The framework for economic diplomacy
['how a country manages its foreign economic relations including trade and investment']
should seek to balance commercial openness
with strategic foreign policy aims."
2/11
"[T]rade in services and data are growing in prominence
[while], under the WTO, tariffs on manufactured goods have dropped significantly.
For services-based economies in particular, free trade agreements (FTAs)..need to encompass regulations & standards..."
3/11
[while], under the WTO, tariffs on manufactured goods have dropped significantly.
For services-based economies in particular, free trade agreements (FTAs)..need to encompass regulations & standards..."
3/11
"[The] Trade in Services Agreement [a multilateral approach 'to set global standards' launched in 2013 'to further open up services trade' has stalled due to the change in US administration]."
4/11
4/11
Prin 2:
"[I]n an era of heightened tensions, the framework for economic diplomacy..needs to be transparent
Spelling out [how] foreign investment will be reviewed
[to be 'consistent w/foreign, security, & other..policy aims']
would reduce uncertainty & not single out a govt"
5/11
"[I]n an era of heightened tensions, the framework for economic diplomacy..needs to be transparent
Spelling out [how] foreign investment will be reviewed
[to be 'consistent w/foreign, security, & other..policy aims']
would reduce uncertainty & not single out a govt"
5/11
Prin 3:
Like domestic policy, foreign economic policies & agreements must take domestic considerations into account.
"[T]rade creates losers even while the country as a whole gains [&]
it is difficult to untangle the impact of trade from other factors, such as automation."
6/11
Like domestic policy, foreign economic policies & agreements must take domestic considerations into account.
"[T]rade creates losers even while the country as a whole gains [&]
it is difficult to untangle the impact of trade from other factors, such as automation."
6/11
Prin 4:
"Domestic aims should underpin trade & investment policy
[N]ew trade theory has highlighted [that] comparative advantage can..be shaped
[T]o prevent a country from specializing in low value-added sectors requires domestic policies that support innovation & skills"
7/11
"Domestic aims should underpin trade & investment policy
[N]ew trade theory has highlighted [that] comparative advantage can..be shaped
[T]o prevent a country from specializing in low value-added sectors requires domestic policies that support innovation & skills"
7/11
"With a supportive ecosystem,
[the 'Information & Communication Technology'] sector
can become a source of competitive strength
that will be enhanced by greater international trade and investment.
[Conversely] a govt cannot sell abroad what it does possess in abundance."
8/11
[the 'Information & Communication Technology'] sector
can become a source of competitive strength
that will be enhanced by greater international trade and investment.
[Conversely] a govt cannot sell abroad what it does possess in abundance."
8/11
Prin 5:
"[T]he appeal of a country as..a good place to do business has much to do with its governance and institutions as well as its culture and values.
The economic impact of [enhancing] a country's reputation should not be underestimated."
9/11
"[T]he appeal of a country as..a good place to do business has much to do with its governance and institutions as well as its culture and values.
The economic impact of [enhancing] a country's reputation should not be underestimated."
9/11
"In a world in which the multilateral rules-based system is under strain,
it is even more important to promote the values that define a society
and make it somewhere that people want to visit, invest in, and work and travel to."
10/11
it is even more important to promote the values that define a society
and make it somewhere that people want to visit, invest in, and work and travel to."
10/11
My 2 bits:
The decline in the international stature of the US government
&, in turn, international regard for the society that gave birth to the likes of this disruptive administration
does not bode well for the near future of US trade relations & foreign direct investment.
11/11
The decline in the international stature of the US government
&, in turn, international regard for the society that gave birth to the likes of this disruptive administration
does not bode well for the near future of US trade relations & foreign direct investment.
11/11
Trump and Biden on trade: Same diagnosis, different prescription https://www.latimes.com/politics/story/2020-08-19/trump-biden-trade-policy
correction to 8/11 of this thread:
"...what it does NOT possess in abundance"
"...what it does NOT possess in abundance"
