Obama's State of the Union bid to create vast free-trade areas with Europe and Asia signals that, by the end of his presidency, two pillars of a globalized trading system could be in place.
Cheaper Italian pasta in US supermarkets? More Mustangs prowling the byways of Provence?
President Obama’s announcement in his State of the Union address Tuesday night that the United States and European Union will begin negotiating creation of the largest free-trade area in history may have visions of cheaper imports from the other side of the Atlantic dancing in consumers’ heads.
But perhaps the most significant impact of a trade partnership between two mammoth economies that already make up half of all global output – and a third of global trade – would be the streamlined investment rules and product standards and elimination of trade barriers that would become the model for international trade.
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