BILATERAL TRADE RELATIONS OF THE EU WITH THE US RUSSIA AND CHINA.docx

BILATERAL TRADE RELATIONS OF THE EU WITH THE US RUSSIA AND CHINA.docx

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BILATERALTRADERELATIONSOFTHEEUWITHTHEUSRUSSIAANDCHINA

FacultyofEconomics

UniveristyofLjubljana

EconomicpoliciesoftheEU

Wintersemester2010/11

BILATERALTRADERELATIONSOFTHEEUWITHTHEU.S.,RUSSIAANDCHINA

PeterMarinšek

HelenaPotokar

DavorVogrinčič

JureKimovec

ShijunWang

JieHu

Ljubljana,5.12.2010

Indexofcontent

1.Introduction3

2.EconomicrelationshipwiththeUnitedStatesofAmerica4

2.1.2005EU-USSummit4

2.2.FrameworkforAdvancingTransatlanticEconomicIntegrationbetweentheEUandtheUS5

2.3.Tradedisputes7

2.4.ThethreemostimportantDialoguesbetweentheEUandUS7

2.5.EU-UStradeinfactsandfigures8

2.6.WhataboutthefutureinEU-UStrade?

11

3.EconomicrelationshipwithRussia12

3.1.RussiaandtheFTA?

13

3.2.Russiatoday14

3.3.Tradeinservices16

3.4.Tradedisputes17

3.5.EU-Russiatradeinthefuture18

4.EconomicrelationshipwithChina18

4.1.TheGeneralIntroductionofEU-ChinaTradeBilateralRelationships18

4.2.TheMainTradeTypesbetweentheEUandChina20

4.3.TheMainObstaclesintheBilateralTradeRelationshipsbetweentheEUandChina22

5.Conclusion25

Sourcesandliterature:

26

APPENDIX30

Indexoftables

Table1:

EUimportsfromUS,shareoftotalEUimports10

Table2:

EUexportstoUSandshareoftotalEUexports10

Table3:

ImportsfromRussiatotheEU15

Table4:

EUtradeinserviceswithRussia,inmillionseuros17

Indexofgraphs

Graph1:

TotalEUexports/imports9

Graph2:

ImportsandexportsoftheUStoEU9

1.Introduction

Thereisnosuchcountryintheworldwhichcanmeetitsownneedstoprovideenoughresourcestosatisfythewholedemandofsomespecificgoods,servicesorinvestments.Alsoalmosteverycountryhasitsownsurplusinproductionofspecificresourceandintheotherhanditislackingofsomeothers.Europeisagreatexampleofatradingcontinent.Itseconomicstrengthisbuiltontradeandatthesametimeitalsostrivesforbiggeropennessofthemarketsitistryingtosellto.Openingamarkettotradeisaboutcreatingmarketsinwhichforeigncompaniesgetafairdeal,withfreedomtocompeteandwiththelegalprotection.Toprovidesuchconditionscountriessigndifferentagreementswhichcanbebetweentwo（bilateral）ormore（multilateral）countries.Bilateralagreementswithcarefullychosenpartnerscancreatenewtrade,improvethecompetitivenessofcountriesanditscompaniesandpreparethegroundforfutureliberalizationoftrade.Tradeagreementsareusuallysignedinthoseareaswheresomerules（WTOrules）donotyetfullyapply.

Everytradebetweencountrieshasitsprosandcons.Tradecanincreaseeconomicgrowth,consumercangainwiderrangeofdifferentproductsandalsothereisbenefitincreatingnewjobs.

InourassignmentwewilltrytofindthemostimportanttradeagreementsEuropeanUnionhassignedwithsomethirdcountries–inourcasewithUS,RussiaandChina.InthebeginningwewillstartwithsomebasicsandthenwewillcontinuewithtradeagreementsEUhaswitheachcountry.Wewilldefinehowthebilateraltradeagreementsinvolveduringthepast,showsomecurrentconditionsandalsotrytodefinesomeimportantstepsthatareproposedforfuture.

2.EconomicrelationshipwiththeUnitedStatesofAmerica

NoothereconomicrelationshipintheworldisasintegratedasthetransatlanticeconomyastheEUandtheUSeconomiesaccounttogetherforabouthalftheentireworldGDP.

ThetransatlanticrelationshipalsodefinestheshapeoftheglobaleconomyasawholeaseithertheEUortheUSisalsothelargesttradeandinvestmentpartnerforalmostallothercountriesintheglobaleconomy.ThefirstbigmeetingforEUUSintegrationwasintheyear2005inBrussels.

2.1.2005EU-USSummit

The2005EU-USsummithadthemainobjectiveofenhancingtransatlanticintegrationandgrowth.WiththeBelgianssittingatthepresidentstablethesummittookplaceinBrusselsandwasasortofsuccessionoftheEU-USdeclarationonstrengtheningeconomicpartnershipwhichtookplaceinIrelandoneyearbefore.Theretheydiscussedhowtheycouldfurthertransatlanticeconomicintegration,spurinnovationandjobcreationandrealizethecompetitivepotentialofbotheconomies.Withthatinmindtheyproceededwithaforwardlookingagendainwhichtheywantedtoremovetheimpedimentstotradeandinvestment,increaseintegrationofmarkets,andenablemoredynamicprivatecommercialactivity.

The2005summitwasalsokeentosupporttheWTODohaDevelopmentAgendainwhichtheWTOwantedtolowertradebarriersaroundtheworld,whichwouldallowcountriestoincreasetradeglobally（Asof2008,talkshavestalledoveradivideonmajorissues,suchasagriculture,industrialtariffsandnon-tariffbarriers,services,andtraderemedies）.

TheEuropeanUnionandtheUnitedStateswantedtoremoveoromitbarriersondifferentlevels.Thisrangedfromregulatoryframeworktocapitalandlaborflowandultimatelytoinformationexchangeondifferentthings.Themostimportantobjectivesare（Europa,2005）:

∙promoteregulatorycooperationandestablishahigh-levelRegulatoryCooperationForum;

∙stimulateopenandcompetitivecapitalmarkets;

∙reinforcecooperationonservices（mutualrecognitionofprofessionalqualificationsandaviation）.

∙improvetransatlanticprocurementopportunities;

∙enhancetradeandtransportsecuritywhilefacilitatingthemovementofpeopleandgoods;

∙developandhelpdisseminateenergyefficiencytechnologies;

∙supporteffectiveprotectionandenforcementofintellectualpropertyrights,athomeand

∙abroad,inlinewiththehighestinternationalstandards;

∙takemeasurestofacilitateinvestmentflowsthatcontributetosustainedeconomicgrowth;

∙explorewaystoexchangecertainconfidentialinformationininternationalcompetitioncases;and

∙spurinnovationandtechnologicaldevelopmentbypromotingcooperationinawiderangeofareas,includingresearchanddevelopment,space,educationandexchanges,informationandcommunicationstechnologies,andhealthandmedicaltechnologies;

SincetheoutlineoftheobjectivestherewereEU-USministersmeetingsinwhichtheyoversawtherealizationoftheobjectivessetatthe2005summit.Fortherealizationoftheregulatoryframeworktheydevelopedtheso-called2005RoadmapforEU-USRegulatoryCooperation（Europa,2005）inwhichtheyendorsedconcreteobjectivestoimproveregulatorycooperation.TostimulateeconomicmarketstheycontinuedtousetheEU-USFinancialmarketsregulatorydialogue（Europa,2004）,wheretheyanticipatedandidentifiedfinancialregulatoryissuesandpromotedprogressoncertainissues.Theyalsoliberalizedinformationmakingitavailablenotonlytogovernmentsandmultinationalcorporationsbuttosmallandmediumenterprises.

2.2.FrameworkforAdvancingTransatlanticEconomicIntegrationbetweentheEUandtheUS

OnApril30,2007therewasameetinginWashingtoninfavouroftheTransatlanticEconomicIntegrationbetweentheEUandUSAandcreationoftheTransatlanticEconomicCouncil（TEC）.ThemeetingoftheEuropeanUnionandtheUnitedStatesofAmericaleaders,triedtoidentifyexistingbarrierstotradeandinvestmentandtoestimatethebenefitsofremovingsuchbarriers.Bothsidesbelievethatstrengtheningthetransatlanticeconomicintegrationwillbenefitthelivesoftheircitizensandwillimprovecompetitivenessforbotheconomies.Furthermoreitwillhaveglobalbenefits,facilitatemarketaccessforthirdcountries,encourageothercountriestoadoptthetransatlanticeconomicmodelofrespectforpropertyrights,provideopennesstoinvestment,transparencyandpredictabilityinregulationandthevalueoffreemarkets（Framework,2007,p.1）.Tothatend,thisFrameworkreaffirmsamultiyearprogramofcooperationthatemphasizesresultsandprovidesaccountability.

Inlightofsharedcommitmenttoremovebarriersfortransatlanticcommerce,torationalize,reformandwhereappropriate,reduceregulationstoempowertheprivatesector,toachievemoreeffective,systematicandtransparentregulatorycooperationtoreducecostsassociatedwithregulationtoconsumersandproducers,toremoveunnecessarydifferencesbetweentheirregulationstofostereconomicintegration,toreinforceexistingtransatlanticdialoguestructuresinregulatorycooperationbothbyintensifyingtheirsector-by-sectorEU-USregulatorycooperationandtheirdialoguebetweentheEuropeanCommission（EC）servicesandtheU.S.OfficeofManagementandBudget（OMB）onmethodologicalissues（Framework,2007,p.2,4）:

∙toreducebarrierstotransatlanticeconomicintegrationposedbynewregulationsbyreinforcingtheexistingtransatlanticdialoguestructuresand

∙takethefollowingstepstoreducebarrierstotransatlanticeconomicintegrationposedbyregulationsinspecificsectorsbyintensifyingsector-by-sectorregulatorycooperation,includingthroughenhancedEC-OMBcooperation.

In2007establishedTransatlanticEconomicCouncil,co-chairedontheUSandEUside,issupposedto（Framework,2007）:

∙overseetheeffortsoutlinedintheFramework,withthegoalofacceleratingprogress;

∙guideworkbetweenbothcountriesandhavingsummitswithafocusonachievingresults,includingsettinggoalsforachievingthepurposesoftheFramework,developingmetrics,settingdeadlinesandtargets,andmonitoringprogress;

∙adoptaworkprogram,drawninitiallyfromtheexistingworkprogramunderthe2005US-ECEconomicInitiative,withthegoalofachievingtheobjectivesofFramework,andshalladaptthisworkprogramandotherwiseorganizeitsactivitiesinthemannerbestsuitedtoachievingthoseobjectives:

∙