In written testimony to the United States International Trade Commission, Stephen Ezell emphasized the importance of issues regarding digital trade in the global economy. Digital trade based on information and communications technologies (ICTs) matters because ICTs are the global economy’s strongest driver of productivity, innovation, and growth. For instance, the McKinsey Global Institute estimates that the Internet alone accounted for 21 percent of the aggregate GDP growth across thirteen of the world’s largest economies from 2006 to 2011, while the World Bank estimates that ICTs accounted for one-quarter of GDP growth in many developing countries during the first decade of the 21st century. Going forward, a March 2013 study by Finland’s Ministry of Employment and the Economy estimates that, by 2025, half of all value in the global economy will be created digitally. This growing digitalization of the global economy is reflected in the expected quintupling of global Internet traffic between 2011 and 2015 and the approximate 50 percent growth in cross-border trade in data annually. Therefore, ensuring the uninhibited flow of information, data, and ICT products and services across borders has become vital both to realizing a robust global economy and healthy national economies.
Estimating the Potential Benefits of an EU-US Free Trade Agreement
An EU-US FTA would signal to the world the seriousness with which both parties take true free trade, and that more than anything else would animate the global dialogue in favor or more serious multilateral trade liberalization.
The Indian Economy at a Crossroads
To be clear, a strong, growing, and collaborative trade relationship between the United States and India is in both parties’ best interests. But India’s recent trade policies are placing that relationship in jeopardy. The United States should not sit idly by as the Indian government enacts regulations that harm American industry and jobs. Strong leadership will be needed from both sides to ensure a continued constructive and robust trade relationship persists between the two countries.
Hearing on U.S.-India Trade Relations: Opportunities and Challenges
In testimony before the U.S. House of Representatives Committee on Ways and Means Trade Subcommittee, Stephen Ezell stated that India’s robust economic growth over the past two decades, including its development of a world-class information and communications technology (ICT) software and services industry, has largely arisen from its decision in the early 1990s to abandon the restrictive economic and trade policies that characterized the Indian economy of the 1970s and 1980s and instead embrace core tenets of free markets, open and non-discriminatory trade, and openness to flows of goods, people, technology, and capital.
The Essential Input That Makes Singapore A Glittering Symbol Of Wealth
Many Asia-based nations have made progress on strengthening the rights of intellectual property creators, but more work needs to be done. U.S. negotiators should ensure that strong IP protections are a necessary prerequisite to any TPP agreement. In addition, these measures need to focus on both traditional and next generation IP. This includes strong prohibitions against widespread music and movie piracy, as well as creating strong protections for emerging industries such as a 12-year data protection period for biologic medicines. Singapore provides a persuasive model for a strong system of intellectual property rights. The TPP negotiators need only to look around to see the results.
Winning the Race 2012 Memos: Trade and Globalization
Globalization is a vision whose promise has not lived up to reality. In the promise, the United States specializes in the products and services in which it has comparative advantage, creating new value, new industries, and higher incomes, while other nations, especially developing ones, gain by importing from and exporting to the United States. In the reality, the global trading system is rife with “innovation mercantilists”—nations that see the rules-based trading system as only a framework to justify their own protectionist and negative-sum actions and who distort global trade. To restore the promise of globalization and ensure it works for the U.S. economy, the next administration needs to lead a fight to save the soul of the global trading system. This means not only putting the fight against foreign mercantilism at the center of U.S. foreign policy, but also leading the community of nations committed to free trade in a coalition against mercantilist practices.
As long as trade policy is a fight between free traders and protectionists, however, it will be difficult to make progress. Holders of the “Washington Economic Consensus,” which transcends party identification, believe in free trade, even if it is one sided (e