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What we are reading

Policing rules, competition, lockdowns, and new ‘frameworks’


Published 01 June 2022

Can the US-led Indo-Pacific Economic Framework succeed if market access is off the table? Will weather, war, and poor government responses worsen food insecurity? Does the United States’ new China policy allow any space for negotiations or engagement? Check out our new reading list to catch up with the latest articles and reports on global trade.

“Economic frameworks” are not free trade agreements

US engagement with Asia on trade and economic issues have stepped up in recent weeks. Can the United States successfully reengage with key trade partners in Asia if market access is off the table? In mid-May, a rescheduled summit with ASEAN nations in Washington DC led to mixed outcomes, Politico reports, although it did lead to the launch of the Indo-Pacific Economic Framework (IPEF) agreement, a new effort to engage in the absence of renewed trade negotiations. To win broader support, the Biden Administration had to water down its initial statement, explains the Financial Times. The announcement of the agreement and its dynamics are covered by Politico while the Center for Strategic and International Studies unpacks the launch.

The region’s reaction is mixed too. Malaysia welcomes the plan as a good beginning, per Reuters, but it’s a tough sell overall in Asia, says Al Jazeera. In an interview with Nikkei Asia, Singapore’s Prime Minister Lee Hsien Loong urges for a balance between the US and China. Fiji becomes the first Pacific Island nation to join the IPEF.

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Promoting a rules-based order

In a May 26 speech, US Secretary of State Blinken attempted to clarify the US policy toward China, calling for domestic investment and closer alignment with allies to better compete with China. What does this posture mean for US-China trade relations, and is there space for any negotiations or engagement? In an interview with the Wire China, former USTR Ambassador Charlene Barshefsky is optimistic, claiming engagement with China is more important than ever. Elsewhere, the Wall Street Journal concludes that Vietnam won the US-China trade war.

How does the WTO help to make trade policies and regulations transparent, and what can it do to improve? Recommendations for the WTO to enhance global trade intelligence are outlined by Alan Wolff for the Peterson Institute for International Economics. The WTO’s new data portal enables users to find information more easily.

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Food insecurity and supply chain woes

Weather and war have lead to serious shortages of grain, but poor government responses could lead to a calamity. The risks are spelled out by The Economist in their May 21 briefing. India’s export ban on wheat is analyzed by the Peterson Institute for International Economics.

At the beginning of 2022, analysts flagged China’s zero-Covid policy as a key risk for the global economy. Their projections proved prophetic, as the Financial Times vividly illustrates the situation in China.

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Digital trade and minerals trade

As Canada seeks to join the Digital Economy Partnership Agreement, what role will it play in laying out global rules for digital trade?

What are the critical materials and minerals needed for high-tech manufacturing? The Wire China provides key information and context on critical minerals.

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