Trade Could Be A Positive This YearFri, 07 Jan 2011 17:32:47 CST
When President Obama delivers his annual State of the Union Address later this month the world will be listening to hear a strong message about trade agreements. At question is the long discussed Doha round of trade talks; and free trade agreements between the United States and South Korea, Panama and Colombia, And then there is the re-entry of Russia into the World Trade Organization.
Some say 2011 could be a big year for trade. Government data shows U.S. exports likely grew about 17 percent last year, one of the fastest rates ever as world trade bounced back from a historic slump brought about by the financial crisis. But, exports need to grow about 15 percent annually during the next four years to reach President Obama’s goal of doubling them. Trade agreements would go a long way in helping expand trade.
Meanwhile, China is a concern as U.S. lawmakers accuse Beijing of deliberately undervaluing its currency to give Chinese companies a trade advantage. But, the United States may have the upper hand world-wide as it hosts this year’s Asia Pacific Economic Cooperation forum. The U.S. has an opportunity to advance open trade among countries that already account for about 60 percent of world economic growth.
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