Informe de la Comisión Económica para América Latina y El Caribe de las Naciones Unidas sobre las relaciones económicas de Estados Unidos con la región, entre los años 2013 y 2014.
The Bank of Spain has revised down its growth forecasts for the Spanish economy to 2% in 2019 and 1.7% in 2020, slightly lower than government and other forecasts. This is due to slowing domestic and external demand, and GDP revisions. The public deficit is expected to reach 2.4% of GDP in 2019, exceeding targets. Exports increased 2% between January-July 2019 while imports grew 1.5%, reducing the trade deficit. German economic indicators point to a possible recession in Q3 2019 as manufacturing activity declines. US economic data shows slowing consumer confidence and manufacturing while home sales rose. India's GDP growth slowed to 5% in Q2 2019, below forecasts, prompting fiscal stimulus measures.
This paper looks in detail at the sharp slowdown in the Brazilian economy for the years 2011-2014,in which economic growth averaged only 2.1 percent annually,as compared with 4.4 percent in the 2004-2010 period. The latter level of growth was also more than double Brazil’s average annual growth rate over the prior 23 years (although it was much lower than the pre-1980 period). It is important to understand why the higher rate of growth experienced from 2004 to 2010 was not
sustained over the past few years.
The authors argue that the slowdown is overwhelmingly the result of a sharp decline in domestic
demand, rather than a fall in exports and even less any change in external financial conditions. The sharp fall in domestic demand, in turn, is shown to be a result of deliberate policy decisions made by the government. This decision to slow the economy was not necessary, i.e., it was not made in response to some external constraint such as a balance-of-payments problem.
Brazil towards economic depression and the political and social changeFernando Alcoforado
Brazil is experiencing stagflation, characterized by low economic growth and high inflation. The government has tried stimulating consumption through tax cuts, but this has not increased investment. Inflation remains above targets due to rising production costs. If current economic policies continue, restricting growth and failing to reduce inflation, Brazil risks entering an economic depression with mass unemployment, business failures, and declining production and investment levels. Social unrest may also increase as purchasing power falls and inflation fuels expansion of social movements.
This document provides an overview of the 2010 United Nations Conference on Trade and Development Trade and Development Report. It summarizes that while the global economic recovery remains fragile, developing countries are leading the recovery due to strong countercyclical policies. However, developed countries' recoveries are uneven, with the US recovering domestic demand faster than Germany and Japan which rely more on exports. The recovery in Europe remains weak, and a shift toward fiscal austerity there could risk a double-dip recession. Coordinated global efforts are still needed to rebalance demand and prevent a resurgence of imbalances.
In this paper we analyze the evolution of Brazilian inflation under the inflation targeting
system from a cost-push perspective. We identify the main features of three quite distinct
phases (1999-2003, 2004-2009 and 2010-2014) and explain them in terms of tradable
price trends in local currency, changes in the dynamics of monitored prices and behavior
of wage inflation. We conclude that the trend towards continuous nominal exchange rate
devaluation after mid-2011, together with the strengthening of the bargaining power of
workers and the trend of rising real wages since 2006, means that distributive conflicts in
Brazil are getting much more intense. We also suggest that the apparently very irrational
recent (early 2015) change in the orientation of economic policy towards contractionary
fiscal, incomes and monetary policies in a stagnating economy seems to be ultimately
based on the desire to weaken the bargaining power of workers that was much
strengthened during the brief but intense Brazilian “golden age” of 2004-2010.
- The US goods and services trade deficit decreased slightly in July to $54.0 billion from a revised $55.5 billion in June. Exports increased $1.2 billion while imports decreased $0.4 billion.
- Exports of goods increased $1.2 billion in July driven by increases in consumer goods like pharmaceuticals and capital goods. Imports of goods decreased $0.4 billion led by a fall in computer imports.
- The trade deficit with China decreased in July as US exports to China fell less than imports from China. The surplus with South and Central America also decreased as US exports to the region fell more than imports.
This document provides an overview and analysis of the global economic outlook and discusses how falling oil prices and a rising US dollar are impacting consumer markets. Key points include:
- Falling oil prices are boosting consumer purchasing power but hurting oil-exporting countries. Prices may continue falling in the short-term but rebound in 1-2 years as US production declines.
- The rising US dollar is disinflationary domestically but inflationary for other countries, posing risks for emerging markets with dollar-denominated debts. The dollar will likely continue rising in early 2015.
- China's economy is slowing as export markets weaken and efforts to curb shadow banking contribute to deceleration, though
This document provides an overview and analysis of the global economic outlook and discusses how falling oil prices and a rising US dollar are impacting consumer markets. Key points include:
- Falling oil prices are boosting consumer purchasing power but hurting oil-exporting economies. Prices may continue falling in the short term but rebound in 1-2 years as US production declines.
- The rising US dollar is disinflationary domestically but inflationary for other countries, posing risks for emerging markets with dollar-denominated debts. The dollar will likely continue rising in early 2015.
- China's economy is slowing as export markets weaken and efforts to curb shadow banking contribute to deceleration, though the
The Bank of Spain has revised down its growth forecasts for the Spanish economy to 2% in 2019 and 1.7% in 2020, slightly lower than government and other forecasts. This is due to slowing domestic and external demand, and GDP revisions. The public deficit is expected to reach 2.4% of GDP in 2019, exceeding targets. Exports increased 2% between January-July 2019 while imports grew 1.5%, reducing the trade deficit. German economic indicators point to a possible recession in Q3 2019 as manufacturing activity declines. US economic data shows slowing consumer confidence and manufacturing while home sales rose. India's GDP growth slowed to 5% in Q2 2019, below forecasts, prompting fiscal stimulus measures.
This paper looks in detail at the sharp slowdown in the Brazilian economy for the years 2011-2014,in which economic growth averaged only 2.1 percent annually,as compared with 4.4 percent in the 2004-2010 period. The latter level of growth was also more than double Brazil’s average annual growth rate over the prior 23 years (although it was much lower than the pre-1980 period). It is important to understand why the higher rate of growth experienced from 2004 to 2010 was not
sustained over the past few years.
The authors argue that the slowdown is overwhelmingly the result of a sharp decline in domestic
demand, rather than a fall in exports and even less any change in external financial conditions. The sharp fall in domestic demand, in turn, is shown to be a result of deliberate policy decisions made by the government. This decision to slow the economy was not necessary, i.e., it was not made in response to some external constraint such as a balance-of-payments problem.
Brazil towards economic depression and the political and social changeFernando Alcoforado
Brazil is experiencing stagflation, characterized by low economic growth and high inflation. The government has tried stimulating consumption through tax cuts, but this has not increased investment. Inflation remains above targets due to rising production costs. If current economic policies continue, restricting growth and failing to reduce inflation, Brazil risks entering an economic depression with mass unemployment, business failures, and declining production and investment levels. Social unrest may also increase as purchasing power falls and inflation fuels expansion of social movements.
This document provides an overview of the 2010 United Nations Conference on Trade and Development Trade and Development Report. It summarizes that while the global economic recovery remains fragile, developing countries are leading the recovery due to strong countercyclical policies. However, developed countries' recoveries are uneven, with the US recovering domestic demand faster than Germany and Japan which rely more on exports. The recovery in Europe remains weak, and a shift toward fiscal austerity there could risk a double-dip recession. Coordinated global efforts are still needed to rebalance demand and prevent a resurgence of imbalances.
In this paper we analyze the evolution of Brazilian inflation under the inflation targeting
system from a cost-push perspective. We identify the main features of three quite distinct
phases (1999-2003, 2004-2009 and 2010-2014) and explain them in terms of tradable
price trends in local currency, changes in the dynamics of monitored prices and behavior
of wage inflation. We conclude that the trend towards continuous nominal exchange rate
devaluation after mid-2011, together with the strengthening of the bargaining power of
workers and the trend of rising real wages since 2006, means that distributive conflicts in
Brazil are getting much more intense. We also suggest that the apparently very irrational
recent (early 2015) change in the orientation of economic policy towards contractionary
fiscal, incomes and monetary policies in a stagnating economy seems to be ultimately
based on the desire to weaken the bargaining power of workers that was much
strengthened during the brief but intense Brazilian “golden age” of 2004-2010.
- The US goods and services trade deficit decreased slightly in July to $54.0 billion from a revised $55.5 billion in June. Exports increased $1.2 billion while imports decreased $0.4 billion.
- Exports of goods increased $1.2 billion in July driven by increases in consumer goods like pharmaceuticals and capital goods. Imports of goods decreased $0.4 billion led by a fall in computer imports.
- The trade deficit with China decreased in July as US exports to China fell less than imports from China. The surplus with South and Central America also decreased as US exports to the region fell more than imports.
This document provides an overview and analysis of the global economic outlook and discusses how falling oil prices and a rising US dollar are impacting consumer markets. Key points include:
- Falling oil prices are boosting consumer purchasing power but hurting oil-exporting countries. Prices may continue falling in the short-term but rebound in 1-2 years as US production declines.
- The rising US dollar is disinflationary domestically but inflationary for other countries, posing risks for emerging markets with dollar-denominated debts. The dollar will likely continue rising in early 2015.
- China's economy is slowing as export markets weaken and efforts to curb shadow banking contribute to deceleration, though
This document provides an overview and analysis of the global economic outlook and discusses how falling oil prices and a rising US dollar are impacting consumer markets. Key points include:
- Falling oil prices are boosting consumer purchasing power but hurting oil-exporting economies. Prices may continue falling in the short term but rebound in 1-2 years as US production declines.
- The rising US dollar is disinflationary domestically but inflationary for other countries, posing risks for emerging markets with dollar-denominated debts. The dollar will likely continue rising in early 2015.
- China's economy is slowing as export markets weaken and efforts to curb shadow banking contribute to deceleration, though the
Economy and equity markets: are they disconnected?Markets Beyond
Equity markets are not disconnected from the real economy and there no reason, under the current circumstances, to fear a market collapse. The S&P 500 is however no longer cheap.
The latest quarterly outlook on Venezuela's economy. Enjoy reading and please get in touch if you have any questions or comments.
El reporte trimestral sobre la economia colombiana. Disfrutelo y por favor, ponganse en contacto si tiene algunas dudas o comentarios.
Venezuela remains mired in a dire economic crisis due to a decade of mismanagement under socialist governments. Hyperinflation has taken hold as the government prints money to fund spending, exacerbating shortages of basic goods. While the official exchange rate remains fixed, the true market rate values the currency over 130 times lower, revealing the country's heavy reliance on imports. Unemployment is rising and a default on bonds appears increasingly likely as options run out to finance spending and repay debts.
This document provides an overview of the current US economy and forecasts future GDP growth. It discusses:
1) Key economic indicators in 2016 such as GDP, unemployment, inflation, and federal budget deficits. GDP grew at a steady pace while unemployment fell slightly.
2) A literature review of Campbell Harvey's method for using the term structure of interest rates to forecast GDP growth. An inverted yield curve can predict an economic downturn.
3) Applying Harvey's method shows that yield spreads decreased before recessions and increased before economic booms, confirming the model's predictive power.
1) Germany has shifted from an economy reliant on net exports to one more dependent on domestic consumption in recent years. This is due to strong private household spending supported by factors like low unemployment, rising wages, and government spending on refugees.
2) However, this shift may not be sustainable long-term as unemployment could rise again and income growth may slow. Germany also still has a large current account surplus, indicating domestic investment needs to increase to balance savings.
3) For the shift to domestic demand to last, Germany needs active policies to encourage more business investment rather than savings to boost productivity and competitiveness as labor costs rise.
2015 2Q North American Office Market ReportCoy Davidson
The U.S. office market saw improvements in Q2 2015, with vacancy rates declining and absorption improving. However, the Canadian office market weakened, with rising vacancy rates driven by falling oil prices. Overall North American vacancy fell slightly to 12.7%, with U.S. vacancy down to 13.0% and Canadian vacancy up to 9.1%. Absorption was positive in the U.S. at 23.1 million square feet but negative in Canada at -0.5 million square feet. The outlook remains positive for the U.S. office market but negative for Canada due to economic challenges from low oil prices.
March 2015 US Trade Balance Data (Grant Toch)Grant Toch
The US trade deficit resumed its downward trend in March 2015 as the deceleration in imports has exceeded the deceleration in exports. US imports have not grown substantially since 2011 and are slowing, suggesting weak US and global demand. While the reopening of west coast ports provided a temporary boost to imports from China and Japan, overall US imports and exports to key trade partners continue to decline, indicating sluggish domestic and international economic conditions.
This document summarizes an analysis of economic growth patterns in Brazil between 1970 and 2006. It finds that Brazil experienced high growth rates from the 1950s through the 1980s, but then saw a substantial decline in growth. The decline was caused by both low domestic demand growth and unstable, inconsistent contributions from the external sector. Fundamental causes included changes in commercial and financial external engagement, worsening income distribution, and macroeconomic policy regimes from 1999 onward.
This document provides a summary of current economic and printing market trends through 2011 to aid in planning for 2012-2013. It finds that while the economic recovery continues, growth has been sluggish. Printing shipments increased in 2010-2011 but the number of plants and employment continued to decline. Digital printing grew faster than conventional printing, driven by customer preferences for smaller runs and personalization. Printing trends generally mirror broader economic indicators such as GDP and employment. The recovery is expected to continue into 2012-2013 but printing may not reach pre-recession levels until 2014-2016.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The document analyzes the impact of budget deficits on inflation in the Democratic Republic of Congo. It discusses how budget deficits are often caused by expansionary fiscal policies and unstable commodity prices in developing countries. The DRC has faced chronic budget deficits since 1980, as revenues have not kept up with rising expenditures. This has led the government to finance deficits through borrowing from banks and the central bank. Empirical analysis will estimate the effects of budget deficits and other fiscal variables on inflation in the DRC to determine the relationship between deficits and prices. The study covers the period from 1970 to 2005 and aims to provide insights to help economic growth.
March 2014 - Currency devaluation, limited effectFGV Brazil
A worsening external environment and the perception that the economy is deteriorating should keep the Brazilian real undervalued, but the recovery of industry will take much more than a devaluated currency.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGV’s Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
The document summarizes Nigeria's economic performance and outlook in 2014 and 2015. In 2014, GDP growth remained strong between 6.2-6.5% despite global headwinds. However, declining oil prices, currency pressures, and interest rate hikes impacted the economy in Q4. The 2015 budget assumes lower oil prices and revenues, aiming to transition Nigeria away from an oil-driven economy. Macroeconomic trends are mixed with interest rates expected to remain elevated as the central bank works to curb excess liquidity and inflation. Challenges around the national elections and oil price volatility pose risks to the economic outlook.
This document discusses the impact of the global recession on energy markets. It makes three key points:
1) The 2003-2008 global economic boom overstressed energy markets due to insufficient investment in the prior decades.
2) While financial speculation influenced oil prices from 2007-2008, supply and demand remain the main market dynamics.
3) OPEC has managed to stabilize oil prices during the recession, with the current $60 per barrel price considered a success.
The document provides summaries of recent economic indicators from around the world:
- China's manufacturing PMI slowed in July as output growth weakened and new orders declined slightly, while inflationary pressures eased.
- US manufacturing growth softened in July due to supply bottlenecks, with factories drawing down inventories to minimum levels.
- Eurozone recovery momentum remained solid in June but slowed slightly due to normalization and supply constraints, pushing inflation higher.
- US job growth was strong in July with 943,000 new payrolls added, supporting the Fed's timeline for tapering asset purchases later this year.
September 2014 - Time for a route correctionFGV Brazil
With performance less than is necessary to meet Brazil's infrastructure demands and with funding scarce, investment needs to become more efficient.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGV’s Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
The document provides an outlook for 2016, summarizing that:
1) China has committed to ensuring 7% growth for the immediate future through government intervention, but rebalancing away from investment is necessary long-term which will slow growth rates.
2) In Europe, GDP growth has accelerated from under 1% to 1.6% since late 2014, supported by ECB monetary easing expanding credit.
3) In the US, growth in construction employment and spending is contributing to a 5% rise in personal consumption and will likely continue supporting the economy in 2016.
The document discusses key macroeconomic concepts including aggregate demand, aggregate supply, the consumption function, investment function, and the multiplier. It provides details on how each of these factors impact macroeconomic variables like output, employment, prices, and trade. It also examines the relationship between aggregate demand and supply using the AD-AS framework and how this intersection determines macroeconomic equilibrium.
This document discusses macroeconomic models, including long-run, medium-run, and short-run models. The long-run model focuses on economic growth and productivity determining output. The medium-run model shows how the economy transitions from short-run to long-run. The short-run model analyzes how output and unemployment fluctuate with demand. Macroeconomics analyzes economic growth, fluctuations, and the impact of policies on goods, labor, and asset markets at an aggregate level.
http://pwc.to/1h2k2l4
Après cinq années de crise, de récession et de croissance décevante, nous pensons que les pays développés peuvent maintenant approcher de la "vitesse de libération" nécessaire pour une reprise durable.
Water molecules are made of two hydrogen atoms bonded to one oxygen atom (H2O). Water molecules form weak hydrogen bonds between the slightly positive hydrogen of one molecule and the slightly negative oxygen of another molecule. This cohesion allows water molecules to stick together, while adhesion allows water to stick to other surfaces.
Este documento proporciona un enlace a un sitio web sobre informática educativa. El dominio del sitio web contiene letras y números aleatorios que no parecen formar una dirección web válida. El contenido o propósito del sitio web no pueden determinarse a partir del enlace proporcionado.
Economy and equity markets: are they disconnected?Markets Beyond
Equity markets are not disconnected from the real economy and there no reason, under the current circumstances, to fear a market collapse. The S&P 500 is however no longer cheap.
The latest quarterly outlook on Venezuela's economy. Enjoy reading and please get in touch if you have any questions or comments.
El reporte trimestral sobre la economia colombiana. Disfrutelo y por favor, ponganse en contacto si tiene algunas dudas o comentarios.
Venezuela remains mired in a dire economic crisis due to a decade of mismanagement under socialist governments. Hyperinflation has taken hold as the government prints money to fund spending, exacerbating shortages of basic goods. While the official exchange rate remains fixed, the true market rate values the currency over 130 times lower, revealing the country's heavy reliance on imports. Unemployment is rising and a default on bonds appears increasingly likely as options run out to finance spending and repay debts.
This document provides an overview of the current US economy and forecasts future GDP growth. It discusses:
1) Key economic indicators in 2016 such as GDP, unemployment, inflation, and federal budget deficits. GDP grew at a steady pace while unemployment fell slightly.
2) A literature review of Campbell Harvey's method for using the term structure of interest rates to forecast GDP growth. An inverted yield curve can predict an economic downturn.
3) Applying Harvey's method shows that yield spreads decreased before recessions and increased before economic booms, confirming the model's predictive power.
1) Germany has shifted from an economy reliant on net exports to one more dependent on domestic consumption in recent years. This is due to strong private household spending supported by factors like low unemployment, rising wages, and government spending on refugees.
2) However, this shift may not be sustainable long-term as unemployment could rise again and income growth may slow. Germany also still has a large current account surplus, indicating domestic investment needs to increase to balance savings.
3) For the shift to domestic demand to last, Germany needs active policies to encourage more business investment rather than savings to boost productivity and competitiveness as labor costs rise.
2015 2Q North American Office Market ReportCoy Davidson
The U.S. office market saw improvements in Q2 2015, with vacancy rates declining and absorption improving. However, the Canadian office market weakened, with rising vacancy rates driven by falling oil prices. Overall North American vacancy fell slightly to 12.7%, with U.S. vacancy down to 13.0% and Canadian vacancy up to 9.1%. Absorption was positive in the U.S. at 23.1 million square feet but negative in Canada at -0.5 million square feet. The outlook remains positive for the U.S. office market but negative for Canada due to economic challenges from low oil prices.
March 2015 US Trade Balance Data (Grant Toch)Grant Toch
The US trade deficit resumed its downward trend in March 2015 as the deceleration in imports has exceeded the deceleration in exports. US imports have not grown substantially since 2011 and are slowing, suggesting weak US and global demand. While the reopening of west coast ports provided a temporary boost to imports from China and Japan, overall US imports and exports to key trade partners continue to decline, indicating sluggish domestic and international economic conditions.
This document summarizes an analysis of economic growth patterns in Brazil between 1970 and 2006. It finds that Brazil experienced high growth rates from the 1950s through the 1980s, but then saw a substantial decline in growth. The decline was caused by both low domestic demand growth and unstable, inconsistent contributions from the external sector. Fundamental causes included changes in commercial and financial external engagement, worsening income distribution, and macroeconomic policy regimes from 1999 onward.
This document provides a summary of current economic and printing market trends through 2011 to aid in planning for 2012-2013. It finds that while the economic recovery continues, growth has been sluggish. Printing shipments increased in 2010-2011 but the number of plants and employment continued to decline. Digital printing grew faster than conventional printing, driven by customer preferences for smaller runs and personalization. Printing trends generally mirror broader economic indicators such as GDP and employment. The recovery is expected to continue into 2012-2013 but printing may not reach pre-recession levels until 2014-2016.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The document analyzes the impact of budget deficits on inflation in the Democratic Republic of Congo. It discusses how budget deficits are often caused by expansionary fiscal policies and unstable commodity prices in developing countries. The DRC has faced chronic budget deficits since 1980, as revenues have not kept up with rising expenditures. This has led the government to finance deficits through borrowing from banks and the central bank. Empirical analysis will estimate the effects of budget deficits and other fiscal variables on inflation in the DRC to determine the relationship between deficits and prices. The study covers the period from 1970 to 2005 and aims to provide insights to help economic growth.
March 2014 - Currency devaluation, limited effectFGV Brazil
A worsening external environment and the perception that the economy is deteriorating should keep the Brazilian real undervalued, but the recovery of industry will take much more than a devaluated currency.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGV’s Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
The document summarizes Nigeria's economic performance and outlook in 2014 and 2015. In 2014, GDP growth remained strong between 6.2-6.5% despite global headwinds. However, declining oil prices, currency pressures, and interest rate hikes impacted the economy in Q4. The 2015 budget assumes lower oil prices and revenues, aiming to transition Nigeria away from an oil-driven economy. Macroeconomic trends are mixed with interest rates expected to remain elevated as the central bank works to curb excess liquidity and inflation. Challenges around the national elections and oil price volatility pose risks to the economic outlook.
This document discusses the impact of the global recession on energy markets. It makes three key points:
1) The 2003-2008 global economic boom overstressed energy markets due to insufficient investment in the prior decades.
2) While financial speculation influenced oil prices from 2007-2008, supply and demand remain the main market dynamics.
3) OPEC has managed to stabilize oil prices during the recession, with the current $60 per barrel price considered a success.
The document provides summaries of recent economic indicators from around the world:
- China's manufacturing PMI slowed in July as output growth weakened and new orders declined slightly, while inflationary pressures eased.
- US manufacturing growth softened in July due to supply bottlenecks, with factories drawing down inventories to minimum levels.
- Eurozone recovery momentum remained solid in June but slowed slightly due to normalization and supply constraints, pushing inflation higher.
- US job growth was strong in July with 943,000 new payrolls added, supporting the Fed's timeline for tapering asset purchases later this year.
September 2014 - Time for a route correctionFGV Brazil
With performance less than is necessary to meet Brazil's infrastructure demands and with funding scarce, investment needs to become more efficient.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGV’s Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
The document provides an outlook for 2016, summarizing that:
1) China has committed to ensuring 7% growth for the immediate future through government intervention, but rebalancing away from investment is necessary long-term which will slow growth rates.
2) In Europe, GDP growth has accelerated from under 1% to 1.6% since late 2014, supported by ECB monetary easing expanding credit.
3) In the US, growth in construction employment and spending is contributing to a 5% rise in personal consumption and will likely continue supporting the economy in 2016.
The document discusses key macroeconomic concepts including aggregate demand, aggregate supply, the consumption function, investment function, and the multiplier. It provides details on how each of these factors impact macroeconomic variables like output, employment, prices, and trade. It also examines the relationship between aggregate demand and supply using the AD-AS framework and how this intersection determines macroeconomic equilibrium.
This document discusses macroeconomic models, including long-run, medium-run, and short-run models. The long-run model focuses on economic growth and productivity determining output. The medium-run model shows how the economy transitions from short-run to long-run. The short-run model analyzes how output and unemployment fluctuate with demand. Macroeconomics analyzes economic growth, fluctuations, and the impact of policies on goods, labor, and asset markets at an aggregate level.
http://pwc.to/1h2k2l4
Après cinq années de crise, de récession et de croissance décevante, nous pensons que les pays développés peuvent maintenant approcher de la "vitesse de libération" nécessaire pour une reprise durable.
Water molecules are made of two hydrogen atoms bonded to one oxygen atom (H2O). Water molecules form weak hydrogen bonds between the slightly positive hydrogen of one molecule and the slightly negative oxygen of another molecule. This cohesion allows water molecules to stick together, while adhesion allows water to stick to other surfaces.
Este documento proporciona un enlace a un sitio web sobre informática educativa. El dominio del sitio web contiene letras y números aleatorios que no parecen formar una dirección web válida. El contenido o propósito del sitio web no pueden determinarse a partir del enlace proporcionado.
The marginal impact of ENGOs in different types of democratic systemsYsrrael Camero
This document summarizes a research article that examines how the impact of environmental non-governmental organizations (ENGOs) on policymaking may depend on the type of democratic political system. The authors develop a theoretical framework arguing that ENGOs are likely to have a larger marginal impact on environmental public goods provision in parliamentary systems using proportional representation, compared to presidential systems using plurality voting. They find empirical support for this hypothesis in an analysis of 75 democracies and their ratification of 250 international environmental agreements between 1973-2002.
This document provides a summary of global and regional employment trends and social outlook. It finds that while the global economy is recovering, significant challenges remain. An estimated 60 million jobs need to be created to keep up with new entrants to the labor market between 2014-2019. Youth unemployment remains high in many areas and gender gaps persist. Income inequality is rising in many advanced and developing economies. Population aging and changing occupational patterns will also impact labor markets and economies in the medium term. Overall, the recovery remains uneven across regions and renewed turbulence could loom over the employment horizon.
Sentencia de la Sala Constitucional del Tribunal Supremo de Justicia que modifica el Reglamento Interior y de Debates de la Asamblea Nacional, colocando al Parlamento bajo control irregular del Ejecutivo, destruyendo su autonomía institucional.
The document provides an overview of the BOLT trading system used by the Bombay Stock Exchange. BOLT allows for online screen-based trading and features order types like limit orders and stop loss orders. It provides tools for traders like real-time market data feeds, trade confirmations, and downloadable reports. BOLT aims to increase transparency, liquidity, and efficiency in the Indian stock market through its online nationwide trading network.
Este documento repite la misma dirección URL varias veces, posiblemente con el fin de promover un sitio web de informática educativa que parece ser gratuito. La URL lleva a un sitio que podría ofrecer recursos de informática para la educación.
An introduction to what social media is, how it differs from traditional media, what social networks really share, and the implications for organizations who want to use them.
An introduction to web customer interaction tools and applications, discussion of the dilemma of offering web interaction, fundamentals of balancing cost of interaction with anticipated value of web customer, and lessons learned.
The document summarizes a project called Lashing@Sea that evaluated cargo securing practices on various vessel types. It found that:
1) While incidents are generally too high, operational and design factors sometimes lead to "unfortunate combinations of factors" that cause incidents.
2) Crew surveys found human and environmental conditions sometimes cause securing loads to increase unexpectedly.
3) Testing revealed row interactions in container stacks can dramatically increase loads, particularly in off-design conditions, and this is likely a major cause of multiple container losses.
4) Recommendations include improving declared container weights and maintenance of securing equipment, and developing tools to help crews handle extreme conditions and avoid nonlinear events.
This short document promotes the creation of presentations using Haiku Deck on SlideShare. It contains a stock photo and text prompting the reader that they may be inspired to create their own Haiku Deck presentation. A call to action is given to get started making a presentation.
This document is the introduction to the 12th edition of the World Bank Group's annual Doing Business report. It provides an overview of the report, which measures regulations affecting 11 areas of business across 189 economies. Specifically, it measures regulations on starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. The introduction emphasizes that while fiscal and monetary policy receive more attention, the business regulatory environment is equally or more important for economic success. It positions the Doing Business report as an important resource for understanding the business regulations that underlie economic development.
Legalismo autocrático en Venezuela (Javier Corrales)Ysrrael Camero
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1Introduction My name is Yinan Hong. I am your port.docxaryan532920
1
Introduction
My name is Yinan Hong. I am your portfolio manager from Trailblazer
Investment Advisors. I am a CFA charter holder, equipped with sufficient financial
knowledge. I will help my customers manage their wealth and try my best to gain??
as much as possible. There are three objectives for my clients, Sam and Amy
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Ending summary
Economic Analysis
2014
GDP Growth
The economic recovery of United States in 2014 became a light brightspot in
global economy after the 2009 recession. The low price level do you mean low infl?
If so that isn’t really a great thing at the current time, decreasing unemployment rate,
better development of the what is the estate?estate and manufacturing industry made
the economy continuously recover although at a much lower rate than prev recoveries.
However, some important indexes like the investment of the real estate, income of
amy kratchman � 2016/10/16 12:32 PM
已设置格式: ⾏行行距: 1.5 倍⾏行行距
2
residents residents?, manufacturing have not reached to the same level as it performed
before the recession in 2014 – true – but RE was performing very well and is a strong
area of growth in 14. The percentage change in Real Gross Domestic Product in 2014
increased in the former three quarters and then decrease in the Q4.not true
In the first quarter, the change of GDP was 2.1% not correctnegative growth1.
The most important factor was the abominable weather. The personal consumption
expenditures for nondurable goods decreased because 1what is this? the inconvenient
of buying your table (footnoted) does not imply a decrease. The Gross private
domestic investment decreased 6.6% because of the huge lower equipment
investment1. The exports decreased extremely and the imports increased. They all led
to the negative growth.
Figure12 : CCI Index in 2014
The GDP growth reached to 4.0% in the second quarter. By analyzing the
components that affected overall GDP growth, personal consumption expenditures
1http://bea.gov/iTable/iTable.cfm?ReqID=9&step=1#reqid=9&step=3&isuri=1&904=2013&903=1&9
06=q&905=2016&910=x&911=0
2 FactSet
3
and gross private domestic investment played an important role in this significant
growth. Consumption contributed 2.56% change in GDP. After the severe weather,
the private inventory investment, exports, fixed investment, and non-federal
government spending increased.this is a rebound in pretty much all areas However, 5%
more imports negatively impact GDP and offset those positive contributors.
Purchasing Managers’ Index (PMI) also ...
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EEUU: relaciones económicas con América Latina
1. United States Trade Developments
2013-2014
Washington, D.C., December 2014
U n i t e d N a t i o n s
E c o n o m i c
C o m m i s s i o n f o r
L a t i n A m e r i c a a n d
t h e C a r i b b e a n
ECLAC WASHINGTON
Office
C.15-00258 (E)
3. Table of Contents
Abstract............................................................................................................................................... 6
I. Introduction...................................................................................................................................... 7
II. Trade Highlights ............................................................................................................................ 10
A. Export performance.................................................................................................................. 10
B. U.S. trade with North America.................................................................................................. 11
C. Trade with Latin America and the Caribbean ........................................................................... 13
D. U.S. trade with Brazil ................................................................................................................ 14
III. Foreign Direct Investment............................................................................................................ 22
A. Foreign Direct Investment Highlights ....................................................................................... 22
1. U.S. FDI inflows................................................................................................... 23
2. U.S. FDI outflows ................................................................................................ 26
IV. Special topics................................................................................................................................ 28
A. Farm Bill .................................................................................................................................... 28
B. Agricultural organics trade agreement..................................................................................... 29
C. Attitudes towards trade and investment.................................................................................. 29
V. Trade Inhibiting Measures ............................................................................................................ 31
A. Import policies .......................................................................................................................... 31
1. Trade Remedy Legislation ................................................................................. 31
2. “Special 301” Report .......................................................................................... 34
B. Overview of selected U.S. dispute settlement cases involving Latin America and Caribbean
countries........................................................................................................................................ 35
1. Upland Cotton.................................................................................................. 36
2. Country of Origin Labeling Dispute................................................................ 37
3. Mexico-U.S Sugar Dispute .............................................................................. 37
4. Guatemala – US Labor enforcement case...................................................... 38
5. Cross-border Supply Gambling and Betting Services.................................. 38
6. Argentina’s Import Restraints......................................................................... 39
7. Mexico Truck Program .................................................................................... 39
C. Agricultural Supports......................................................................................................... 40
1. Market Development Programs ...................................................................... 40
2. Export Programs and Commercial Export Financing ................................... 41
3. Sugar Import Program..................................................................................... 43
5. Abstract
United States Trade Developments, 2013-2014, provides an overview of the most relevant trade developments
in the United States trade relations with Latin America and the Caribbean and the measures that inhibit the
free flow of goods among countries in the Western Hemisphere.
The report presents trade figures and trends over the last few years to illustrate the nature of the U.S.
engagement through trade with the world and with the Latin America and Caribbean region. Special emphasis
was given to trade among the U.S., Canada, and Mexico on the 20th anniversary of the North American Free
Trade Agreement, and to trade with Brazil, the second U.S .trade partner in the region, after Mexico.
Trade and investment continue to be at the center of the U.S. Administration’s strategy to promote economic
growth and create jobs. Four years after the National Export Initiative was launched in 2010 with the
objective of increasing exports to strengthen the U.S. economy, support additional jobs, and foster long-term
sustainable growth, a new phase was launched in 2014. This next phase of the National Export Initiative,
NEI/NEXT, seeks to help broaden and deepen the U.S.’s exporter base, and help more U.S. businesses of all
sizes export to more markets where 95 percent of potential customers live. It is estimated, however, that U.S.
exports of all products will fall short of the goal of doubling exports by 2015. They totaled US$1.2 trillion in
the first nine months of 2014, up 59% over the same period in 2009 according to Census Bureau data. Weak
economic recovery in Europe and weak demand from Asia are partly responsible for this. New trade
agreements with Asia-Pacific and the European Union already under negotiation could have a very positive
result for the U.S. on this front. With respect to market access and trade inhibiting measures this year’s report
addresses antidumping and countervailing cases, selected trade dispute settlement cases and agricultural
support programs.
.
6. I. Introduction
United States Trade Developments, 2013-2014, provides an overview of the most relevant trade
developments in the United States trade relations with Latin America and the Caribbean and the
measures that inhibit the free flow of goods among countries in the Western Hemisphere.
Trade and investment continue to be at the center of the U.S. Administration’s strategy to promote
economic growth and create jobs. Four years after the National Export Initiative was launched in 2010
with the objective of increasing exports to strengthen the U.S. economy, support additional jobs, and
foster long-term sustainable growth, a new phase was launched in 2014. This next phase of the National
Export Initiative, NEI/NEXT, seeks to help broaden and deepen the U.S.’s exporter base, and help more
U.S. businesses of all sizes export to more overseas markets where 95 percent of potential customers
live. It is estimated, however, that U.S. exports of all products will fall short of the goal of doubling
exports by 2015. They totaled US$1.2 trillion in the first nine months of the year, up 59% over the same
period in 2009 according to Census Bureau data. Weak economic recovery in Europe and weak demand
from Asia are partly responsible for this. New trade agreements with Asia-Pacific and the European
Union already under negotiation could have a very positive result for the U.S. on this front.
On the other hand, exports of petroleum, coal and related items have tripled since 2009 since
shale-extraction prompted U.S. energy output. Exports of petroleum, coal and related items totaled
US$124 billion in the first nine months of 2014 even though the U.S. limits the shipments of crude and
other energy exports. Demand for diesel and fuel oil has grown in Latin America and Canada.
On the trade negotiations front, in 2014 the U.S. maintained several rounds of negotiations with
the EU to advance the Transatlantic Trade and Investment Partnership (T-TIP) that had been launched in
2013 to create a free trade zone between the two regions. Substantial progress has been made toward the
conclusion of the Trans-Pacific Partnership (TPP)1
1
Along with the U.S., the TPP include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand,
Peru, Singapore, and Vietnam.
negotiations to secure a 21rst century, high-standard
trade agreement in one of the most dynamic areas of the world. The TPP, a centerpiece of the U.S.’s
7. attempt to rebalance foreign policy to Asia, would collectively account for 40% of global output and
30% of global trade.
Key to finalizing the agreement is a bilateral accord between Japan and US, the two biggest
economies in the group. For Japan the TPP would be a historic decision to open the country’s long-
closed domestic markets. At the center of the bilateral negotiations are Japan’s high tariffs on five
groups of agricultural products (rice, wheat and barley, beef, pork, and dairy and its non-tariff barriers
against U.S. autos (regulations). The trial solutions for resolving sensitive issues, the so called landing
zones, have been identified and negotiations could be near conclusion for the TPP. The challenge for the
U.S. is to conclude an agreement that fulfills the promise of high ambition yet allows each economy to
cope with political sensitivities. In addition, the negotiating team needs to find a way to accelerate
engagement with the U.S. Congress. Concluding TPP in the absence of Trade Promotion Authority
(TPA) 2
Negotiations on the Transatlantic Trade and Investment Partnership (TTIP), which aims to create
a free trade zone between the United States and the European Union, are in their second year and sixth
round of negotiations. The regulatory agenda of the TTIP is viewed as the main area of the agreement
and among the most contentious. In terms of regulatory coherence, the United States seeks to increase
the involvement of stakeholders in the process of drafting regulations in the European Union. The EU
seeks to avoid conflicts between the two regulatory systems, and stakeholders could participate in the
regulatory process, although subject to the respective legal and institutional frameworks (World Trade
Online, 2014d), a lesser degree of participation than that sought by the United States. Sectors under
discussion for regulatory cooperation include cars, chemicals, pharmaceuticals, medical devices,
cosmetics, engineering, textiles, information and communication technologies (ICT), and pesticides. In
areas like medical devices and pharmaceuticals, mutual recognition of existing regulations could
emerge.
is a high-risk tactic. If the administration signs TPP without an advance agreement with
Congress, they may withhold their vote and the consequences could be cumbersome and costly.
The two sides are also at odds over whether financial services regulation should be addressed
under the bilateral pact. The latter has been a key demand by EU, which argues that having a regulatory
framework in this area will facilitate bilateral cooperation in preventing future financial crises. The U.S.,
on the other hand, has maintained that this subject is already being addressed in various other forums.
Whether or not to include a chapter on energy in the trade pact – rather than just addressing
specific energy issues in other related parts of the agreement – remains undecided. The EU is seeking
further its independence from Russian energy sources through a more comprehensive agreement with the
U.S. in this matter.
Investment protection and investor-state dispute settlement (ISDS) is another controversial issue.
Those opposing its inclusion argue that such a provision could put domestic public policy regulations at
the mercy of international arbitration tribunals. Supporters, however, disagree considering that ISDS
would help protect investors against unfair expropriation or discrimination abroad.
Another area in which the European Union and the United States broadly differ is that of personal
data protection with the EU seeking strict limitations on when firms can collect information on
consumers and the responsibilities of third parties should they have obtained access to these data and the
U.S. maintaining a position favorable to the free flow of data.
At the global level, in December 2013, the first new multilateral trade agreement since the
creation of the WTO in 1995 was concluded: the Trade Facilitation Agreement. The goal of this
agreement is ”to expedite movement, release and clearance of goods, improve cooperation on customs
matters, and help developing countries fully implement the obligations that will result in significantly
reducing customs barriers across the world”(TPA, 2014). Implementation of this agreement has been
blocked by India over a disagreement of how to deal with India’s’ food stockholding security initiative.
2
TPA is the tool that the U.S. Congress has to update and assert its role in trade policy, to guide current and
future negotiations, and to ensure the completion of trade agreements.
8. India seeks assurances of protection from a legal challenge under the WTO Agriculture Agreement for
breaching its limit of trade-distorting subsidies due to its public stockholding programs. The U.S. and
India have reached an agreement on this issue that is expected to enable the implementation of the
multilateral Bali agreement for 2015.
At the regional level, in 2014, the North American Free Trade Agreement between the U.S.,
Canada and Mexico (NAFTA) turned 20 years of implementation. NAFTA took effect on January 1,
1994 to advance market access of goods and services among its member countries, promote cross-border
investment though commercial law disciplines, and set standards for intellectual property rights. NAFTA
was the first comprehensive free trade agreement (FTA) between developed and developing countries,
and has since served as a template for all subsequent trade negotiations the U.S. has been involved in
because of the breadth and depth achieved (Carla Hills, 2014). Later, the U.S. pursued trade and
investment agreements in the Latin America and Caribbean region on a sub regional and bilateral level:
a sub-regional FTA with Central America and the Dominican Republic, bilateral agreements with Chile,
Colombia, Panama, and Peru; and a bilateral investment agreement with Uruguay. NAFTA has made
significant strides in expanding trade and investment among the three member countries and integrating
the three economies through value chains. North America is now the market for more than 80% of
Mexico’s exports, 75% of Canada’s exports, and 31% of U.S. exports (Dawson et al, 2014).
The Administration is also deepening, seeking and exploring trade-enhancing investment
measures to attract industries and jobs to the U.S. The U.S. has been seeking a Bilateral Investment
Treatment (BIT) with China, India and Mauritius and exploring possible BITs with Cambodia, Gabon,
Ghana, and Russia, and a Regional Investment Agreement with East African countries.
In the first section after this introduction, the report presents trade figures and trends over the last
few years to illustrate the nature of the U.S. engagement with the world and with the Latin America and
Caribbean region.Special emphais was given to trade among the U.S., Canada, and Mexico on the 20th
anniversary of the North American Free Trade Agrreement, and to trade with Brazil, the second
U.S.trade partner in the region, after Mexico. The following section reviews U.S. foreign direct
investment with the region. The next section presents a brief discussion of the 2014 Agriculture Act that
was signed into law in February 2014, trade in organic agricultural products and a subsection that
presents the results of a recent poll on attitudes towards trade. Section five discusses trade inhibiting
measures.
9. II. Trade Highlights
A. Export performance
Since 2009, U.S. exports were up 44% from US$1.6 billion in 2009 to US$2.3 billion in 2013. Exports
of goods grew by almost 49%, while exports of services rose by 34%. Since the end of 2009, export
growth averaged 10%, with growth in the exports of goods averaging 10.4% and growth in the export of
services averaging 7.6%. Compared to the previous five-year period from 2004-2008, U.S. agricultural
exports from 2009-2013 increased by nearly $230 billion, the strongest five-year period in the U.S.’s
history for agricultural products (USDA, 2013)
TABLE II.A.1
U.S. EXPORTS OF GOODS AND SERVICES, 2010-2013
(billion dollars)
Goods Services Total
2009 1 070.3 512.7 1 583.0
2010 1 290.3 563.3 1 853.6
2011 1 499.2 627.8 2 127.0
2012 1 561.7 654.9 2 216.5
2013 1 592.8 687.4 2 280.2
Source: U.S.Bureau of Economic Analysis, “Table 1. U.S. International Transactions”
In the first half of 2014, Canada and Mexico accounted for more than a third of the U.S. exports
of goods. Canada was the top export market for goods in 2014, at US$152 billion, followed by Mexico
(US$120 billion), China (US$60billion), Japan (US$34 billion), and the U.K. (US$ 25 billion), a
structure of exports markets that has remained the same since 2009.
10. FIGURE II.A.1
U.S. EXPORTS OF GOODS: TOP DESTINATIONS, 2013
(as a share of total exports of goods)
Source: ECLAC on the basis of U.S. Census Bureau, Foreign Trade Division
FIGURE II.A.2
U.S. EXPORTS OF GOODS: TOP DESTINATIONS, 2009
(as a share of total exports of goods)
Source: ECLAC on the basis of U.S. Census Bureau, Foreign Trade Division
B. U.S. trade with North America
Over the last two decades, U.S. trade with the North American region grew significantly more than with
the world as a whole (Table II.C.1), driven mainly by trade with Mexico since U.S. and Canada were
already fairly open to bilateral trade when the FTA was signed. While U.S. exports of goods to the world
increased by 170%, exports to Mexico increased by 454% and to Canada by 200%. At the same time,
imports of goods from the world increased by 194% while imports from Mexico rose three times more
(610%). Moreover, U.S. imports from Canada contain on average 25% of U.S. inputs and U.S. imports
from Mexico contain 40% of U.S. imports (Hufbauer, et al., 2014). Smaller enterprises benefit
18.9%
14.8%
7.5%
4.2%
3.2%3.2%2.8%
2.8%
42.7%
Canada
Mexico
China
Japan
United Kingdom
Germany
Korea, South
Brazil
All other countries
19.4%
12.2%
6.6%
4.8%
4.3%4.1%2.7%2.5%
2.5%
40.9%
Canada
Mexico
China
Japan
United Kingdom
Germany
Korea, South
France
Brazil
11. particularly form Mexico’s proximity to U.S. and the preferential treatment granted by NAFTA: almost
11% of the exports of U.S. smaller and medium enterprises go to Mexico.
TABLE II.C.1
U.S.TRADE IN GOODS WITH CANADA AND MEXICO
(billion dollars)
1993 2013 % Change
Imports Exports Imports Exports Imports Exports
Canada 113 101 338 302 199 199
Mexico 40.4 41 287 227 610 454
World 779 589 2294 1590 194 170
Source: U.S. Bureau of Economic Analysis
TABLE II.C.2
U.S.TRADE IN SERVICES WITH CANADA AND MEXICO
(billion dollars)
1993 2013 % Change
Imports Exports Imports Exports Imports Exports
Canada 9 17 30 64 233 276
Mexico 8 11 17 29 113 164
World 124 186 428 660 245 255
Source: U.S. Bureau of Economic Analysis
Trade in services with the region also expanded although trailing behind trade with the world.
Cross-border investment among NAFTA member countries also soared. In the years since
NAFTA entered into force, Canada has invested about US$200billion in the U.S., making it U.S.’s fifth
largest investor, and Mexico has also increased investment in the U.S. in sectors as diverse as cement,
bread, diary, and retail. U.S. investment in Canada is at US$ 310 billion and is Canada’s largest investor.
U.S. investment in Mexico has also significantly increased in the manufacturing sector, auto sector in
particular (Carla Hills, 2014).
NAFTA countries have progressed towards horizontally integrated, cross-border supply chains
that benefit from the complementary advantages of each trading partner. Exports from one NAFTA
country to the rest of the world are likely to include a high percentage of value-added from the other two
countries.
Contributing to prospects of greater competitiveness of the NAFTA countries is North America’s
energy security. Thanks to the natural hydroelectric resources and oil sands of Canada, oil and gas
reserves of the Gulf of Mexico and the shale gas revolution in the United Sates energy security seems to
be guaranteed for the foreseeable future. The shale gas revolution has lowered the cost of gas and
electricity generation, significantly. Investment in energy infrastructure seems to be a helpful way to
create an integrated energy market in the region.
Despite this significant impact in trade and investment, NAFTA’s challenge is to grow deeper and
beyond to create an integrated North America market. Even though member countries are each other
largest trading partners, few of the NAFTA’s original provisions have been upgraded to cover new
economic developments such as electronic commerce, investment by state-owned enterprises, sub-
federal government procurement and energy trade.
12. Looking forward, a well-functioning NAFTA should facilitate the movement of goods, services,
people and ideas and help create economies of scale in high-value added and knowledge-intensive
supply chains. This is of particular importance for small and medium enterprises to enter export markets.
The first step in enhancing competitiveness in the region lays on finding greatest efficiencies on
the agreement already in place. In this regard, there is still a long way to go with respect to trucking
regulations, intellectual property protections, costums and regulatory harmonization and border
infrastructure.
None of these issues are easy to solve, and many experts think that the most likely path to update
and improve NAFTA is through the Trans Pacific Partnership negotiations (TPP). For instance, with
respect to rules of origin, establishing a North American content rule in negotiations with third parties
would greatly enhance regional competitiveness since the U.S., Canada, and Mexico not only trade with
each other but also manufacture together in integrated supply chains. Another path that has been
suggested to enhancing the region competitiveness is by incorporating Canada and Mexico in the T-TIP
negotiations. Since Mexico has a FTA with the European Union since 2000, and Canada since October
2013, not entering T-TIP as a region would mean three separate agreements with different rules of origin
and custom measures, effectively eroding the efficiencies gained from NAFTA.
C. Trade with Latin America and the Caribbean
Over the last two decades, U.S. trade in goods with Latin America and the Caribbean has been
increasing significantly. In fact, U.S. exports to the region had been growing at about the same pace as
those to the European Union and Canada up until the Great Recession. Since then, they recovered much
faster than those to the rest of the top trading partners (Figure II.B.1). The same is true of U.S. imports,
although in this case they have suffered a slowdown in the last couple of years.
13. FIGURE II.B. 1
U.S. EXPORTS OF GOODS
(billion dollars)
Source: Bureau of Economic Analysis, U.S. International Transactions Accounts
FIGURE II.B.2
U.S. IMPORTS OF GOODS
(billion dollars)
Source: Bureau of Economic Analysis, U.S. International Transactions Accounts
Most of this trend is explained by trade with Mexico with whom the U.S. has a free trade
agreement in place since 1994. The next subsection highlights some of NAFTA developments and
challenges that lie ahead.
D. U.S. trade with Brazil
In Latin America and the Caribbean, the second trade partner to the United States is Brazil who ranks 8th
among U.S.’s top trade partners, up one place since 2009. For Brazil, U.S. has been the top trading
partner up until 2008 when it was surpassed by China(Figure II.D.1). While in 2001 the U.S. accounted
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
European Union
Canada
Brazil
Mexico
China
Latin America
and Caribbean
0
100
200
300
400
500
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
European Union Canada
Brazil Mexico
China Latin America and Caribbean
14. for over 25% of Brazilian exports, this share was just over 10% in 2013. Brazilian imports from the U.S.
and from China are now nearly equally large.
This section highlights some aspects of the trade and investment relationship between the U.S.
and Brazil.
FIGURE II.D.1
BRAZIL EXPORTS TO THE U.S. AND CHINA
(percent of total Brazilian exports)
Source: Ministerio de Desenvolvimiento, Industria y Comercio Exterior
FIGURE II.D.2
BRAZIL IMPORTS FROM THE U.S. AND CHINA
(percent of total Brazilian imports)
Source: Ministerio de Desenvolvimiento, Industria y Comercio
Like trade with the rest of the region, U.S.-Brazil trade suffered a deep slump in the wake of the
global economic crisis, but quickly recovered afterwards even surpassing the pre-crisis levels. In 2013
total trade in goods reached US$ 60 billion, more than the pre-crisis peak of US$ 40 billion in 2007.
0%
5%
10%
15%
20%
25%
30%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
United States share
China (excl. Hong Kong) share
0%
5%
10%
15%
20%
25%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
United States share
China (excl. Hong Kong)
share
15. The U.S.-Brazil Agreement on Trade and Economic Cooperation, signed in March 2011, sought
to promote two way trade and investment with Brazil. In addition, until 2013, the equivalent of 7% of all
Brazilian exports to the U.S. benefitted from a non-reciprocal duty-free treatment applied to certain
product categories from designated developing countries (General System of Preferences, GSP). But
authorization expired on 31 July 2013 and has not yet been renewed by the U.S. Congress. Even if GSP
is renewed, it remains to be seen whether Brazil will continue to be included. The U.S. might follow the
example of the EU, which as of 2014 classifies Brazil as a middle-income country and thereby removed
it from its generalized system of preferences.
Brazil’s exports to the U.S. have been dominated for many years by manufactured goods. This has
been driven by the high level of trade between U.S. firms and their subsidiaries in Brazil (Vigevani,
2011). More recently, both the overall trade balance as well as the composition of the U.S.-Brazil trade
has undergone important changes. Brazil’s exports of manufactured goods to the U.S. began stagnating
in 2005, and have barely recovered half of the losses they subsequently experienced in 2009 after the
global financial crisis. Commodity exports, formerly responsible for a negligible share of their trade,
rose significantly until 2011 as a share of total Brazilian exports to the U.S. Since then, they suffered
from the reduction in exports of crude oil, which in 2012 had generated a fifth of total export revenues
with the United States.
16. FIGURE II.D.3
BRAZILIAN EXPORTS TO THE US
(billion dollars)
Source: Ministerio de Desenvolvimento, Industria e Comercio Exterior
Yet while Brazilian exports to the United States have been slowing down, Brazilian imports from
the U.S. have grown at high speed for a decade, rising by 105% between 2004 and 2013, compared to
68% with the rest of the world. The rise in U.S. exports to Brazil came almost entirely from rising sales
of manufactured goods.
FIGURE II.D.4
BRAZILIAN IMPORTS FROM THE U.S.
(billion dollars)
Source: Ministerio de Desenvolvimento, Industia, e Comercio Exterior
A closer look at U.S.-Brazil trade flow shows that oil and aircrafts top the list of traded goods
between them. Brazil’s recent domestic air travel boom explains the Brazilian demand for large U.S.
airplanes. Furthermore, Brazil imports parts needed for its own aircraft production. Conversely, Brazil’s
Embraer exports smaller planes as well as some military planes to the U.S.
$0bi
$2bi
$4bi
$6bi
$8bi
$10bi
$12bi
$14bi
$16bi
$18bi
Primary goods
Semi-finished goods
Manufactured goods
$0bi
$5bi
$10bi
$15bi
$20bi
$25bi
$30bi
$35bi
Primary goods
Semi-finished goods
Manufactured goods
17. Since 2005, crude oil has figured as Brazil’s largest export good to the U.S. in value, accounting
for over US$ 9 billion in 2010. In fact, oil exports are responsible for a large share of the Brazil’s rising
commodity exports to the United States. The value of oil exports to the U.S. has halved since its peak in
2010, partly a reflection of the real’s depreciation against the dollar, partly a consequence of reduced
drilling in Brazil. U.S. demand for Brazilian oil may also have suffered from the growing U.S. shale oil
production. Although Brazilian sales of oil to the U.S. dropped by 40.2%, crude oil still represented
12.5% of exports to the U.S. in January to March 2014 and thus figures the largest Brazilian export item.
FIGURE II.D.5
TOP 10 U.S.EXPORTS TO BRAZIL
(million dollars)
Source: Based on data from U.S. Department of Commerce and U.S. International Trade Commission
1000
2000
3000
4000
5000
6000
7000
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
8800 Aircraft and
parts
2710 Refined oils
8542 ELECTRONIC
INTEGRATED
CIRCUITS and parts
1001
WHEAT AND MESLIN
8517 Telephones
2701 COAL and
BRIQUETTES
3004 Medicaments
(excl. vaccines,
bandages,
pharmaceuticals)
8471 IT Equipment
9018 Medical and
scientific instruments
3808 Insecticides and
similar products
18. FIGURE II.D.6
TOP 10 BRAZILIAN EXPORTS TO THE U.S.
Source: Based on data from U.S. Department of Commerce and U.S. International Trade Commission
In the same period that Brazilian oil exports have surged, oil imports from the U.S. have risen
spectacularly as well. But while Brazil exports crude oil, it is refined petrol, kerosene, and motor oils
that it imports. This is dues to a lack of refinery capacities in Brazil. The situation is thus unlikely to
change until a large new refinery is opening in 2017 (Meyer, 2014).
As shown in the following figure, Brazil exports to China have been increasingly concentrated in
primary products.
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2709 Crude oils
8802 Aircraft
2710 Non-crude oils
7207 Semi-fnished iron
and steel products
9801 Exported articles
returned for repair
2207 Spirits and Ethyl
Alcohol
0901 Coffee
4703 Wood Pulp
6802 Building Stone
9802 Imported Articles
Returned
19. FIGURE II.D.7
BRAZIL EXPORTS TO CHINA
(billion dollars)
Source: Banco de Desenvolvimento, Industria, e Comercio Exterior
Although goods still dominate bilateral trade, the exchange of cross-border services has grown,
too. Here again, U.S. exports to Brazil have risen faster than vice versa, particularly in the travel sector.
Although other private services as well as royalties and professional services have also grown strongly,
travel expenses (including passenger fares for U.S. airlines) have increased by more than US$ 6 billion
to over US$ 9 billion between 2006 and 2012. It is hardly surprising that Brazilian trips to the U.S.
should have increased in the years when the real was comparatively strong against the dollar. Yet even
though growth slowed down more recently, travel-related expenses by Brazilians in the U.S. continued
to rise through 2012. On the Brazilian side, travel-related services only account for about US$ 1.5 billion
per year and have been mostly flat for years.
0
5
10
15
20
25
30
35
40
45
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Primary goods Semi-finished goods Manufactured goods
20. FIGURE II.D.8
U.S SERVICE EXPORTS TO BRAZIL (CROSS-BORDER)
(million dollars)
Source: U.S. Bureau of Economic Analysis
FIGURE II.D.9
BRAZILIAN SERVICE EXPORTS TO THE U.S. (CROSS-BORDER)
(million dollars)
Source: U.S. Bureau of Economic Analysis
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
2006 2007 2008 2009 2010 2011 2012
Travel expenses and passenger
fares combined
Private services (mostly
financial and technical services)
Royalties and licenses
Professional services (incl. IT,
consulting, engineering among
others)
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
2006 2007 2008 2009 2010 2011 2012
Travel expenses and passenger
fares combined
Royalties and licenses
Other private services (mostly
financial and technical services)
Professional services (incl. IT,
consulting, engineering among
others)
21. III. Foreign Direct Investment
In addition to the above mentioned trade-enhancing measures such as the National Export Initiative and
trade negotiations at the global and regional level, the U.S. maintains and seeks investment opportunities
with different countries and regions.
A. Foreign Direct Investment Highlights
After reaching an all-time high of US$2 trillion in 2007, when the global economy was growing at 3.9%,
world FDI flows dropped to US$1.8 trillion in 2008 and to $1.2 trillion in 2009 during the financial
crisis. As the global economy slowly recovered, so did FDI flows albeit modestly, to US$1.7 trillion in
2011. In 2012, however, global FDI dropped to US$1.3 trillion as the ongoing effects of the economic
crises continued to have an impact, and rose discreetly to US$1.4 trillion in 2013 (Figure III.A.1).
FIGURE III.A.1
WORLD FDI FLOWS, 2003-2013
(in trillion dollars)
Source: UNCTAD statistics
Compounding this set back was the enactment of a more restrictive regulatory environment for
FDI in general. For example, in 2012, the last year measured, a quarter of all changes in national
investment policies were focused on restricting or regulating investments rather than promoting them
(UNCTAD, 2014). This represents a pronounced increased from 2000, for example, when only 6 percent
of legislation supported increased regulation.
Antitrust rulings, national security concerns, or political opposition has also hindered cross-border
mergers and acquisitions (M&A) transactions. According to UNCTAD, the total gross value of the 21
largest cross-border M&A deals was just $265billion between 2008 and 2012. Primary industries are the
most affected, but financial services and telecommunications are also suffering from this more difficult
investment environment.
Traditionally, most FDI flows went to developed economies (Figure III.A.2). However, since
2011 flows to developing economies exceed those to developed economies. In fact, flows to developing
economies did not experience the sharp drop in FDI inflows observed in developed countries during the
0.00
0.50
1.00
1.50
2.00
2.50
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
22. Great Recession of 2008-2009. Developing countries showed more resilience during the time of crisis
and contributed to world growth more than their developed counterparts which could be explaining the
diverging trend in FDI flows.
FIGURE III.A.2
FDI INFLOWS BY LEVEL OF ECONOMIC DEVELOPMENT OF THE RECIPIENT COUNTRY, 2003-2013
(trillion dollars)
Source: ECLAC elaboration on the basis of UNCTAD statistics
Among developing countries, most FDI flows go to high-income economies, followed by far by middle-
income countries.
FIGURE III.A.3
FDI INFLOWS TO DEVELOPING ECONOMIES, BY INCOME LEVEL OF THE RECIPIENT COUNTRY
(trillion dollars)
Source: ECLAC elaboration on the basis of UNCTAD statistics
1. U.S. FDI inflows
The United States is the first destination for global FDI flows, a position that has maintained since 2006.
The combination of strong growth and low inflation in the U.S. economy has been the main attraction
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Developing economies
Transition economies
Developed economies
0.00
0.10
0.20
0.30
0.40
0.50
0.60
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
High-income developing
economies
Middle-income developing
economies
Low-income developing
economies
23. for foreign investors since the mid-1990s (Jackson, 2013). More recently, however, the U.S. has been
facing steep competition from emerging markets in the attraction of FDI flows (Fikri et al 2014).
Industrial countries are still the primary source of FDI to the United States, but emerging markets
are becoming a bigger source of FDI and their share is expected to increase as institutional and structural
barriers in those countries continue to decline. The United Kingdom represents 17.5% of all FDI
inflows. In addition to Europe, Japan, Canada, and Australia make up the top ten investor countries.
FIGURE III.A.1.1
FOREIGN DIRECT INVESTMENT INTO THE U.S.
TOP 10 INVESTOR COUNTRIES, 2010-2012 AVERAGE
(percentage of total U.S. FDI inflows)
Source: Department of Commerce, Bureau of Economic Analysis
FDI into the United States is mostly concentrated in the manufacturing industry which received
about 45% of total FDI inflows to the US (BEA).
FIGURE III.A.1.2.
FOREIGN DIRECT INVESTMENT INTO THE U.S. BY INDUSTRY
2010-2012 AVERAGE
(percentage of total U.S. inflows)
0 2 4 6 8 10 12 14 16 18
United Kindgom
Switzerland
Luxembourg
Japan
Netherlands
Canada
Germany
France
Belgium
Australia
45
11
11
6
8
19
Manufacturing
Wholesale trade
Mining
Banking
Finance
Other
24. Source: Department of Commerce, Bureau of Economic Analysis
Although the United States continues to be the largest recipient of FDI inflows, its share of global
FDI inflows has declined. The U.S. recorded US$167.7 billion in FDI in 2012, still the largest inflow
worldwide but down more than one-quarter from 2011. In 1980, the U.S. share of global FDI inflows
was 31%, and by 2012, it had declined to only 17% (U.S. Dept of Commerce International Trade
Administration, 2014, Organization of International Investments, 2013). This loss of post-crisis
momentum was largely due to stiff competition from emerging economies and a wave of divestments as
foreign firms sold their U.S. affiliates to local or third-country companies.
As a part of the national efforts to boost FDI, the Administration created SelectUSA. SelectUSA
provides a one-stop shop for foreign investors to receive advice on starting a business, connecting with
domestic firms and localities, accessing government resources, and navigating regulations. The efforts
also include increased engagement from U.S. ambassadors to solicit investment overseas and provide
federal support for state and local initiatives. This is the first-ever national investment promotion effort
to attract foreign investment to the U.S., and marks a major policy departure for the country, which has
typically left FDI advocacy to state and local governments. SelectUSA also includes a list of federal
business incentives including loans and tax credits that are searchable by industry (SelectUSA, 2014).
An additional attraction of the U.S. market is the ongoing energy revolution, most notably the
rapid expansion of shale gas production, which is pushing domestic energy prices lower.
U.S. manufacturing productivity has seen a major boost since the recession, which coupled with a
weaker dollar and rising wages in emerging economies has made the U.S. more attractive to produce
certain goods for the domestic market. Samsung will invest $4 billion to expand production capacity for
Smartphone processors at its plant in Austin, Texas. With the U.S. auto industry booming, particularly in
the southeastern automotive cluster, South Korea’s Hankook Tire is planning its first factory in the US,
with an investment of $800billion in Tennessee. Toyota plans to invest a combined $200million to
expand capacity across its operations in Alabama, Missouri, and Tennessee. And Kentucky aloe became
home to three new German-owned automotive supplier operations in 2013,
With low labor and logistics costs and extensive ties to the U.S. economy, Mexico is a significant
beneficiary of the latest reshoring wave. Thanks to close transportation links and tariff-free trade under
NAFTA, Mexico is an attractive location for the final assembly of components (including advanced
parts imported from the U.S. and Canada), especially for bulky, high-value items that are expensive to
ship, such as vehicles and appliances. Companies that have moved some or all of their production in
recent years from Asia to Mexico to be closer to the U.S. include Emerson, MECo, Coach, and Axion.
CONFIDENCE INDEX
The A.T. Kearney Foreign Direct Investment Confidence Index ranks countries on how changes in their political,
economic, and regulatory systems are likely to affect foreign direct investment (FDI) inflows in the coming years.
This year’s index shows the U.S. in first place for the second year. With NAFTA’s renascent manufacturing base, Latin
America’s expanding middle class, and booming energy markets, the region’s buoyancy continues to encourage investors.
The U.S. is the most likely destination for FDI (Kearney, 2014). The U.S. is back in the minds of global business leaders
as the prime destination for their investment.
While rapid-growth emerging economies continue to place well in the index1
, the latest results show a strong shift to the
OECD countries.
Although there was evidence of concern about the fragile state of some emerging economies, the index reveals that
core group of developing economies continues to enjoy widespread confidence: China, Brazil, India, Mexico, South Africa,
Malaysia and Indonesia.
25. 2. U.S. FDI outflows
About 74% of US foreign direct investment is concentrated in high income developed countries. Europe,
which has been a prime location for U.S. FDI outflows since the 1980s, accounts for over half of all U.S.
direct investment abroad at US $2.5 trillion (Jackson, 2013). Table II.A.2.1 shows the US direct
investment position abroad on a historical-cost basis at year end of 2012 by major regions and industries.
TABLE III.A.2.1
U.S. DIRECT INVESTMENT POSITION ABROAD ON A HISTORICAL-COST BASIS AT YEAR-END 2012
(billions of dollars)
All Manufac Wholesale Infor Banking Finance Services Holding Other
Industries turing Trading mation companies
All 4 453.3 637.1 205.1 146.6 119.7 775.6 94.1 1 949 303.8
Canada 351.5 75.4 21.5 8.0 6.4 55.0 8.4 109.0 38.8
Europe 2 477 311.4 83.7 98.1 73.3 380.3 53.5 1 288.8 174.0
Latin America 869.3 93.6 43.0 13.3 5.9 215.0 4.3 386.0 42.3
Africa 61.4 4.0 1.4 0.2 2.5 6.7 0.8 9.0 1.8
Middle East 42.9 15.2 2.1 1.2 0.3 0.7 1.2 7.5 1.4
Asia 651.3 137.5 53.3 25.7 31.3 137.9 26.0 148.6 45.6
Source: Jackson, James K. “U.S. Direct Investment Abroad: Trends and Current Issues”, Congressional Research Service,
11 Dec 2013.
Latin America accounts for about 20% of all U.S. direct investment abroad at $869 billion. At
44%, holding companies absorb the most of the US direct investment that goes into Latin America. The
next top industry for US direct investment into Latin America is the finance industry, which absorbed
about 25% of US direct investment into Latin America at $215 billion.
CORPORATE INVERSION
Corporate inversion is one of the strategies employed by companies to reduce their tax burden. In an inversion, a U.S.
company moves its tax address to a tax-friendlier country, typically through a merger with a smaller foreign company.
The U.S. has the highest corporate income tax rate in the industrialized world, at 35 percent . The U.S. is also one of the few
developed countries that taxes corporate profits earned abroad. Foreign profits are subject to U.S. taxes once they are brought to
the U.S., though corporations can deduct any foreign taxes paid they are not fully compensated for the taxes paid abroad.
Companies that become foreign-owned do not have to pay U.S. tax on the profits they make abroad. In addition, although
inverted corporations must still pay U.S. taxes on the profits they earn in the U.S., they can lower their U.S. tax bills through an
exercise called “earnings stripping.” Once invested abroad, the new foreign parent company “lends” money to the U.S. firm, which
must pay it back. The U.S. firm then deducts the interest payments it makes to the parent company, reducing its taxable profits.
The decision to incorporate the new parent company in a foreign country can generate significant tax savings over time. For
example, a manufacturing company in the United States that has had a surge in the share of sales coming from foreign
operations relative to that of domestic operations will find itself paying more U.S. taxes because of where it is incorporated (the
U.S.). If it incorporates abroad, it can bypass having to pay U.S. taxes on income that is not generated in the United States which
is now a larger share of its total operations.
Corporate inversion is not considered tax evasion as long as it does not involve misrepresenting information on a tax return or
undertaking illegal activities to hide profits.
Actions taken by the U.S. administration to curb “tax inversion” may, however, have unintended consequences, creating
disincentives for inbound investment. Take for instance European multinationals that have had no part on inversions but have the
same structure as inverters: foreign-domiciled parent controlling a U.S. subsidiary. Any attempt to increase U.S. tax and
borrowing between a foreign parent and a U.S. subsidiary will affect their operating costs.
26. Table x shows U.S. outflows and share of investment of the top 10 locations in the years 2009-
2012. No Latin American country makes the top 10 recipient of U.S. outflows of investment into total
merchandise and services sector.
TABLE III.A.2.1
UNITED STATES'S OUTFLOW OF INVESTMENT
(billion dollars and percentage)
2012 2011 2010 2009
Outflow Share Outflow Share Outflow Share Outflow Share
Netherlands 50.23 14% 75.01 19% 44.98 16% 51.59 18%
United
Ki d
46.82 13% 27.08 7% 38.84 14% 28.94 10%
Luxembourg 32.80 9% 50.18 13% 48.16 17% 22.19 8%
Bermuda 28.69 8% 22.01 6% 12.98 5% 29.15 10%
Canada 26.30 7% 46.68 12% 17.59 6% 14.34 5%
British
Virgin
Islands
23.03 6% 12.61 3% 10.93 4% 7.75 3%
Ireland 22.75 6% 22.59 6% 28.87 10% 23.53 8%
Australia 22.06 6% 12.56 3% 19.88 7% 4.45 2%
Sw itzerland 16.71 5% 9.15 2% -0.35 0% 15.38 5%
Singapore 15.03 4% 10.16 3% 15.50 6% 4.88 2%
Mexico 12.63 3% 7.75 2% 0.83 0% 7.10 3%
Brazil 7.94 2% 10.26 3% 9.64 4% 3.50 1%
Germany 5.93 2% 7.97 2% 5.90 2% 7.84 3%
Norw ay 4.90 1% 5.67 2% 3.46 1% 0.14 0%
Chile 4.50 1% 4.19 1% 4.61 2% 1.89 1%
India 4.12 1% 2.02 1% 3.07 1% 2.47 1%
Japan 4.02 1% 0.48 0% 0.92 0% 11.14 4%
Barbados 3.72 1% 4.68 1% 1.75 1% 1.04 0%
Unspecified
West Asia
3.63 1% -0.98 0% -0.59 0% 1.23 0%
Venezuela 2.83 1% 2.17 1% 0.47 0% 2.78 1%
Total 366.94 386.72 277.78 287.90
Source: International Trade Centre, Investment Map – International Trade Statistics, Investmentmap.org.
However, immediately after the top 10 countries for U.S. direct investment outflows are Mexico
and Brazil. Other Latin American countries in the top 20 destinations are Chile in 15th
place, Barbados in
18th
place, and Venezuela in the 20th
spot.
27. IV. Special topics
This section highlights some trade related issues that may be relevant for the Latin America and
Caribbean region but were not suitable for discussion in any of the previous sections. The Agricultural
Act of 2014 that designs policies and funding for, among others, agriculture, nutrition and rural
development programs that can impact agricultural trade; new developments in organic agricultural trade
agreements, and the results of a recent poll on attituds towards trade.
A. Farm Bill
The Agricultural Act of 2014 (Farm Bill 2014), was signed into law on February 7, 2014 after more than
two years of discussion in the U.S. Congress and will be in force for the next five years, until 2018. This
Farm Bill substitutes the 2008 that had expired in 2012 and was subsequently extended until 2013.This
law establishes the policies and federal funding levels for agriculture, agricultural research, nutrition
programs, rural economic development program, among other programs. The 2014 Farm Bill
incorporates a modest reduction in total expenditures in the next decade and significant changes in many
of its main components. Among them are the elimination of direct payments, counter-cyclical payments
and the Average Crop Revenue Election (ACRE) Program, and the incorporation of new programs that
seek to give farmers security, mainly through price and income support. The 2014 Bill funds the
Agricultural Disaster Assistance Program and strengthens the support programs for the dairy and cotton
sectors, the Crop Insurance Program, Research and Extension, Energy, Horticulture, Rural Development
and Trade.
The U.S. is the world’s largest producer and exporter of agricultural goods and therefore any
changes to its agricultural policy could potentially have significant impact in world agricultural
commodity markets and in the Latin American and Caribbean economies in particular. This is especially
true of programs or measures that tight their support to current market conditions. For instance, the 2008
Farm Bill counter-cyclical payments paid farmers when the effective market price fell below a minimum
price established by the law. Implicitly, what this mechanism did was to artificially create incentives to
increase production (by maintaining a price higher than market price) adding downward pressure to
already low prices and triggering again payments. Elimination of this program should therefore favor
exporters of the products included in the program such as soybeans, peanuts, wheat, sorghum, corn,
cotton, rice, barley, oats, and hurt net-importers of them. In the Americas, Argentina, Brazil, Canada,
Chile, Paraguay and Uruguay should be beneficiaries of this change. On the other hand, Barbados,
Trinidad and Tobago, St. Vincent and the Grenadines, Jamaica, the Dominica Republic and Panama that
import about 40% of their calorie intake will be hurt by this change (IICA,2014).
The elimination of direct payments, on the other hand, should not have serious effects on
domestic or international market as they are considered measures that distort trade the least because they
are not linked to current market conditions but rather to historical yields, and a fixed price coefficient.
The effect of the elimination of ACRE program is more ambiguous as its trade distorting mechanisms
are being replaced by other measures; the net result is still to be quantified.
In addition, the 2014 Farm Bill sought to address the WTO dispute settlement decision of 2009
that found in favor of Brazil. At issue were the subsidies granted by the U.S. to cotton producers. In the
2014 Farm Bill the U.S. created a special insurance program, the Stacked Income Protection Plan
(STAX) that covers U.S. cotton producers against revenue loss. Under this new plan, the government
subsidizes 80% of the cost of the insurance premiums payable to cover losses ranging from 10-30% of
expected county revenue. The compensation will only be paid if actual country revenue attributable to
the producer is less than the expected country revenue, and provided that the total compensation made
available for under the Act is not greater than the value of the crop. Although marketing assistance
28. programs and export subsidies programs for cotton continued, substantial changes were made to the
export subsidy: reduction in the length of contracts and higher interest rates.
The 2014 eliminates three programs that directly supported dairy product prices, exports and
income in the sector: Dairy Product Price Support Program (DPPSP), Milk Income Loss Contract
(MILC) and Dairy Export Incentive Program (DEIP). Dairy Price Support Program is maintained as well
as marketing assistance. The impact on LAC should be significant. The region imports about 36% of all
U.S. dairy exports, changes in US will impact US world market competitors from the region such as
Argentina, Uruguay and Chile. However Mexico, Dominican Republic, Peru and Panama could benefit
from the larger supply and lower prices (IICA,2014).
Sugar programs remain unchanged from the 2008 Farm Bill.
B. Agricultural organics trade agreement
The United States has organic trade equivalence arrangements with several nations to facilitate the
exchange of organic products. The organic equivalence arrangement allows for products that are
certified as organic in the U.S. to be sold as organic in the country party to the arrangement, and vice
versa. These arrangements eliminate several of the barriers faced by organic producers, in particular
small and medium-sized framers, to access the largest, most profitable markets.
In the absence of such agreement, those who sought to trade organic products had to obtain
separate certifications to the different standards held in each country with the corresponding additional
costs in fees, inspections and time. To reach these arrangements, technical experts from each country
conduct thorough on-site audits to ensure that their programs’ regulation, quality control mechanisms,
certification requirements, and labeling practices are compatible. Therefore, these arrangements have the
advantage of expanding organic market access, reducing duplicative requirements and certifications
costs while protecting organic integrity at the same time. These arrangements provide additional market
opportunities for US organic producers and a broader range of organic products year round to
consumers.
To the existing Organic Equivalence Trade Arrangements that the U.S. had in place with Canada
and the European Union, two more were added this year: Japan and Korea. The U.S. Japan arrangement
entered into effect on January 1, 2014 and the U.S.-Korea on Jul1 1, 2014.
The National Organic Program works with the Foreign Agricultural Service and Office of the
United States Trade Representative to establish international trade arrangements for organic products.
In addition, the 2014 Farm Bill may offer another outlet to U.S. organic agriculture producers. In
addition to the food stamps and crop insurance programs, the bill sets aside funding for about a dozen
programs focused on local food systems, nutrition assistance and organic agriculture, lending support to
farmers markets, research and food-security initiatives.
C. Attitudes towards trade and investment
Pew Research Center conducted a multinational survey on attitudes towards trade and investment across
44 countries during the second quarter of 2014. A total of 48,643 adults (18+) responded the nationally
representative telephone and face to face interviews. The survey shows that in general, the benefits of
trade on jobs and wages are more appreciated in developing than in advanced or emerging markets. On
investment, views on new investment are more positive (74%) than on foreign mergers & acquisitions
(45%). Germans (79%), Japanese (76%), Italians (73%), French (68%) and U.S. citizens (67%) are most
opposed to foreign takeovers of national companies.
In the U.S. respondents are less convinced that trade is good than in the rest of the countries. For
example, only 20% of U.S. respondents think that trade creates jobs as compared with 44% of other
29. advanced economies and 66% in developing countries. In the U.S. only 17% of interviewees expressed
that trade raises wages as compared to 28% in other advanced economies and 55 % in developing
countries.
The demographics of U.S.respondents views are shown on Table IV.C.1.
TABLE IV.C.1
U.S.RESPONDENTS’S WHO THINK…
(percentage)
Trade is
bad
Trade
decreases
wages
Trade
destroys
jobs
Trade
increases
prices
Foreign
companies
buying U.S.
companies
is bad
Foreing
companies
building
factories in
U.S. is bad
Total 28 45 50 32 67 23
Men 28 43 46 28 66 20
Women 27 48 55 35 67 26
18-29 21 43 43 35 64 19
30-49 30 44 50 34 64 22
50+ 29 48 55 28 72 26
Less than post-secondary 30 42 54 37 64 30
Post-secondary 26 48 48 28 69 19
Lower income 29 46 54 38 62 28
Upper income 25 45 47 24 72 17
Source: Bruce Stokes, presentation at Peterson Institute September 16, 2014
Older, less educated, low income, and female are the most wary about trade. Respondents of both
genders, age groups, educational levels and income are very distrustful of foreign companies buying
U.S. companies. However, the reverse is true of foreign companies building factories in the U.S.. These
are welcome by all demographic categories.
30. V. Trade Inhibiting Measures
This section focuses on recent developments on three significant areas of trade inhibiting measures.
• Import policies (e.g., quantitative restrictions, antidumping and countervailing duties).
• Dispute settlement (e.g. upland cotton, COOL, Mexican sugar, etc.).
• Agricultural supports (e.g. U.S. export support programs).
This year’s report addresses selected dispute settlement cases covering issues such as the U.S.
dispute with Brazil regarding upland cotton, the Country of Origin Labeling Dispute with Mexico, the
Sugar dispute between the United States and Mexico, among others3
A. Import policies
.
1. Trade Remedy Legislation
a) Antidumping and Countervailing Duty Orders
As of October, 2014, there are 22 antidumping duty (AD) orders in place against Latin American and
Caribbean countries. These cases involve Argentina (1), Brazil (8), Chile (1), Mexico (10), Trinidad and
Tobago (1), and Venezuela (1) and are listed in Table V.1. Of the 22 AD orders, one new order was placed in
2014 on Prestressed Concrete Steel Rail Tie Wire from Mexico and an AD order on Carbon Steel Wire Rod
from Brazil, an AD order on Carbon Steel Wire Rod from Mexico and an AD order on Carbon Steel Wire
Rod from Trinidad & Tobago were continued in 2014. There are 2 countervailing duty (CD) orders in place
against Latin American and Caribbean countries as of October, 2014. These affect Brazil (2) and are listed in
Table V.2.
Antidumping and countervailing duties by outcome
Administrative reviews
As of October 2014, there have been five notifications of review rescissions and seven publications of
final results of administrative reviews regarding subsidy rates and dumping margins for Latin American
and Caribbean products (see table V.3 and annex 1 for more details). In 2014, final administrative
reviews results were published for investigations on Polyethylene Terephthalate Film, Sheet, and Strip
and Stainless Steel Bar from Brazil, Pipe and Tube, seamless refined copper pipe and tube, Steel
Concrete from Mexico. A period of review on the investigation of certain frozen warm-water shrimp
from Brazil ended in 2013.
3 For more information please refer to ECLAC Washington 2012-2013 United States Trade Developments report, section V. Trade
Inhibiting Measures.
31. TABLE V.1
ANTIDUMPING DUTY ORDERS AFFECTING LATIN AMERICA
AND THE CARIBBEAN
Country Item
DOC
Case #
Order Date
Continued
Date
Argentina Lemon Juice (suspended) A-357-818 10/09/2007 07/08/2013
Brazil Carbon Steel Wire Rod A-351-832 29/10/2002 07/03/2014
Prestressed Concrete Steel Wire Strand A-351-837 28/01/2004 11/12/2009
Iron Construction Castings A-351-503 09/05/1986 17/07/2012
Carbon Steel Butt-Weld Pipe Fittings A-351-602 17/12/1986 15/04/2011
Frozen Warm-Water Shrimp and Prawns A-351-838 01/02/2005 29/04/2011
Circular Welded Non-Alloy Steel Pipe A-351-809 02/11/1992 17/07/2012
Stainless Steel Bar A-351-825 21/02/1995 09/08/2012
Polyethylene Terephthalate Film, Sheet, and Strip A-351-841 10/11/2008
Chile Preserved Mushrooms A-337-804 02/12/1998 28/04/2010
Mexico Fresh Tomatoes (suspended) A-201-820 01/11/1996 16/12/2002
Carbon Steel Wire Rod A-201-830 29/10/2002 07/03/2014
Prestressed Concrete Steel Wire Strand A-201-831 28/01/2004 11/12/2009
Circular Welded Non-Alloy Steel Pipe A-201-805 02/11/1992 17/07/2012
Lemon Juice A-201-835 10/09/2007
Light-Walled Rectangular Pipe and Tube A-201-836 05/08/2008
Certain Magnesia Carbon Bricks A-201-837 20/09/2010
Seamless Refined Copper Pipe and Tube A-201-838 22/11/2010
Large Residential Washers A-580-868 15/02/2013
Prestressed Concrete Steel Rail Tie Wire A-201-843 24/06/2014
Trinidad & Tobago Carbon Steel Wire Rod A-274-804 29/10/2002 07/03/2014
Venezuela (República
Bolivariana de) Silicomanganese A-307-820 23/05/2002 08/06/2013
Source: ECLAC, based on data from U.S. International Trade Commission, Trade Remedy Investigations and USITC notices
in the Federal Register, as of October, 2014.
TABLE V.2
COUNTERVAILING DUTY ORDERS AFFECTING LATIN AMERICA AND THE CARIBBEAN
Country Item DOC Case # Order Date
Continued
Date
Brazil Carbon Steel Wire Rod C-351-833 22/10/2002 07/03/2014
Heavy Iron Construction Castings C-351-504 15/05/1986 19/11/2010
Source: ECLAC, based on data from USITC, Trade Remedy Investigations, as of October, 2014.
32. TABLE V.3
ADMINISTRATIVE REVIEWS YIELDING FINAL RESULTS FOR
LATIN AMERICA AND THE CARIBBEAN
Source: U.S. Department of Commerce, International Trade Administration, Import Administration and ITC notices in the
Federal Register, as of October, 2014.
Sunset Reviews
As of October 2014, the U.S. Department of Commerce (DoC) two AD orders remain in effect that
involved Latin American and Caribbean countries; (see table V.4).
Country Item DOC Case Period of Review Results Date
Brazil Polyethylene
Terephthalate Film,
Sheet, and Strip
A-351-841 01/07/2011 – 30/06/2012
01/09/2012 – 31/10/2013
10/01/2014: final results
20/05/2014: rescission of review
Certain Frozen
Warmwater Shrimp
Stainless Steel Bar
A-351-838
A-351-825
01/02/2013 – 31/01/2014
01/02/2012 – 31/01/2013
12/05/2014: rescission of review
13/08/2014: final results
Mexico Certain Magnesia
Carbon Bricks
A-201-837 02/07/2011 – 12/12/2013 12/12/2013: rescission of review
Certain Circular Welded
Non-Alloy Steel Pipe
A-201-805 09/08/2013 – 31/12/2013 31/12/2013: final results
Light-Walled Rectangular
Pipe and Tube
A-201-836 01/10/2010 – 30/09/2011
01/10/2011 – 30/09/2012
23/01/2014: rescission of review
31/01/2014: Final results
Seamless Refined
Copper Pipe and Tube
Steel Concrete
Reinforcing Bar
A-201-838
A-201-844
01/09/2013 – 30/12/2013
01/07/2012 – 30/06/2013
28/05/2014: rescission of review
30/06/2014: Final results
15/09/2014: final results
Venezuela Ferrosilicon A-307-824 01/07/2012 – 30/06/2013 31/07/2014: final results
33. TABLE V.4
SUNSET REVIEWS YIELDING FINAL RESULTS FOR
LATIN AMERICA AND THE CARIBBEAN
Source: U.S. Department of Commerce, International Trade Administration, Import Administration, as of October 2014.
2. “Special 301” Report
Published on an annual basis by the Office of the United States Trade Representative (USTR), the
“Special 301” Report is a review of global state protection and enforcement of intellectual property
rights (IPR). The USTR monitors foreign IPR regimes with a view to identifying those countries that
deny adequate intellectual property rights protection and obstruct fair and equitable market access of
United States’ IP-related products. Countries may be categorized as “Priority Foreign Countries”, or
added to the “Priority Watch List” or the “Watch List.” This assessment takes into consideration each
country’s level of development, its international obligations and commitments, the concerns of rights
holders and other interested parties, and the trade and investment policies of the United States. These
issues then become the focus of bilateral and multilateral negotiations in an effort to improve the IPR
regimes. In addition, the USTR has established another category, the “Section 306” category, which is
solely dedicated to monitoring foreign countries’ progress in the area of IPR protection and enforcement.
In its 2014 review, the USTR invites trading partners on the “Special 301” Priority Watch List or
Watch List to collaborate with the U.S. to develop an action plan to facilitate their removal from the
corresponding list.
USTR continued its enhanced approach to public engagement activities in this year’s Special 301
process. USTR requested written submissions from the public through a notice published in the Federal
Register on January 3, 2014. In addition, on February 24, 2014, USTR conducted a public hearing that
invited interested persons to testify before the interagency Special 301 subcommittee about issues
relevant to the review. The hearing featured testimony from witnesses representing foreign
governments, industry, and non-governmental organizations. For the first time, USTR recorded the
testimony at the Special 301 hearing, and also offered a two-week post-hearing comment period during
which hearing participants and interested parties could submit additional information in support of, or in
response to, hearing testimony.4
To facilitate IPR protection and enforcement, U.S. agencies engage in training and capacity
building activities, both in the U.S. and overseas. Other U.S. Government agencies bring foreign
government and private sector representatives to the United States on study tours to meet with IPR
professionals and to visit the institutions and businesses responsible for developing, protecting, and
promoting IPR in the United States. One such program is the Department of State’s International
Visitors Leadership Program, which brings groups from around the world to cities across the United
States to learn more about IPR and related trade and business issues. Overseas, the U.S. Government is
also active in partnering to provide training, technical assistance, capacity building, exchange of best
practices, and other collaborative activities to improve IPR protection and enforcement. The following
are examples of these programs. In 2013, GIPA provided training to 7,078 foreign IPR officials from
135 countries, through 114 separate programs. Attendees included IPR policy makers, judges,
prosecutors, customs officers, and examiners, and training topics covered the entire spectrum of IPR.
4
The 2014 Federal Register notice — and post-hearing comment period — drew submissions from over 100
interested parties, including 21 trading partners.
Country Item DOC Case #
Publication
Date
Results of Review
Mexico Light-Walled Rectangular
Pipe and Tube
A-201-836 13/06/2014 Final results; AD order continued
(effective date: 23/06/2014)
Carbon and Certain Alloy
Steel Rod
A-201-830 03/07/2014 Final results: AD order continued
(effective date: 16/06/2014)
34. Post-training surveys demonstrated that 100 percent of all attendees reported that they had taken some
steps to implement positive policy change in their respective organizations. GIPA also has produced
seven free distance-learning modules, available on its website in multiple languages (English, Spanish,
French, Arabic, and Russian).
a) Priority Foreign Countries
Priority Foreign Countries are identified as having the strongest impact (actual or potential) on U.S. IP-
related products and may therefore be subject to investigations under the “Section 301” provisions.
There are no “Priority Foreign Countries” in Latin America or the Caribbean for the 2012 “Special 301”
Report.
b) Priority Watch List
The Priority Watch List of the 2014 “Special 301” Report consists of 10 countries, 3 of which are from
the Latin America and the Caribbean region. These include Argentina, Chile, and Venezuela.
c) Watch List
The Watch List consists of 27 countries, including 13 from Latin America and the Caribbean (see table
V.5.) The report referenced the need for stricter IPR legislation and enforcement as the rationale for
continued placement on the 2013 “Watch List”.
TABLE V.5
“PRIORITY WATCH LIST” AND “WATCH LIST”
Priority Watch List Watch List
Argentina Barbados
Chile Bolivia(Estado Plurinacional de)
Venezuela(República Bolivariana de) Brazil
Colombia
Costa Rica
Dominican Republic
Ecuador
Guatemala
Jamaica
Mexico
Paraguay
Peru
Trinidad and Tobago
Source: USTR, Special 301 Report.
d) Section 306
“Section 306” of the “Special 301" Report highlights relevant developments in the fulfillment of
bilateral intellectual property agreements. Having been identified as a Priority Foreign Country in
January 1998, Paraguay remains the only country on the “Section 306” list.
B. Overview of selected U.S. dispute settlement cases involving
Latin America and Caribbean countries
As of September 2014, the United States has brought 107 complaints to the WTO Dispute Settlement
Body since it became WTO member in 1995. Of these 107 complaints, 17 complaints were made against
35. countries from the Latin American and Caribbean region. The respondents of said complaints are
Argentina (5), Brazil (4), Chile (1), Mexico (6) and Venezuela (1).
TABLE V.6
WTO DISPUTES WITH LATIN AMERICA AND THE CARIBBEAN AS COMPLAINANT
Complainant Number of Complaints
Antigua and Barbuda 1
Argentina 5
Brazil 10
Chile 2
Colombia 1
Costa Rica 1
Ecuador 1
Mexico 9
Venezuela(República Bolivariana de) 1
Source: ECLAC, based on WTO Dispute Settlement Data.
1. Upland Cotton
On 7 February 2014, the enactment of the U.S. Agricultural Act of 2014 (Farm Bill) led to changes of
the U.S. cotton subsidies as well as WTO-faulted GSM 102 export credit program. The bill authorized
the Risk Management Agency (RMA) to offer the Stacked Income Protection Plan of Insurance (STAX)
to upland cotton producers for the 2015 and succeeding crop years. Simultaneously it led to the formal
expiration of the Memorandum of Understanding (MOU) as well as the cotton framework agreement
dating from the 2010 WTO settlement on upland cotton.
Regarding Brazil, a monitoring group was established to supervise the subsidies for agricultural
products introduced by the bill by Brazil’s National Agriculture and Fisheries Confederation (CAN)
together with a member of Senate. A joint monitoring group was established by the Brazilian Cotton
Industry Association (ABRAPA) and its U.S. counterpart, the National Cotton Council (NCC)
supervising the impacts of the same bill, but only on cotton products.
The U.S. and the Brazilian officials came to an agreement, ending the long-lasting dispute on 1
October 2014. The U.S. agreed to pay a sum of US$ 300 million to Brazilian cotton farmers and modify
its domestic cotton subsidy program. In exchange Brazil will drop the WTO case and related sanctions
against the U.S. with an amount of US$ 829 million will be forfeited. Additionally the U.S. agreed on
changes on fees and guarantee of the GSM-102 agricultural export credit guarantee program.
As of 14 October 2014, a letter from the U.S. President Barack Obama to the speaker of the
House of Representatives officially announced a budget program revision for the Commodity Credit
Corporation (CCC) for Fiscal Year 2015 with a total amount of US$ 300 million. The CCC budget will
therefore increase from US$ 6.074 billion in net outlays to US$ 6.374 billion
Link to WTO case webpage:
http://www.wto.org/english/tratop_e/dispu_e/cases_e/ds267_e.htm
Link to all WTO documents for this case:
https://docs.wto.org/dol2fe/Pages/FE_Search/FE_S_S006.aspx?Query=(@Symbol=%20wt/ds267/*)&Lan
guage=ENGLISH&Context=FomerScriptedSearch&languageUIChanged=true#
36. 2. Country of Origin Labeling Dispute
On 29 January 2014, the approved Farm Bill did not yet include the Country-of-Origin import labeling
law. Canada and Mexico see the COOL of being incompatible with a 2008 WTO ruling putting them
into a competitive disadvantage.
The US Court of Appeals for the District of Columbia rejected a petition against COOL by the US
meat producers and opponents of the revised labeling policy.
Various business and meat groups expressed in a public letter their concerns about export
retaliation from Canada and Mexico with harming impacts for the U.S. economy and backed the
suspension of the COOL requirements.
The WTO handed out its compliance report as of 29 July 2014, to the chief parties stating the
necessary changes that the U.S. has to implement in its COOL program.
On 18 October 2014, a WTO compliance panel confirmed that the revised U.S. COOL program
violates Article 2.1 of the WTO Technical Barriers to Trade Agreement in affecting meat imports mostly
from Canada and Mexico (WTD, 7/31/14). The panel rejected the contention about more than necessary
“trade restrictiveness” under Article 2.2. Meanwhile Canada and Mexico showed themselves satisfied by
the outcome, the USTR is considering an appeal to this decision.
3. Mexico-U.S Sugar Dispute
On 31 March 2014, the antidumping and countervailing duties petitions filed, with the International
Trade Commission and the DoC, a complaint stating that the Mexican sugar industry has shipped sugar
to the United States at dumping rates of 45 % under large subsidies from the Mexican government, thus
disrupting US production.
Almost one month later, on 25 April 2014, the United States DoC launched a formal investigation
into the Mexican sugar producers as they allegedly dumped sugar in the U.S. market at less than fair
value.
During July 2014, the ITC (International Trade Commission) determined injury in the Mexican
sugar case, thus allowing advancing to the next stage.
On 27 October 2014, the U.S. DoC announced it had reached two draft agreements with Mexican
sugar exporters to suspend the ongoing antidumping (AD) and countervailing duty (CVD) investigations
against sugar from Mexico that were initiated at the request of U.S. sugar producers.
The agreements will set a base price for covered sugar exports as well as a quota based on U.S.
needs. Submissions are due on November 2014.
Link to WTO case webpage:
http://www.wto.org/english/tratop_e/dispu_e/cases_e/ds384_e.htm
Link to all WTO documents for this case:
https://docs.wto.org/dol2fe/Pages/FE_Search/FE_S_S006.aspx?Query=(@Symbol=%20wt/ds384/*)
&Language=ENGLISH&Context=FomerScriptedSearch&languageUIChanged=true#
37. 4. Guatemala – US Labor enforcement case
On 6 March 2014, U.S. Trade Representative Michael Froman and Secretary of Labor Thomas Perez
met with Guatemalan Trade Minister Sergio de la Torre and Guatemalan Labor Minister Carlos
Contreras to discuss the implementation of the 18-point Labor Enforcement Plan signed between the two
countries. Despite the introduction of some measures Froman highlighted the need of further reforms
and announced a dispute settlement if no satisfying changes had been done until 25 April 2014.
A second extension of four months was given to Guatemala to comply with the labor rights
commitments under the Central American Free Trade Agreement (CAFTA). Main aspects identified by
the AFL-CIO and six Guatemalan Unions include: labor law enforcement; labor inspections; and
measures to ensure compensation payments to workers.
On 18 September, 2014, the U.S. announced to proceed with a labor enforcement case against
Guatemala under CAFTA-DR.
5. Cross-border Supply Gambling and Betting Services
On 18 June 2014, Antigua and Barbuda expressed in a WTO conference in Geneva concerns about the
compensation payments the U.S. is requested to pay for its non-compliance with the recommendations
of a Dispute Settlement Body on cross-border gambling and betting services on the internet.
Antigua & Barbuda has suffered from the suspension of concessions in respect of intellectual
property rights and was given the right to compensation from the Dispute Settlement Body (DSB) for the
economic damage that was caused.
On 26 September 2014, Prime Minister Gaston Browne met US Trade Representative Michael
Froman for bilateral talks to resolve the trade dispute. The day before in his address at the UN General
Assembly Browne underlined the necessity to resolve the WTO gaming case. They agreed to put a team
together on both sides to discuss the details of the discussion.
Link to USTR case web page:
http://www.ustr.gov/about-us/press-office/press-releases/2014/September/United-States-Proceeds-
with-Labor-Enforcement-Case-Against-Guatemala
Link to USITC case webpage:
http://www.usitc.gov/trade_remedy/731_ad_701_cvd/investigations/2014/sugar/prelimphase.
Link to WTO case webpage:
http://www.wto.org/english/tratop_e/dispu_e/cases_e/ds285_e.htm
Link to all WTO documents for this case:
https://docs.wto.org/dol2fe/Pages/FE_Search/FE_S_S006.aspx?Query=(@Symbol=%20wt/ds285/*)&
Language=ENGLISH&Context=FomerScriptedSearch&languageUIChanged=true#
38. 6. Argentina’s Import Restraints
On 22 August 2014, in the framework of a WTO panel in Geneva the U.S. together with the European
Union and Japan won a dispute launched in 2012 claiming the removal of the Argentine import licensing
system.
The report states that the importation restrictions not only create uncertainties about which
products can be imported, but also companies cannot import the amount and type of product they wish,
and products must get a pre-approval under a procedure known as the Advance Sworn Import
Declaration. Potential importers must simultaneously export Argentine goods, invest in the country
while not refraining profits out of it as well as keeping their products at a low price level and the
incorporation of local content into domestically produced goods.
The import restrictions were qualified as violating the General Agreement on Tariffs and Trade
(GATT) on market access and had to be adopted within 60 days unless Argentina appeals the ruling.
Main U.S. products affected are computers, industrial and agricultural chemicals, agricultural and
transportation equipment, machine tools, parts for oil field rigs and refined fuel oil with an annual value
of several billion dollars.
On 26 September 2014, Argentina appealed the Panel Report in “Argentina – Measures Affecting
the Importation of Goods” (WT/DS438/444/445) explaining that it is rather a question of the use of
wrong standard or basis for evaluating the policies than on their complete inconsistence.
7. Mexico Truck Program
On 14 October 2014, a three-year pilot program allowing full access for Mexican trucks to U.S. roads
expired. The Department of Transportation (DoT) announced that safety data from more than 5,000
truck and driver inspections collected over the period of the program was being reviewed in order to find
permanent solution in terms of safety and in compliance with the NAFTA trade agreement. A final
report will be published by the DoT Office of the Inspector General 60 days after the date of expiration
assessing the success rate of the program on security issues. Critics claim that the collected data are not
sufficient to determine a satisfying solution in the dispute case.
On 15 October 2014, after the expiration of the program, DoT allowed 13 Mexican trucking
companies to continue operations on U.S. territory while the data is still being evaluated.
Link to DoT case webpage:
http://www.fmcsa.dot.gov/international-programs/mexico-cross-border-trucking-pilot-program
Link to WTO case webpage:
http://www.wto.org/english/tratop_e/dispu_e/cases_e/ds444_e.htm
Link to all WTO documents for this case:
https://docs.wto.org/dol2fe/Pages/FE_Search/FE_S_S006.aspx?Query=(@Symbol=%20wt/ds444/*)
&Language=ENGLISH&Context=FomerScriptedSearch&languageUIChanged=true#
39. C. Agricultural Supports
USDA supports various programs to aid the creation, expansion, and maintenance of long-term export
markets for U.S. agricultural products.
Financially USDA’s total outlays for 2015 are estimated at $140 billion. Roughly 83 percent of
outlays, about $116 billion in 2015, are associated with mandatory programs that provide services as
required by law (USDA, 2014).
The Foreign Agricultural Service (FAS) carries out a variety of programs that are designed to
facilitate access to international markets. The FAS also carries out activities that promote productive
agricultural systems in developing countries and contribute to increased trade and enhanced global food
security. The FAS supports market development programs as well as export programs.
1. Market Development Programs
The Foreign Agricultural Service administers several programs, in partnership with private sector
organizations, in order to develop, maintain, and expand commercial export markets for U.S. agricultural
products. The amount of funding for FY 2015 is about US$ 253 million.
Regarding financial support for these programs, the Farm Service Agency (FSA) supports the
Commodity Credit Corporation (CCC) which provides funding not only for commodity programs
administered by the (FSA), but all the export programs administered by the FAS. CCC borrows funds
needed to finance these programs form the U.S. Treasury and repays the borrowings, with interest, from
receipts and appropriations provided by Congress. These programs facilitate to buyers in countries
where credit is necessary to maintain or increase U.S. sales.
Opportunities to apply for these programs are announced in the Federal Register and on the
Foreign Agricultural Service website.
a) Foreign Market Development Program
The Foreign Market Development (Cooperator) Program supports and expands foreign markets for U.S.
commodity and agricultural products. The FMD uses funds from the Commodity Credit Cooperation
(CCC) and partially reimburses cooperators to strengthen market development activities and increase
market share. Producers of U.S. agricultural products, except tobacco, including those associated with
small-volume export commodities, participate in efforts to build export markets. Preference is given to
nonprofit U.S. agricultural and trade organizations that represent an entire industry or are nationwide in
membership and scope.
The program provides cost-share assistance to nonprofit commodity and agricultural trade
associations to support overseas market development activities that are designed to support U.S. trade.
These activities include technical assistance, trade servicing, and market research. A minimum of $34.5
million program level for the Cooperator Program are provided by the CCC.
b) Market Access Program
The Market Access Program (MAP) uses funds from the CCC to reimburse participating organizations
for a portion of the cost of carrying out overseas marketing and promotional activities, such as consumer
promotions. The MAP creates a partnership between non-profit U.S. agricultural trade associations, non-
profit U.S. agricultural cooperatives, non-profit state-regional trade groups, and small businesses.
Included in the MAP is a brand promotion component that provides export promotion funding
to 600-800 small companies annually and thereby contributes to the National Export Initiative goal of
expanding the number of small and medium-sized entities that export. The budget provides $200 million
program level for MAP in 2015, the same amount as provided in 2014 (USDA, 2014).
40. c) Quality Samples Program
The Quality Samples Program (QSP) is designed to encourage the development and expansion of export
markets for U.S. agricultural products. The program, funded by the CCC, ensures that U.S. agricultural
trade organizations are reimbursed for the price of the sample purchase, the domestic transportation cost
to the exportation port and to the foreign port or point of entry only. In addition to helping importers
overcome trade and marketing obstacles, the QSP promotes foreign understanding and appreciation of
U.S. agricultural products by providing information to a targeted audience about quality and use of the
U.S. goods.
The program is carried out under the CCC Charter Act, which provides the foreign importers with
a better understanding of U.S. agricultural products. The budget includes $2.5 million of funding for the
program in 2015 (USDA, 2014).
d) Emerging Markets Program
The Emerging Markets Program (EMP) promotes U.S. agricultural exports with CCC funding for
technical assistance activities that address technical barriers to trade in emerging markets. Examples of
such technical assistance include feasibility studies, market research, industry sector assessments,
workshops and specialized training. The program is funded on a case-by-case basis and only supports
exports of generic products. It is approved by the Food, Agriculture, Conservation, and Trade Act of
1990. The Budget provides a $10 million program level for EMP in 2015.
An emerging market is defined as a country that is progressing towards a market oriented
economy that can provide a feasible market for the United States. An emerging market country has per
capita income of less than $12,195 as well as a population of 1 million or greater (USDA, 2014).
e) Technical Assistance for Specialty Crops Program
The motive of the Technical Assistance for Specialty Crops (TASC) Program is to eliminate unique
trade barriers that may hinder the exportation of U.S. specialty crops or all plant products produced in
the U.S. Specialty crops do not include wheat, field grains, oilseeds, cotton, rice, peanuts, sugar, or
tobacco. The program awards grants to U.S. organizations to help them undertake measures to overcome
sanitary, phytosanitary and technical trade barriers, including grants for seminars, study tours, pest and
disease research, and field surveys. The maximum award is for $500,000 per year for projects continuing
up to five years. The CCC baseline provides a $9 million program level for TASC.
2. Export Programs and Commercial Export Financing
The (FAS) uses CCC funds to support emerging markets and improve the competitiveness of U.S.
agricultural products in foreign markets. The funds are administered as credit guarantees and are used to
increase trade in areas that would otherwise not be able to import U.S. products.
a) Export Credit Guarantee Program
The GSM-102 provides credit to foreign buyers with the objective of maintaining or increasing U.S.
sales in countries where financing may not be available. Under the program, administered by the CCC,
U.S. private banks guarantee funds to approved foreign banks in dollar-denominated, irrevocable letters
of credit for use in the purchase of U.S. agricultural products and foodstuffs. Of the US$ 5.5 billion
allocated to Export Credit Guarantees for 2015, US$ 5.4 billion will be made available through the
GSM-102 program which covers credit terms of up to three years. The remaining part of the budget
(US$ 100 million) will be used for facility financing guarantees.
Mexico had the most guarantee funds amounting to US$ 474 million in FY 2013 and includes
credit for the commodities of cotton, grain sorghum, rice, soybean meal, soybeans, wheat, wheat/wheat
flour, and yellow corn. In Mexico and South America wheat receives the most funding, while rice and
soybean meal receive the most funding for the Caribbean and Central America, respectively (USDA
FAS, 2009; USDA, 2013).
41. On 10 November 2014 the FAS announced additional allocations for the fiscal year 2015 funds
for the Export Credit Guarantee Program (GSM-102) from which US$225 million for the Caribbean,
US$350 million for Central America and US$300 million in Mexico.
TABLE V.8
EXPORT CREDIT GUARANTEE PROGRAM ACTIVITY FOR GSM-102
ALLOCATION AND APPLICATION FOR COVERAGE FISCAL YEAR 2013
(As of September 2013 ‐ US$ in millions)
Country/Commodity
(Maximum credit period in months)
Registration Guarantee Value
Caribbean
Dist. Dry Grain
Rice
Soybean Meal
Soybean Oil
Wheat
Yellow Corn
126.9
489.9
65.6
40.8
3.1
1.6
15.1
Central America
Dist. Dry Grain
Rice
Soybean Meal
Soybean Oil
Soybeans
Wheat
Yellow Corn
310.9
11.9
24.6
162.7
10.4
12.0
52.3
36.6
Mexico
Grain Sorghum
Rice
Soybean Meal
Soybeans
Wheat
Wheat / Wheat Flour
Yellow Corn
474.9
74.7
38.2
12.9
86.4
169.7
3.6
89.1
South America Region
Corn Gluten Meal
Dist. Dry Grain
Rice
Soybean Meal
Soybean Oil
Soybeans
Wheat
Yellow Corn
508.9
20.6
9.2
11.1
136.4
9.7
8.8
229.5
83.3
Total (Latin American Region) 1,421.8
Source: USDA “Summary of Export Credit Guarantee Program Registered Guarantees FY 2013”(As of September 2013)
b) Facility Guarantee Program
The USDA Facility Guarantee Program (FGP) aims to increase U.S. agricultural exports to emerging markets
in which trade is hindered by inadequate storage, processing, or handling capacity. Under the program, the
CCC provides credit guarantees to fund the export of commercial manufactured goods and services that will
be used to improve agriculture-related facilities, such as refrigerator storage, ports, and distribution systems.
By improving these facilities, the program increases the emerging market’s capacity to import U.S.
agricultural goods. The guarantees typically cover 95 percent of principal and a portion of interest, through
which the CCC ensures that U.S. exporters and financial institutions receive payments from approved foreign
banks in payment terms spanning between 1 and 10 years. The budget estimated at a program level of $100
million for facility financing guarantees for FY 2015 (USDA, 2014).
42. 3. Sugar Import Program
Sugar imports from Latin American and the Caribbean enter the U.S. under one of two categories; raw
cane sugar or sugar and sugar containing products. Every fiscal year, the United States Trade
Representative announces the country-specific in-quota allocations for raw cane sugar and refined sugar.
As stated in the Harmonized Tariff Schedule of the USTR, the FY 2015 Tariff-Rate Quota (TRQ) for
raw cane sugar was set at 1,117,195 Metric Tons Raw Value (MTRV) and 127,000 MTRV of refined
sugar.
These quotas, however, may be overruled if the Secretary of Agriculture determines that
domestic demand for sugar exceeds its supply. These reallocations and quota increases are considered
modest increases and do not have a significant impact on high sugar prices in the U.S.
a) Raw Cane Sugar
Table V.10 shows the raw cane sugar TRQ allocations and usage rates for Latin America and Caribbean
sugar providing countries for FY 2013 and FY 2014. On 12 September 2013 the Office of the USTR
announced the first country TRQ allocations for FY 2014 with effective date 1 October 2013. The
allocations for all Latin American and Caribbean Countries added up to 1,117,195 metric tons raw value
(MTRV). On 3 July 2014 the USTR announced country-specific reallocations for FY 2014 of 99,290
MTRV of the original TRQ for countries that will not be able to fill previously allocated raw cane sugar
from which 66,369 MTRV in Latin America and the Carribean.
43. Table V.9
U.S. RAW CANE SUGAR TRQ ALLOCATIONS AND USAGE
(Metric tons)
FY2013 FY 2014
Country Original
TRQ
Allocation
Final
TRQ
Allocation
Quantity
Entered
Allocation
Filled (%)
Original
TRQ
Allocation
Final
TRQ
Allocation
Quantity
Entered
Allocation
Filled (%)
(of final
TRQ)
Argentina 45,281 46,154 6,100 13.22 45,281 49,804 145 0.29
Barbados 7,371 7,513 0 0 7,371 7,371 0 0
Belize 11,584 11,807 26 0.22 11,584 12,741 0 0
Bolivia
(Plurinational
State of)
8,424 8,587 8,519 99.2 8,424 9,265 0 0
Brazil
152,691 155,634 146,872 94.37 152,691 167,942 152,605 90.86
Colombia 25,273 25,760 22,684 88.06 25,273 27,797 15,438 55.54
Costa Rica 15,796 16,100 16,097 99.98 15,796 17,374 21 0.12
Dominican
Republic
185,335 188,908 95,435 50.51 185,335 203,847 110,217 54.07
Ecuador
11,584 11,807 11,807 100 11,584 12,741 0 0
El Salvador 27,379 27,907 27,870 99.87 27,379 30,114 27,896 92.63
Guatemala 50,546 51,520 37,365 72.53 50,546 55,595 39,827 71.63
Guyana 12,636 12,880 0 0 12,636 13,898 4,858 34.95
Haiti 7,258 7,258 0 0 7,258 7,258 0 0
Honduras 10,530 10,733 10,733 100 10,530 11,582 11,464 98.98
Jamaica 11,584 11,807 0 0 11,584 12,741 0 0
Mexico 7,258 0 0 0 7,258 7,258 0 0
Nicaragua 22,114 22,540 22,540 100 22,114 24,323 22,114 90.92
Panama 30,538 31,127 31,127 100 30,538 33,588 23,589 70.23
Paraguay 7,258 7,258 418 5.76 7,258 11,570 689 5.95
Peru 43,175 44,007 40,517 92.07 43,175 43,175 40,576 93.98
St. Kitts and
Nevis
7,258 7,258 0 0 7,258 7,258 0 0
Trinidad &
Tobago
7,371 7,513 0 0 7,371 7,371 0 0
Uruguay
7,258 7,258 0 0 7,258 7,258 0 0
All LAC sugar
Under TRQs
715,502 721,336 478,110 66.28 715,502 781.871 449,439 57.48
Source: United States Customs and Border Protection, Weekly Commodity Status Report on USDA, Economic Research
Service, Sugar and Sweeteners: Recommended Data: Table 57d and 57, as of 30 September 2013.
Note: The USTR often makes adjustments to the TRQ allocations. Table V.10 shows the original and final raw cane sugar
TRQ allocations, the quantity entered and the percentage of allocations filled for fiscal year 2013. Adjustments to the TRQ
allocations have not been released.
44. b) Sugar and Sugar Containing Products
Countries with a free trade agreement (FTA) with the U.S. also export their sugar and sugar-containing
products through these agreements. Table V.11 shows the TRQs for sugar products from Latin American
and Caribbean Countries under Free Trade Agreements (NAFTA, CAFTA and FTA’s with Peru and
Costa Rica) for Fiscal Years 2012, 2013 and 2014.
The amount of sugar from Latin America and the Caribbean which enters the U.S. under FTAs
increased significantly between 2012 and 2013 due to increased export of Mexican sugar under NAFTA
agreement. Despite slight changes sugar exports stayed relatively stable in 2014. Imports from the
Dominican Republic after an increase from 2012 to 2013, significantly decreased in 2014 due to strong
exports to the EU and simultaneously a decline in operations of one of their major mills. After a
reduction in FY 2013 Guatemala visibly increased sugar exports with an expansion of its sugar planted
areas and production for FY 2014-15..
TABLE V.10
U.S. IMPORTS OF SUGAR AND SUGAR CONTAINING PRODUCTS UNDER
THE FREE TRADE AGREEMENTS FOR FISCAL YEARS 2010, 2011 AND 2012
(Metric ton, raw value)
FY 2012 FY 2013 FY 2014
CAFTA DR
Dominican Republic 54 113 15
El Salvador 16 929 47 053 31 134
Guatemala 59 089 22 535 46 336
Honduras 7 393 10 684 7 379
Nicaragua 21 866 27 755 24 947
Costa Rica a
15 680 13 384 2 947
Total CAFTA-DR 121 011 121 524 112 758
NAFTA
Mexico 971 859 1 927 201 1 888 000
Total NAFTA 971 859 1 927 201 1 888 000
Other TRQs
Peru 0 516 0
Panama n/a 5 566b
3 000
Colombiac
29 895 22 156 30 321
Total 1 122 765 2 076 963 2 034 079
Source: USDA, Economic Research Service, Sugar and Sweeteners: Recommended Data, Tables 59 and 60b, as of 30
September 2014.
a Includes the value for “Costa Rica special”.
b Includes the value for “Panama, raw sugar” only.
c The Trade Promotion Agreement between the U.S. and Colombia was implemented on 15/05/2012.
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