The terrain of the world trading system is shifting as countries in Asia, Europe, and North America negotiate new trade agreements. However, none of these talks include both China and the United States, the two biggest economies in the world. In this pathbreaking study, C. Fred Bergsten, Gary Clyde Hufbauer, and Sean Miner argue that China and the United States would benefit substantially from a bilateral free trade and investment accord or from participating together in a regional agreement like the TPP. In the process, they contend, each country would also achieve progress in addressing its internal economic challenges, such as the low saving rate in the United States. Achieving greater trade and investment integration could be accomplished with one comprehensive effort or through step-by-step negotiations over key issues. The authors call on the United States to seek liberalization of China's services sector as vital to securing an agreement, and they explain that such contentious matters as cyberespionage and currency manipulation be handled through parallel negotiations rather than in the agreement itself. This is an important study of the benefits and difficulties of a complex matter that could yield dividends to the two economies and help stabilize the security and well-being of the rest of the world.
- Front Cover
- Copyright
- Contents
- Preface
- Board of Directors
- Part I The Context
- Chapter 1 Toward Free Trade and Investment between China and the United States
- Chapter 2 The Effects of a China–US Free Trade and Investment Agreement
- Chapter 3 Adjustment Challenges for US Workers
- Part II Potential Self-Balancing Stand-Alone Agreements
- Chapter 4 Merchandise Tariffs
- Chapter 5 Government Procurement
- Chapter 6 Agriculture
- Part III Potential Components of a Comprehensive Agreement
- Chapter 7 Service Barriers
- Chapter 8 Financial Services
- Chapter 9 Intellectual Property Rights
- Chapter 10 Labor Policy
- Chapter 11 Environmental Policy
- Chapter 12 Export Controls
- Part IV The Investment Cluster
- Chapter 13 Foreign Direct Investment
- Chapter 14 State-Owned Enterprises
- Chapter 15 Competition Policy
- Part V Parallel Issues
- Chapter 16 Cyberespionage
- Chapter 17 Trade and Currency
- Part VI Wrapping Up
- Chapter 18 Dispute Settlement
- Chapter 19 Conclusions and Recommendations
- Index
- Back cover
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