On June 23, the United Kingdom will hold a referendum on whether Britain should remain in or leave the European Union. In the days leading up to the election, the public seems to be evenly split on whether to stay or go, raising questions about what the European Union would look like without Britain and vice versa.
SINGAPORE -- It turns out that what most defines the emerging world is not fragmentation of countries but integration within regions. Major world regions are forging dense infrastructural connectivity and reorienting their relations around supply chains rather than borders. The same world that appears to be falling apart is actually coming together in much more concrete ways than today's political maps suggest.
A free trade agreement (FTA) expands economic opportunity in foreign markets for American workers and businesses, while doing the same for their foreign counterparts in our market. The increased trade improves the overall economy of each country. But, in order to avoid unwanted side effects, modern FTAs do more.
The financial markets have been through some wild and crazy times over the last two weeks, although it appears that they have finally stabilized. The net effect of all the gyrations is that a serious bubble in China's market seems to have been at least partially deflated. After hugely overreacting to this correction, most other markets have largely recovered. Prices are down from recent peaks, but in nearly all cases well above year-ago levels. But the stock market is really a sideshow; after all, back in 1987 the U.S. market fell by almost 25 percent for no obvious reason, with little noticeable effect on the U.S. economy. The more serious question is what is happening with the underlying economy, and there are some real issues here.
The lack of enforcement of the U.S.-Peru free trade agreement has allowed the illegal timber trade to flourish and has put our environment, climate, businesses and consumer rights at risk. And now the United States is negotiating a new free trade deal, the Trans-Pacific Partnership (TPP), that includes the U.S., Peru, and ten other countries.