Talks on trade deals are now occurring and this is good for the global markets. There is the fear that a slow growth global economy will lead to trade wars.If there are talks of regional or bilateral trade, countries may be able to avert any major trade battle.
The US is in bilateral talks with the EU and the EU is in talks with Japan to open up markets. In the case of Japan, the issue is not import restrictions but the regulations and standards used in Japan, The setting of standards can serve as a trade barrier. There are also talks between the US and Japan through the TPP Trans-Pacific Partnership. The TPP talks have been stalled based on cross border fiance restrictions, but it seems like there is a desire to get some things done.
Trade needs to enhanced and if a global trade deal cannot be made regional or bilateral deals are a start in the right direction.
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