
James A. Dorn
After languishing for eight years under the congressional leadership of Nancy Pelosi and Harry Reid, prospects for trade liberalization are once again promising in 2015. With Republicans taking control of the Senate and increasing their majority in the House, President Obama can expect greater receptivity to his trade initiatives on Capitol Hill. But an important question lingers: Does the president actually support his own trade agenda?
For the first time since the 1997 Asian Financial Crisis, China may fail to meet its real GDP growth target for a given year, which in 2014 was set at 7.5 percent. If the growth figure comes in at 7.3 percent, as expected, Beijing is likely to lower the target for 2015 to 7 percent. That is a far cry from the double-digit growth experienced for more than three decades following the 1978 opening to the outside world.
Since the People’s Republic of China (PRC) began to open its economy in 1978, its relationship with Latin America and the Caribbean has passed through four phases. Prior to its 2001 entry into the World Trade Organization (WTO), it conducted limited engagements through principally diplomatic and cultural vehicles, aimed at building relationships and winning diplomatic recognition among countries of the region.
The 114th Congress features a Republican majority that is larger than any since 1928 and ready to flex that GOP muscle. While a Democratic White House could create speed bumps to GOP efforts to advance certain legislative initiatives, both sides have said trade policy is an issue where they might find common ground.
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