James A. Dorn
The Russian Federation requested membership in the General Agreement on Tariffs and Trade, now the World Trade Organization (WTO), in June 1993. At various points along the way, accession appeared imminent. In recent months it appeared that Russia — the largest economy not yet admitted — could be given the green light in 2008. But if current U.S.-Russian relations remain cool, and certain issues are not remedied, this could be well off the mark.
The era of trade liberalization is dead. Yet it could get worse still. Not only have prospects for liberalization over the next few years been dashed, but Congress is considering legislation that could precipitate a retreat from the trade policies and institutions that have served U.S. interests for 60 years.
If you’ve been considering expanding into a rapidly growing Asian market, you might investigate India, a country similar to and different from China in many ways.
Goldman Sachs projects that India will become the world's third largest economy in less than 30 years and that India’s annual gross domestic product (GDP) growth rate will average 5-6 percent through 2050, while China’s will slow and fall behind India’s.
If all significant trade barriers were unilaterally removed on foreign products, U.S. welfare — as defined by public and private consumption — would increase by approximately $3.7 billion annually. Additionally, U.S. gross domestic product would rise by $1.6 billion, according to a 2007 study by the United States International Trade Commission.
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