BBC News Trade Agreements: The Latest Developments
Trade agreements have long been a hot button issue in the world of global economics, and the news surrounding them is often both complex and ever-changing. In recent weeks, the BBC has been tracking several key developments in trade agreements around the world, providing readers with insights into the latest updates from governments and international organizations alike.
One of the most notable recent developments in the world of trade agreements came out of the United States, where the Biden administration announced plans to withdraw from a digital services tax agreement with several European countries. The move was seen as a step back from the previous administration`s push for a global crackdown on these taxes, but it remains to be seen what impact it will have on trade relations between the U.S. and Europe in the coming years.
Meanwhile, in Africa, the African Continental Free Trade Agreement (AfCFTA) is moving ahead, with the creation of a secretariat responsible for coordinating the agreement`s implementation. The AfCFTA has been in the works for several years, with the goal of creating a single market for goods and services across the African continent. The BBC reports that the secretariat will be based in Ghana, with plans to hire staff and begin operations in the coming months.
Closer to home, the UK and the EU are still grappling with the fallout from Brexit and the ongoing negotiation of a trade deal between the two parties. As of late August 2021, the two sides were still at odds over several key issues, including the regulation of Northern Ireland`s borders and the role of the European Court of Justice in the UK. The BBC reports that while there has been progress made in some areas, such as the recognition of UK sovereign standards by the EU, there is still much work to be done before a deal can be reached.
Finally, in Asia, China has recently agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade agreement between 11 countries including Japan, Canada, Australia, and New Zealand. Experts suggest that China`s entry into the agreement could provide a much-needed boost to global trade and help to counteract the negative effects of the ongoing trade war between China and the U.S.
As a professional, it`s important to note that these trade agreement developments have a significant impact on both global politics and the world economy. By staying up-to-date on the latest news and trends in this area, readers can better understand the forces shaping trade relations between countries and prepare themselves for potential changes to come.