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Bridging the Pacific: Toward Free Trade and Investment between China and the United States

Author

Listed:
  • C. Fred Bergsten

    (Peterson Institute for International Economics)

  • Gary Clyde Hufbauer

    (Peterson Institute for International Economics)

  • Sean Miner

    (Peterson Institute for International Economics)

  • Tyler Moran

    (Peterson Institute for International Economics)

Abstract

The terrain of the world trading system is shifting as countries in Asia, Europe, and North America negotiate new trade agreements. However, none of these talks include both China and the United States, the two biggest economies in the world. In this pathbreaking study, C. Fred Bergsten, Gary Clyde Hufbauer, and Sean Miner argue that China and the United States would benefit substantially from a bilateral free trade and investment accord. In the process, they contend, each country would also achieve progress in addressing its internal economic challenges, such as the low saving rate in the United States. Achieving greater trade and investment integration could be accomplished with one comprehensive effort or through step-by-step negotiations over key issues. The authors call on the United States to seek liberalization of China's services sector as vital to securing an agreement, and they explain that such contentious matters as cyberespionage and currency manipulation be handled through parallel negotiations rather than in the agreement itself. This is an important study of the benefits and difficulties of a complex matter that could yield dividends to the two economies and help stabilize the security and well-being of the rest of the world.

Suggested Citation

  • C. Fred Bergsten & Gary Clyde Hufbauer & Sean Miner & Tyler Moran, 2014. "Bridging the Pacific: Toward Free Trade and Investment between China and the United States," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6918, January.
  • Handle: RePEc:iie:ppress:6918
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    Citations

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    Cited by:

    1. Jeffrey J. Schott & Euijin Jung & Cathleen Cimino, 2015. "An Assessment of the Korea-China Free Trade Agreement," Policy Briefs PB15-24, Peterson Institute for International Economics.
    2. Metivier, Jeanne & Di Salvo, Mattia & Pelkmans, Jacques, 2017. "Transatlantic Divergences in Globalisation and the China Factor," CEPS Papers 12584, Centre for European Policy Studies.
    3. Ryan Rutkowski, 2015. "Service Sector Reform in China," Policy Briefs PB15-2, Peterson Institute for International Economics.
    4. C. Fred Bergsten, 2018. "China and the United States: The Contest for Global Economic Leadership," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 26(5), pages 12-37, September.
    5. Peter A. Petri & Michael G. Plummer, 2020. "Should China Join the New Transā€Pacific Partnership?," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 28(2), pages 18-36, March.
    6. Robert Z. Lawrence & Tyler Moran, 2016. "Adjustment and Income Distribution Impacts of the Trans-Pacific Partnership," Working Paper Series WP16-5, Peterson Institute for International Economics.
    7. Theodore H. Moran, 2015. "Chinese Investment and CFIUS: Time for an Updated (and Revised) Perspective," Policy Briefs PB15-17, Peterson Institute for International Economics.
    8. Bala Ramasamy & Matthew C.H. Yeung, 2016. "China and the Trans-Pacific Partnership Agreement: Misfit or Missed Opportunity?," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 23(1), pages 73-88.
    9. William R. Cline, 2014. "Estimates of Fundamental Equilibrium Exchange Rates, November 2014," Policy Briefs PB14-25, Peterson Institute for International Economics.
    10. Jeffrey J. Schott & Cathleen Cimino-Isaacs, . "Assessing the Trans-Pacific Partnership, Volume 2: Innovations in Trading Rules," PIIE Briefings, Peterson Institute for International Economics, number PIIEB16-4, August.
    11. Peter A. Petri & Michael G. Plummer, 2016. "The Economic Effects of the Trans-Pacific Partnership: New Estimates," Working Paper Series WP16-2, Peterson Institute for International Economics.
    12. Jeffrey J. Schott & Cathleen Cimino, 2014. "Should Korea Join the Trans-Pacific Partnership?," Policy Briefs PB14-22, Peterson Institute for International Economics.
    13. C. Fred Bergsten, 2014. "Addressing Currency Manipulation Through Trade Agreements," Policy Briefs PB14-2, Peterson Institute for International Economics.

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