Look East, Act East: Transatlantic Agendas in the Asia Pacific
GMF Transatlantic Fellows, Peter Sparding and Andrew Small co-authored a chapter for the European Union Institute for Security Studies (EUISS) report called, Look East, Act East: transatlantic agendas in the Asia Pacific. In their chapter entitled, Towards a transatlantic relationship in the Asia Pacific, the GMF Fellows outline how the United States and Europe are increasingly focused on strengthening their economic relations in the Asia Pacific. As the emerging economies of the region start to generate a significant amount of global demand and foreign direct investment, especially from China, starts to flow to Europe and the United States, the Asia-Pacific has the potential to become a true growth generator for the ailing West.
Asia’s rapidly growing middle class could signal a shift in the distribution of global demand and offer vast new opportunities for European and American businesses. The transatlantic partners therefore have a shared interest to ensure that – despite a natural level of transatlantic competition – individual strategies are mutually reinforcing in shaping the economic environment of the region. But transatlantic coordination – or even harmonization – of economic policy towards the Asia Pacific is currently inadequate.
From the very beginning of the talks over a Transatlantic Trade and Investment Partnership (TTIP), the landmark free trade deal between the European Union and the United States, the political calendar on either side of the Atlantic was expected to impact their pace.