When President Obama delivers his annual State of the Union Address later this month the world will be listening to hear a strong message about trade agreements. At question is the long discussed Doha round of trade talks; and free trade agreements between the United States and South Korea, Panama and Colombia, And then there is the re-entry of Russia into the World Trade Organization.
Some say 2011 could be a big year for trade. Government data shows U.S. exports likely grew about 17% last year, one of the fastest rates ever as world trade bounced back from a historic slump brought about by the financial crisis. But, exports need to grow about 15% annually during the next four years to reach President Obama's goal of doubling them. Trade agreements would go a long way in helping expand trade.
Meanwhile, China is a concern as U.S. lawmakers accuse Beijing of deliberately undervaluing its currency to give Chinese companies a trade advantage. But, the United States may have the upper hand world-wide as it hosts this year's Asia Pacific Economic Cooperation forum. The U.S. has an opportunity to advance open trade among countries that already account for about 60% of world economic growth.
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