Issue 73 | May 20, 2016
Millennials get free trade, why doesn't anyone else? 
 
A new survey conducted by YouGov.com found that nearly 48 percent of people under 30 from different economic and demographic backgrounds say that free trade among other countries has been beneficial for the United State's economy.  Much has to do with the fact that many products that target millennials are manufactured overseas for less.  In the past Democrats have been uneasy on trade deals.  Democratic frontrunner, Hillary Clinton, and Republican presidential candidate, Donald Trump, have criticized trade deals such as the North American Free Trade Agreement and the Trans-Pacific Partnership. Read more.
 
India announces new trademark, patent policy amid global pressure
 
India announced a new intellectual property policy last Friday which is speeding up the online registration of patents and trademarks for businesses, but resisted pressure from Western countries to amend its patent laws amid criticism.  India's lax patent and intellectual property administration has failed to keep pace with growing technological advances in recent years.  U.S. Trade Representative kept India on its "Priority Watch List" for inadequate measure to improve Intellectual property protection.  Indian Finance Minister Arun Jaitley hopes the new policy will protect the interests of rights owners and combat infringements of intellectual property rights. Read more.
 
World Economic Forum: What's next for AGOA and the U.S.-Africa Trade?
 
Since the African Grown and Opportunity Act (AGOA) first started in 2000, African economies have changed in terms of integration, demographics and development. U.S. trade relations with sub-Sharan African countries must evolve to reflect these changes. The U.S. started free-trade talks with members of the Southern African Customs Union in 2003 but never reached a conclusive deal. So far, trade relations involve the U.S. granting trade preferences to African countries without much reciprocal access for U.S. goods. U.S. trade relations with sub-Saharan countries need to evolve into new trade accords that are mutually beneficial. Read more.
 
 
U.S.-Africa Trade: EXIM Bank Signs MOU with United Bank for Africa
 
Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States (EXIM Bank), and Phillips Oduoza, CEO and group managing director of United Bank for Africa (UBA), recently signed a memorandum of understanding (MOU) with the intent to expand trade between the U.S. and sub-Saharan African countries. The MOU is a statement that outlines the agreement between EXIM Bank and UBA to promote EXIM financing up to $100 million in the region. EXIM Bank and UBA will work together to create export-financing opportunities in key sectors of the African economy. This MOU serves to signal to both American exporters and African businesses that more trade opportunities lie in the future, and EXIM is committed to provide the financing for them.  Read more.
 
Talk of "TTIP Light" again rejected by EU Trade Ministers 
EU Trade Commissioner, Cecilia Malmstorem, has stressed the urgency to finalize the Transatlantic Trade and Investment Partnership (TTIP) negotiations before the end of Obama's presidency.  Malmstroem briefed fellow EU trade ministers on the TTIP negotiations progress. The EU has struggled to secure protections for EU food products through geographical indications and through access to U.S. public procurement market. If progress isn't made before summer break, France will request a halt to further talks according to France's State Secretary for Foreign Trade Matthias Fekl. Read more
 
Peru hosts APEC Trade Ministers Meeting
 
Peru will be hosting the Asia-Pacific Economic Cooperation (APEC) Meeting of Ministers Responsible for Trade on Tuesday.  Trade Ministers from the 21 APEC member economies will convene in Arequipa, which is Peru's second largest city.  These 21 countries account for over 53 percent of Peruvian exports. "APEC means a new source of growth, as it comprises new markets and provides us with the opportunity to associate with small enterprises based in other countries," Minister Magali Silva noted.  The 2016 APEC Ministers Responsible for Trade Meeting will target job creation and improved living standards through the next generation trade and economic policy. Meeting topics include advancing regional economic integration and the efficient, secure movement of people, goods, services, data and capital across borders, and supply chain development.   Read more.
 
Expanding L.A.'s Global Presence, June 15
 
Join the Global Initiatives Council for an update on the Innovation, Grants, Technology, Commerce and Trade committee and their role in expanding L.A.'s global presence. Register Here.
Compiled by Global Interns Cassie Herminston-Boyd and Mohini Narasimham.

For more information, contact Jasmin Sakai-Gonzalez, 213.580.7569.