Word Trade in Turmoil
by Andrew Sia

President Trump withdrew from the 12-nation Trans-Pacific Partnership and threatened to renegotiate NAFTA, creating uncertainty. He also canceled the Transatlantic Trade & Investment Partnership (TTIP), leaving the European Union in disarray with the rising threat of protectionism.

This triggered Europe to shift their focus to Asia and other emerging markets. Europe had been looking to intensify trade with Asia over the last decade by signing trade deals with South Korea, Singapore, and Vietnam. With the U.S. leaving the TPP negotiations, the EU is in discussions with the remaining 11 nations. Brussels continues talks with Mercosur, the South American trade bloc and is considering discussions with the Gulf States, although for the time being those talks have stalled.

These events have prompted us to look into South America and the trade agreements these countries have built.

Union of South American Nations or União de Nações Sul-Americanas, often referred to by one of its three acronyms – UNASUL, UNASUR, and USAN. The UNASUL Constitutive Treaty was signed on May 23, 2008 by the 12-state members at the Third Summit of Heads of States in Brasilia, Brazil. The Union’s headquarters is in Quito, Ecuador. Panama and Mexico were present as observers at the signing ceremony.

The member states come from the Andean Community, Mercosur and some others…

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