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New Trans-Atlantic Free Trade Zone Deal Could Become A Reality

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Currently, politicians in Europe and America are mulling over the possibility of lifting regulatory barriers to facilitate more trade and better economic growth for economies ravaged by the ’08 recession. Some serious issues must be resolved to create a new Trans-Atlantic Free Trade Zone.

President Barack Obama, British Prime Minister David Cameron, and Germany’s Chancellor Angela Merkel are excited about the prospect of going forward with a Trans-Atlantic Free Trade Zone. President Obama applauded the notion in his State of the Union Address.

The idea behind this effort is to lift barriers, eliminate tariffs, and bridge the regulatory gaps that prevent the opening up of markets on both sides of the Atlantic. U.S. manufacturers and small business owners need expanded markets for their goods and services. Estimates are as high as $140 billion for enhanced economic activity in the United States alone. The expanded trade could put another thousand dollars into the hands of every consumer here in America.

Another important advantage would be to spread manufacturing fixed costs over a much greater volume of economic activity. The product cost learning curve would improve with an expanded manufacturing base. As companies build their cash flow from added sales, more surplus resources could be made available for research and development of new products, processes, goods, and services.

There are a number of differences to be overcome. Accounting rules need to be more uniform. The International Federation of Accountants has been reviewing comparability issues in recent years. In addition, labor union concerns must be addressed. Right now, government budgets are constrained on both sides of the Atlantic.

Expanded trade would create more employment opportunities to take people off programs in place to preserve the social safety net. With less government expenditures on the social safety net, budgets could return to balance and tax revenues would increase as an outgrowth of expanded employment and global economic activity.

Another stumbling block for Europe is American bio-engineered food. The details of articulating the protocols for food production and distribution must be agreed upon before the agricultural component of the free trade agreement can be finalized.

Right now, a Trans-Atlantic Free Trade Zone is a work in progress which is subject to finalizing the details of the issues referred to above. A glimmer of hope lies in the favorable attitude of American and European politicians toward full implementation in the not too distant future.

Photo Credit: wikipedia.org

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About Dr Joseph S Maresca

I've taught approx. 34 sections of collegiate courses including computer applications, college algebra, collegiate statistics, law, accounting, finance and economics. The experience includes service as a Board Director on the CPA Journal and Editor of the CPA Candidates Inc. Newsletter. In college, I worked as a statistics lab assistant. Manhattan College awarded a BS in an allied area of operations research. The program included courses in calculus, ordinary differential equations, probability, statistical inference, linear algebra , the more advanced operations research, price analysis and econometrics. Membership in the Delta Mu Delta National Honor Society was granted together with the degree. My experience includes both private account and industry. In addition, I've worked extensively in the Examinations Division of the AICPA from time to time. Recently, I passed the Engineering in Training Exam which consisted of 9 hours of examination in chemistry, physics, calculus, differential equations, linear algebra, probability/ statistics, fluids, electronics, materials science/structure of matter, mechanics, statics, thermodynamics, computer science, dynamics and a host of minor subject areas like engineering economics. A very small percentage of engineers actually take and pass the EIT exam. The number has hovered at circa 5%. Several decades ago, I passed the CPA examination and obtained another license in Computer Information Systems Auditing. A CISA must have knowledge in the areas of data center review, systems applications, the operating system of the computer, disaster recovery, contingency planning, developmental systems, the standards which govern facility reviews and a host of other areas. An MBA in Accounting with an Advanced Professional Certificate in Computer Applications/ Information Systems , an Advanced Professional Certificate in Finance and an Advanced Professional Certificate in Organizational Design were earned at New York University-Graduate School of Business (Stern ). In December of 2005, an earned PhD in Accounting was granted by the Ross College. The program entrance requires a previous Masters Degree for admittance together with a host of other criteria. The REGISTRAR of Ross College contact is: Tel . US 202-318-4454 FAX [records for Dr. Joseph S. Maresca Box 646 Bronxville NY 10708-3602] The clinical experience included the teaching of approximately 34 sections of college accounting, economics, statistics, college algebra, law, thesis project coursework and the professional grading of approx. 50,000 CPA examination essays with the American Institute of Certified Public Accountants. Additionally, membership is held in the Sigma Beta Delta International Honor Society chartered in 1994. Significant writings include over 10 copyrights in the name of the author (Joseph S. Maresca) and a patent in the earthquake sciences.
  • bliffle

    It’s just another scheme to enable tax evasion by multinational corporations. Every such trade agreement also includes a chapter that exempts companies from civil action by mere citizens.

  • Dr Joseph S Maresca

    The only effective way to eliminate or significantly reduce tax avoidance is to have
    a minimum tax rate for corporate profits globally. Such a program would be difficult to administer and monitor. It’s difficult to conform civil and criminal codes globally because the definitions of these crimes and the evidentiary matter needed to bring parties to trial varies substantially. And, we still haven’t gotten to trial admissibility of evidence issues.