Okay. Then in September 2008, what is that, nine months later? The US said, "Uh, by the way, we wanna join." Oh, okay.. So the US is gonna join this group of four countries down in the southern hemisphere. Okay. In November of that same year, what is that, three months later? Australia, Vietnam, and Peru all requested that they wanted to join. Uh, alright. In October 2010, Malaysia said they wanted to join. June 2012, Mexico and Canada said they wanted to join. In July 2013, Japan said it wanted to join. And did this my friends This feels like a test question. Japan's not in any regional trade blocs with anybody. Its an APEC member, and it's an associate member of the ASEAN +3. This is stuff you know already, but it's not in a full-fledged trade bloc. Japan doesn't really do that. I doesn't like to conform to the rules of other trade blocs. So this is getting kind of radical In November of 2013, South Korea announced it has expressed interest, and perhaps wants in as well. Whoa! Okay! That's pretty fast. You're looking at the last 4 or 5 years all these countries jumping in, and some big ones.
The US economy, of course, the biggest, Japan number three, South Korea probably ten or eleven Australia's a top 20 economy Chile's doing well Mexico's a top 20 economy All of a sudden your like, "Whoa! There's some big stuff going on here." Why is this place on fire? It's the Pacific Rim, it's the Ring of Fire But we ain't talking volcanic activity friends. We're talking economic activity. Or is it? [laughs] And this is where we're gonna start speculating a little bit Is this just an economic deal? You can make the argument, sure. It certainly wouldn't be a bad thing to encourage trade and investment and buying and selling goods between a lot of these states. Lowering the barriers so that more people buy more stuff. That's not surprising. Most of these countries we've talked about, especially the US and Japan, have been in recession for a while, so this could be a nice little kickstart To tie in with economies that have not been naturally tight with like New Zealand, Brunei, or Malaysia. That's not a bad idea. So economically, sure, it makes some sense. The people that are big proponents of this say exactly that. They're like look, "NAFTA went gangbusters and we all made a bunch more money. The TPP will be no exception." Because as I will continue to point out this whole semester, the Pacific is the center of economic action for the 21st century, my friends. You got China, giant economy over there Japan, big. South Korea, big. Australia, Mexico, Chile's doing great, the US... The Pacific is going to be the center of the world economic action. It's not going to be all the world's economic action, but it's going to be the nucleus, the center. So yes! That makes sense! Jump in and get your club going in this area that's already quite hot and probably gonna get hotter. But again, is that it?
- Fall '08
- International Trade, Trade bloc, Free trade area, economic integration, ORGS #2