Global value chains which have spread across the world economy require a strong global institutional framework to address new challenges and further trade liberalisation going far beyond tariff reduction with services, investment and regulatory issues gaining on importance. The revealed greater importance of bilateral trade in value-added terms with the US and Japan confirms an intense participation of these economies in global production networks. In 2013, the EU launched free trade agreement (FTA) negotiations with both the US and Japan. FTAs between the largest developed economies, if implemented according to the plan, would bring economic gains to the economies involved and potential positive spillover effects to the global economy. They would remain with no precedence in changing the global framework for international trade.
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