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  • Author: Robert Satloff, Sarah Feuer
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: The Washington Institute for Near East Policy
  • Abstract: Modest invest­ments of U.S. diplomatic capital, economic aid, and security assistance can help these three countries and advance American interests. In the third in a series of TRANSITION 2021 memos examining the Middle East and North Africa, Robert Satloff and Sarah Feuer look at the U.S. relationship with Morocco, Algeria, and Tunisia. All three countries are facing sharp challenges, from economic strains exacerbated by the pandemic to potential instability arising from the conflicts in Western Sahara and Libya. But this far corner of the region also offers strategic opportunities for the Biden administration to help these countries and, in turn, advance a range of key U.S. interests. “In contrast to many other areas of the Middle East, northwest Africa offers a realm in which relatively modest invest­ments of American diplomatic capital, economic aid, and security assistance can yield substantial returns, and the point of departure for the incoming administration’s bilateral engagement will, for the most part, be not one of tension but rather of opportunity,” write the authors. In the coming weeks, TRANSITION 2021 memos by Washington Institute experts will address the broad array of issues facing the Biden-Harris administration in the Middle East. These range from thematic issues, such as the region’s strategic position in the context of Great Power competition and how to most effectively elevate human rights and democracy in Middle East policy, to more discrete topics, from Arab-Israel peace diplomacy to Red Sea security to challenges and opportunities in northwest Africa. Taken as a whole, this series of memos will present a comprehensive approach for advancing U.S. interests in security and peace in this vital but volatile region.
  • Topic: Security, Diplomacy, Foreign Aid, Economy, Joe Biden
  • Political Geography: Algeria, North Africa, Morocco, Tunisia, United States of America
  • Author: Lilian Tauber
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: The Washington Institute for Near East Policy
  • Abstract: By committing to long-term investments in Jordan’s communities through support for social enterprises, the United States can contribute to the country’s stability and economic growth. In Jordan, one of the United States’ most reliable allies in the Middle East, economic volatility is a major threat to stability and has led to recurrent protests since 2011. High youth unemployment rates and a large refugee population contribute to its economic woes and political tensions, all of which are now exacerbated in the Covid-19 pandemic. The United States can support Jordan’s recovery from the pandemic through long-term investment in social entrepreneurship. The country’s entrepreneurship ecosystem is in a developing stage, with most resources focused on short-term funding and training, so a shift in U.S. aid to longer-term support can make a significant difference. Increasing funds and providing multi-year mentorship and operational support to select social enterprises (SEs) will allow them to become powerful forces for positive change and civic engagement in their communities.
  • Topic: Development, Foreign Aid, Economy, Investment
  • Political Geography: Middle East, Jordan, United States of America
  • Author: Pyoung Seob Yang, Cheol-Won Lee, Suyeob Na, Taehyn Oh, Young Sun Kim, Hyung Jun Yoon, Yoo-Duk Ga
  • Publication Date: 04-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: China’s investment in the European Union (EU) increased significantly during the European financial crisis, but has been on the decline in recent years. The surge of Chinese investment has raised concerns and demands for analysis on the negative effects it could have on the EU companies and industries. In this context, the present study aims to analyze the main characteristics of Chinese investment and M&A in Europe, major policy issues between the two sides, the EU’s policy responses, and prospects of Chinese future investment in Eu-rope, going on to draw important lessons for Korea. To summarize the main characteristics of China's investment in Europe, the study found that the EU's share of China's overseas direct investment has continued to increase until recently. Second, investment in the Central and Eastern European Countries (CEECs) is gradually increasing, although it is still insignificant compared to the top five destinations in the EU: Netherlands, Sweden, Germany, Luxembourg and France. Third, China's investment in the EU is being made in pursuit of innovation in manufacturing and to acquire high-tech technologies. When it comes to China's M&A in Europe, the study found that the proportion of indirect China's M&As (via third countries (e.g. Hong Kong) or Chinese subsidiaries already established in Europe) was relatively higher than direct ones. Empirical factor analysis of investment also shows that China's investment in the EU is strongly motivated by the pursuit of strategic assets. Other factors such as institutional-level and regulatory variables are found to have no significant impact, or have an effect contrary to expectations. This suggests that China's investment in the EU is based on the Chinese government's growth strategy, and accompanies an element of national capitalism Today, It is highly expected that the COVID-19 pandemic will have a reorganizing effect on the global value chain (GVC) and Foreign investment regulation in the high-tech sector motivated by national security is emerging as a global issue as the US and the EU are tightening their control. As Korean companies are not free from the risk of falling under such regulations, a thorough and careful response is required. And for the Korean government, it is necessary to prepare legal and institutional measures regulating foreign investment in reference to the US and the EU.
  • Topic: Foreign Direct Investment, Financial Crisis, European Union, Economy, Economic Growth, Global Value Chains, COVID-19
  • Political Geography: China, Europe, Asia, Korea, United States of America
  • Author: Sungwoo Hong, Yeo Joon Yoon, Jino Kim, Jeewoon Rim, Jimin Nam
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: The conflict between the United States and China may be the issue of most importance as well as interest to the world, prior to COVID-19. This conflict between the two countries is appearing not only in the economic sector, but also in various field such as politics, diplomacy, and military affairs. Such competition between the two countries is likely to escalate further as multilateral systems such as the WTO are threatened and protectionism intensifies in the post-COVID-19 world. Even within Latin America, the competition between the two countries frequently appears in a variety of forms. Conflicts between the United States and China in Latin America tend to occur mainly in the infrastructure sectors. Furthermore, the United States pressured Latin American countries to choose between the United States and China, with the results of this pressure depending on the political orientation of the ruling government. In order to investigate the impact of retaliatory tariffs between the two countries on Latin American countries’ exports and welfare, we employ an event analysis for exports and computational general equilibrium (CGE) model for welfare, with Argentina, Brazil, Mexico, and Chile as the subject of our analysis. Based on the outcome of the event study, Brazil’s exports to the United States moderately increased due to the tariff imposition, and such an effect persisted for short term. Its exports to China rose considerably immediately after the tariff imposition, and then the impact tended to decrease over time. By contrast, it is difficult to conclude that the tariff imposition had a statistically significant and lasting effect on the exports of the remaining three countries to the United States and China. As a result of the analysis using the CGE model, meanwhile, the tariffs imposed between the United States and China trivially increased the welfare of Latin American countries.
  • Topic: Foreign Policy, Economy, Tariffs, Exports, Trade, Rivalry
  • Political Geography: China, Asia, South America, Latin America, Korea, United States of America
  • Author: Cullen S. Hendrix
  • Publication Date: 03-2020
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: The Trump administration’s Africa strategy is rooted in three misconceptions about China’s African footprint—and a fourth about US-Africa economic relations—that are either factually incorrect or overstated in terms of the broader strategic challenges they pose to US interests: (1) Chinese engagement in Africa crowds out opportunities for trade and investment with and from the United States; (2) Chinese engagement in Africa is resource-seeking—to the detriment of US interests; (3) Chinese engagement in Africa is designed to foster debt-based coercive diplomacy; and (4) US-Africa economic linkages are all one-way and concessionary (i.e., aid-based). Hendrix finds little evidence to suggest Chinese trade and investment ties crowd out US trade and investment opportunities. China’s resource-seeking bent is evident in investment patterns, but it is more a function of Africa’s having comparatively large, undercapitalized resource endowments than China’s attempt to corner commodity markets. Chinese infrastructural development—particularly large projects associated with the Belt and Road Initiative—may result in increased African indebtedness to the Chinese, but there is little reason to think debt per se will vastly expand Chinese military capacity in the region. And finally, US-Africa economic relations are much less one-sided and concessionary (i.e., aid-based) than conventional wisdom suggests.
  • Topic: Bilateral Relations, Infrastructure, Economy, Trade, Donald Trump
  • Political Geography: Africa, China, North America, United States of America
  • Author: Frank Aum, Jacob Stokes, Patricia M. Kim, Atman M. Trivedi, Rachel Vandenbrink, Jennifer Staats, Joseph Yun
  • Publication Date: 02-2020
  • Content Type: Policy Brief
  • Institution: United States Institute of Peace
  • Abstract: A joint statement by the United States and North Korea in June 2018 declared that the two countries were committed to building “a lasting and stable peace regime on the Korean Peninsula.” Such a peace regime will ultimately require the engagement and cooperation of not just North Korea and the United States, but also South Korea, China, Russia, and Japan. This report outlines the perspectives and interests of each of these countries as well as the diplomatic, security, and economic components necessary for a comprehensive peace.
  • Topic: Conflict Resolution, Security, Diplomacy, Economy, Peace
  • Political Geography: Russia, Japan, China, Asia, South Korea, North Korea, Korean Peninsula, United States of America
  • Author: Taro Hayashi
  • Publication Date: 11-2020
  • Content Type: Policy Brief
  • Institution: Hudson Institute
  • Abstract: Sixty years ago, Japan and the United States signed the Treaty of Mutual Cooperation and Security marking the beginning of the Japan-US Alliance as we know it today. The two countries have made a commitment to core values such as democracy, respect for human rights, and a rules-based international order. The Alliance has played an integral role in ensuring the peace and security of the two countries as well as realizing their shared vision of a free and open Indo-Pacific through security cooperation.
  • Topic: Bilateral Relations, Economy, Alliance, COVID-19
  • Political Geography: Japan, Asia, North America, United States of America
  • Author: Phil Thornton
  • Publication Date: 07-2020
  • Content Type: Policy Brief
  • Institution: Atlantic Council
  • Abstract: The world is facing unprecedented health and economic crises that require a global solution. Governments have locked down their economies to contain the mounting death toll from the COVID-19 pandemic. With this response well underway, now is the time to move into a recovery effort. This will require a coordinated response to the health emergency and a global growth plan that is based on synchronized monetary, fiscal, and debt relief policies. Failure to act will risk a substantial shock to the postwar order established by the United States and its allies more than seventy years ago. The most effective global forum for coordinating this recovery effort is the Group of 20 (G20), which led the way out of the global financial crisis (GFC) in 2009, the closest parallel we have to the current catastrophe. Eleven years ago, world leaders used the G20 meeting in London as the forum to deliver a unified response and a massive fiscal stimulus that helped stem economic free fall and prevented the recession from becoming a second Great Depression. A decade on, it is clear that the G20 is the only body with the clout to save the global economy. This does not mean that the G20 should be the only forum for actions for its member states. The United States, for example, should also work closely with like-minded states that support a rules-based world order, and there are many other fora where it can and must be active with partners and allies. But no others share the G20’s depth and breadth in the key focus areas for recovery. The other multilateral organizations that could take up the challenge lack either the substance or membership. The United Nations may count all countries as members but is too unwieldly to coordinate a response. The International Monetary Fund (IMF) has the resources but requires direction from its 189 members. The Group of Seven (G7), which once oversaw financial and economic management, does not include the fast-growing emerging economies. The G20 represents both the world’s richest and fastest-growing countries, making it the forum for international collaboration. It combines that representation with agility.
  • Topic: Security, Energy Policy, G20, Global Markets, Geopolitics, Economy, Business , Trade, Coronavirus, COVID-19
  • Political Geography: China, Middle East, Canada, Asia, Saudi Arabia, North America, United States of America
  • Author: Jeffrey Cimmino, Matthew Kroenig, Barry Pavel
  • Publication Date: 06-2020
  • Content Type: Policy Brief
  • Institution: Atlantic Council
  • Abstract: The COVID-19 pandemic is a strategic shock, and its almost immediate, damaging effects on the global economy constitute a secondary disruption to global order. Additional secondary strategic shocks (e.g., in the developing world) are looming. Together, these developments pose arguably the greatest threat to the global order since World War II. In the aftermath of that conflict, the United States and its allies established a rules-based international system that has guaranteed freedom, peace, and prosperity for decades. If the United States and its allies do not act effectively, the pandemic could upend this order. This issue brief considers the current state of the pandemic and how it has strained the global rules-based order over the past few months. First, it considers the origins of the novel coronavirus and how it spread around the world. Next, it examines how COVID-19 has exacerbated or created pressure points in the global order, highlights uncertainties ahead, and provides recommendations to the United States and its partners for shaping the post-COVID-19 world.
  • Topic: Security, Defense Policy, NATO, Diplomacy, Politics, European Union, Economy, Business , Coronavirus, COVID-19
  • Political Geography: Russia, China, South Asia, Eurasia, India, Taiwan, Asia, North America, Korea, United States of America, Indo-Pacific
  • Author: David Mortlock
  • Publication Date: 05-2020
  • Content Type: Policy Brief
  • Institution: Atlantic Council
  • Abstract: Two years ago, US President Donald J. Trump walked into the White House Diplomatic Reception Room and announced his intention to withdraw the United States from the Joint Comprehensive Plan of Action (JCPOA). The Trump administration reimposed sanctions on Iran and has adopted a policy of “maximum pressure” to compel Iran to change its behavior and to deny the Iranian regime the resources to engage in its destabilizing activities. However, he also promised he was ready, willing, and able to make a new and lasting deal with Iran. In “Trump’s JCPOA Withdrawal Two Years On – Maximum Pressure, Minimum Outcomes” author David Mortlock, Senior Fellow at the Atlantic Council, evaluates the policy outcomes of President Trump’s withdrawal from the JCPOA. The author walks readers through the timeline of President Trump’s decision to withdraw from the JCPOA, the subsequent implementation of the maximum pressure campaign on Iran, and the policy outcomes relative to stated objectives. In sum, Mortlock concludes that although the maximum pressure campaign has been effective in inflicting economic harm on Iran, it has had minimum effect in other areas. Therefore, Mortlock believes the Trump administration should seize the opportunity to pivot from maximum pressure to an approach focused more on policy outcomes.
  • Topic: Diplomacy, Treaties and Agreements, Sanctions, Nuclear Power, Economy, Donald Trump, JCPOA
  • Political Geography: Iran, Middle East, North America, United States of America