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Transatlantic Services Trade and Investment: Dynamics of and Challenges to the ‘Special Relationship’ in the Twenty-First Century

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Revisiting the UK and Ireland’s Transatlantic Economic Relationship with the United States in the 21st Century

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Abstract

Dalingwater centers her analysis on transatlantic services trade and investment. She shows that although hard to measure, trade in services should not be taken for granted when assessing the volume of transatlantic trade between the USA and the UK. Both countries have specialized in the trade of finance and business services and are world leaders in the export and import of services. Admittedly, the surplus that both countries enjoy in this sector is not sufficient to offset the deficit in goods trade, but Dalingwater spotlights its dynamism and promising future growth prospects. This trade relationship could be boosted by the Transatlatlantic Trade and Investment Partnership currently being negotiated by the USA and the European Union. Nonetheless she considers that the UK and the US should endeavor to develop their trade links with emerging and newly industrialized countries.

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Notes

  1. 1.

    W. Churchill (1946) ‘The Sinews of Peace’ (‘Iron Curtain Speech’), Westminster College, Fulton, MO, 5 March.

  2. 2.

    OECD, STI (2000) The Service Economy, Paris: OECD Publications, p.7.

  3. 3.

    G. Karsenty (1999) Just How Big Are the Stakes? An Assessment of Trade in Services by Mode of Supply, World Trade Organization.

  4. 4.

    Office of Trade and Economic Analysis (2014) ‘US Export Fact Sheet’.

  5. 5.

    Office of the United States Trade Representative ‘Resource Center’.

  6. 6.

    ONS (2011) ‘International Trade in Services 2011’.

  7. 7.

    S. I. Akhtar and V. C. Jones (2014) ‘Transatlantic Trade and Investment Partnership (TTIP) Negotiations’, Congressional Research Service, 7-5700.

  8. 8.

    Department for Business, Innovation and Skills (BIS) (2012) UK Trade Performance across Markets and Sectors 2012.

  9. 9.

    United States International Trade Commission (2013) Recent Trends in U.S. Services Trade: 2013 Annual Report, Publication 4412.

  10. 10.

    Select USA ‘The Financial Services Industry in the USA’.

  11. 11.

    The United Nations Conference on Trade and Development (UNCTAD) (2012) Service Data Trade 2012.

  12. 12.

    D. Wójcik (2011) The Global Stock Market: Issuers, Investors, and Intermediaries in an Uneven World (Oxford: Oxford University Press).

  13. 13.

    United States International Trade Commission, Recent Trends in U.S. Services Trade.

  14. 14.

    UNCTAD (2013) World Investment Report 2013 (Switzerland: United Nations).

  15. 15.

    ONS (2010) ‘Foreign Direct Investment 2009’ Statistical Bulletin.

  16. 16.

    Organization for International Investment (2013) ‘Foreign Direct Investment in the US 2013 report’ (Washington: OFII).

  17. 17.

    Confederation of British Industry (CBI) (2013) Sterling Assets 5: British Investment Creating U.S. Jobs, CBI.

  18. 18.

    World Bank (2010) Doing Business 2011: Making a difference for entrepreneurs, (Washington: World Bank).

  19. 19.

    I. Murray (2013) ‘Balance of Competences Review: Trade and Investment’, Competitive Entreprise Institute.

  20. 20.

    J. R. Markusen, Thomas Rutherford and David Tarr (1999) Foreign Direct Investment in Services and the Domestic Market for Expertise (Mimeo: Washington D.C.: The World Bank).

  21. 21.

    P. Dee & K. Hanslow (1999) Multilateral Liberalisation of Services Trade (Canverra: Australian Productivity Commission).

  22. 22.

    C. Van Grasstek (2001) Globalised Trade in Services: The Benefits for Consumers, Producers and Society (Mimeo: Washington D.C.: Washington Trade Reports).

  23. 23.

    S. I. Akhtar and V. C. Jones ‘Transatlantic Trade and Investment Partnership (TTIP) Negotiations’.

  24. 24.

    I. Murray, ‘Balance of Competences Review’.

  25. 25.

    ONS (2013) United Kingdom, Balance of Payments: The Pink Book 2013.

  26. 26.

    ONS, United Kingdom, Balance of Payments: The Pink Book 2013.

  27. 27.

    ONS, United Kingdom, Balance of Payments: The Pink Book 2013.

  28. 28.

    Office of the United States Trade Representative, ‘Resource Center’.

  29. 29.

    Claire Jones (2013) ‘Emerging markets to transform trade flows’, Financial Times, 27 February.

  30. 30.

    ONS, United Kingdom, Balance of Payments: The Pink Book 2013.

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Author information

Authors and Affiliations

  1. Sorbonne Nouvelle – Paris 3 University, Paris, France

    Louise Dalingwater

Authors
  1. Louise Dalingwater
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Editor information

Editors and Affiliations

  1. Paris 1 - Panthéon-Sorbonne University, France

    Anne Groutel

  2. Paris Ouest Nanterre la Défense University, France

    Marie-Christine Pauwels

  3. Sorbonne Nouvelle - Paris 3 University, France

    Valérie Peyronel

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Dalingwater, L. (2017). Transatlantic Services Trade and Investment: Dynamics of and Challenges to the ‘Special Relationship’ in the Twenty-First Century. In: Groutel, A., Pauwels, MC., Peyronel, V. (eds) Revisiting the UK and Ireland’s Transatlantic Economic Relationship with the United States in the 21st Century. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-58550-9_9

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  • DOI: https://doi.org/10.1057/978-1-137-58550-9_9

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  • Publisher Name: Palgrave Macmillan, London

  • Print ISBN: 978-1-137-58549-3

  • Online ISBN: 978-1-137-58550-9

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