As President Barack Obama gets settled into the Oval Office, many countries are hoping the new President will act favorably toward their interests. While not everyone can be pleased, how might some exchange traded funds (ETFs) benefit from the goodwill?

A new high-profile administration is setting up shop and Obama is receiving an enormous amount of international goodwill, writes Andrew C. Schneider for The Kiplinger Letter.

Europe. Obama will find that the western European allies are more apt to allow a lengthier honeymoon period, especially in regard to the financial crisis and global climate change. But there are also a plethora of countries who are not as accommodating.

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Middle East. Arab countries will be expecting the new administration to settle the Middle East peace process in light of recent events in the Gaza Strip. When the United States shifts its attention away from Iraq to the Taliban and al Qaeda, Afghanistan and Pakistan will both be under the scrutiny of U.S. standards. Iran’s nuclear potential will also be difficult to deal with because the United States will not want Iran’s cooperation in Afghanistan. Furthermore, Iran will also want the United States to recognize it as an Islamic Republic.

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Russia. The foreign policy toward Russia will need maneuvering as the administration tackles Russia’s menacing stance surrounding its former Soviet neighbors.

• Market Vectors Russia (RSX)

Venezuela. Venezuela’s Hugo Chávez has also thrown the title of imperialism upon Obama after Obama’s recent criticism of Chávez’s support for the Revolutionary Armed Forces of Colombia. Latin America in general seems to be feeling optimistic about Obama.

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Asia. Then, there are the more apathetic China, Japan, and India, who will give the Obama administration the benefit of the doubt as to not disturb things any more than they already are.

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It is hoped that the goodwill shown by the international community will not wane too quickly and be to the benefit of all-world ETFs such as Vanguard FTSE All-World Ex-US ETF (VEU) and iShares MSCI All-World (ACWI).

Tags: ACWI, Asia, China, Eastern Europe, EFA, Emerging Markets, Europe, FEZ, ILF, Japan, Latin America, MES, Middle East, Obama, RSX, Russia, VEU