The Doha Round of WTO negotiations has been ongoing for 10 years with little progress due to disagreements between major countries. While potential gains from trade liberalization exist, too much emphasis has been placed on market access alone. The WTO's role extends beyond negotiations over market access and includes establishing rules for trade policies. Given political cycles, greater focus could be placed on existing WTO bodies to enhance transparency and address regulatory issues while a dialogue on economic policies that create spillovers is launched.
This document compares free trade areas (FTAs) and customs unions (CUs) as forms of economic integration between countries.
FTAs eliminate tariffs between member countries but each country maintains its own external tariff. This requires rules of origin to determine which goods receive duty-free treatment. Rules of origin add complexity and costs. CUs establish a common external tariff for all member countries, eliminating the need for rules of origin and promoting efficiency. However, CUs require closer cooperation on revenue sharing.
Overall, the economic benefits of a CU outweigh those of an FTA due to reduced complexity from eliminating rules of origin and promoting efficient production and trade. A CU may be a desirable next step for economic
Deep Provision in Regional Trade Agreements: How Multilateral Friendly?(Febru...Ira Kristina Lumban Tobing
In recent years, many countries have actively sought to establish new bilateral and regional trade agreements (RTAs) to increase trade and spur economic growth. The current proliferation of RTAs reflects, in part, a demand for deeper integration than what has been achieved by older multilateral agreements. To the extent that they go beyond commitments made in the WTO and remain open to additional participation by countries committed to meeting their standards, RTAs can indeed complement the multilateral trading system.
The European Commission’s assessment of the likely benefits of the Transatlantic Trade and Investment Partnership
(TTIP) is based on analysis carried out by the Centre for Economic Policy Research, a leading
independent pan-European economic research organization. Given the significance of TTIP, this analysis
has been widely discussed in policy debates, in the press, on social media. The material provided in this
document attempts to answer some of the questions that have been raised in those contexts.
This document analyzes internal trade costs in Canada using detailed trade and output data. It finds:
1) Internal trade accounts for around 11% of Canadian output on average and is as important as international trade for some provinces.
2) Estimated internal trade costs are large (8-15% of trade value) and vary significantly across sectors and provinces, with poorer regions generally facing higher costs.
3) Reducing internal trade costs by liberalizing sectors could significantly increase Canada's GDP and welfare, with gains estimated between $50-130 billion or 3-7% of GDP depending on the policy experiment. Highly interconnected industries have the largest gains from liberalization.
The Panel on Defining the Future of Trade was established in 2012. The Panel was mandated to: “….examine and analyse challenges to global trade opening in the 21st century” against the background of profound transformations occurring in the world economy, looking “at the drivers of today’s and tomorrow’s trade, […] at trade patterns and at what it means to open global trade in the 21st century, bearing in mind the role of trade in contributing to sustainable development, growth, jobs and poverty alleviation.” This is the Report of the Panel.
This document provides a summary of the World Trade Report 2006, which explores the links between subsidies, trade, and the WTO. The report aims to help understanding of complex trade issues related to subsidies. It finds that subsidies are difficult to define and that governments use them for various reasons, both legitimate and potentially trade-distorting. The report also identifies a lack of reliable data on subsidies as an issue hindering good policymaking.
The Office of the United States Trade Representative (USTR) is responsible for the preparation of this report. U.S. Trade Representative Michael Froman gratefully acknowledges the contributions of all USTR staff to the writing and production of this report and notes, in particular, the contributions of Brittany Bauer, Colby Clark, and Michael Roberts. Thanks are extended to partner Executive Branch agencies, including the Environmental Protection Agency and the Departments of Agriculture, Commerce, Health and Human Services, Justice, Labor, State, and Treasury. In preparing the report, substantial information was solicited from U.S. Embassies around the world and from interested stakeholders. The draft of this report was circulated through the interagency Trade Policy Staff Committee. March 2014Wto2014 0918a
In this research paper, the author focuses on the analysis of the implications of the Transatlantic Trade and Investment Partnership (TTIP) for China. In the
recently launched TTIP negotiations between the USA and the European Union, it
has been emphasized that the talks will make reducing regulatory barriers a signature
issue. The emphasis on overcoming these barriers has generated some excitement,
with large figures being offered as estimates of the resulting economic gains. New
agreements to remove trade barriers aim at reducing dead-weight costs and increasing
net social gains from international trade. This paper examines the problem of regulatory barriers and offers an assessment of what can be achieved. Ideally, the best way
to address problems arising from regulatory divergence would be to take into account
the relations of the EU and USA with China in terms of multilateral collaboration.
The main aim of the paper is the presentation of the TTIP’s implications for China.
The particular objective of the research task here is the regulatory trade barriers in the
USA-EU foreign trade policy, the nature and the promoters of the Transatlantic Trade
and Investment Partnership (TTIP), interrelationship between regulatory standards
and international cooperation in the TTIP, and TTIP’s impact on China.
This document compares free trade areas (FTAs) and customs unions (CUs) as forms of economic integration between countries.
FTAs eliminate tariffs between member countries but each country maintains its own external tariff. This requires rules of origin to determine which goods receive duty-free treatment. Rules of origin add complexity and costs. CUs establish a common external tariff for all member countries, eliminating the need for rules of origin and promoting efficiency. However, CUs require closer cooperation on revenue sharing.
Overall, the economic benefits of a CU outweigh those of an FTA due to reduced complexity from eliminating rules of origin and promoting efficient production and trade. A CU may be a desirable next step for economic
Deep Provision in Regional Trade Agreements: How Multilateral Friendly?(Febru...Ira Kristina Lumban Tobing
In recent years, many countries have actively sought to establish new bilateral and regional trade agreements (RTAs) to increase trade and spur economic growth. The current proliferation of RTAs reflects, in part, a demand for deeper integration than what has been achieved by older multilateral agreements. To the extent that they go beyond commitments made in the WTO and remain open to additional participation by countries committed to meeting their standards, RTAs can indeed complement the multilateral trading system.
The European Commission’s assessment of the likely benefits of the Transatlantic Trade and Investment Partnership
(TTIP) is based on analysis carried out by the Centre for Economic Policy Research, a leading
independent pan-European economic research organization. Given the significance of TTIP, this analysis
has been widely discussed in policy debates, in the press, on social media. The material provided in this
document attempts to answer some of the questions that have been raised in those contexts.
This document analyzes internal trade costs in Canada using detailed trade and output data. It finds:
1) Internal trade accounts for around 11% of Canadian output on average and is as important as international trade for some provinces.
2) Estimated internal trade costs are large (8-15% of trade value) and vary significantly across sectors and provinces, with poorer regions generally facing higher costs.
3) Reducing internal trade costs by liberalizing sectors could significantly increase Canada's GDP and welfare, with gains estimated between $50-130 billion or 3-7% of GDP depending on the policy experiment. Highly interconnected industries have the largest gains from liberalization.
The Panel on Defining the Future of Trade was established in 2012. The Panel was mandated to: “….examine and analyse challenges to global trade opening in the 21st century” against the background of profound transformations occurring in the world economy, looking “at the drivers of today’s and tomorrow’s trade, […] at trade patterns and at what it means to open global trade in the 21st century, bearing in mind the role of trade in contributing to sustainable development, growth, jobs and poverty alleviation.” This is the Report of the Panel.
This document provides a summary of the World Trade Report 2006, which explores the links between subsidies, trade, and the WTO. The report aims to help understanding of complex trade issues related to subsidies. It finds that subsidies are difficult to define and that governments use them for various reasons, both legitimate and potentially trade-distorting. The report also identifies a lack of reliable data on subsidies as an issue hindering good policymaking.
The Office of the United States Trade Representative (USTR) is responsible for the preparation of this report. U.S. Trade Representative Michael Froman gratefully acknowledges the contributions of all USTR staff to the writing and production of this report and notes, in particular, the contributions of Brittany Bauer, Colby Clark, and Michael Roberts. Thanks are extended to partner Executive Branch agencies, including the Environmental Protection Agency and the Departments of Agriculture, Commerce, Health and Human Services, Justice, Labor, State, and Treasury. In preparing the report, substantial information was solicited from U.S. Embassies around the world and from interested stakeholders. The draft of this report was circulated through the interagency Trade Policy Staff Committee. March 2014Wto2014 0918a
In this research paper, the author focuses on the analysis of the implications of the Transatlantic Trade and Investment Partnership (TTIP) for China. In the
recently launched TTIP negotiations between the USA and the European Union, it
has been emphasized that the talks will make reducing regulatory barriers a signature
issue. The emphasis on overcoming these barriers has generated some excitement,
with large figures being offered as estimates of the resulting economic gains. New
agreements to remove trade barriers aim at reducing dead-weight costs and increasing
net social gains from international trade. This paper examines the problem of regulatory barriers and offers an assessment of what can be achieved. Ideally, the best way
to address problems arising from regulatory divergence would be to take into account
the relations of the EU and USA with China in terms of multilateral collaboration.
The main aim of the paper is the presentation of the TTIP’s implications for China.
The particular objective of the research task here is the regulatory trade barriers in the
USA-EU foreign trade policy, the nature and the promoters of the Transatlantic Trade
and Investment Partnership (TTIP), interrelationship between regulatory standards
and international cooperation in the TTIP, and TTIP’s impact on China.
Learning Objectives
To review types of economic integration among countries
To examine the costs and benefits of integrative arrangements
To understand the structure of the European Union and its implications for firms within and outside Europe
To explore the emergence of other integration agreements, especially in the Americas and Asia
To suggest corporate response to advancing economic integration
The Transatlantic Colussus - We have to broaden the debate on TTIPOle Wintermann
‘The Transatlantic Colossus: Global Contributions to Broaden the Debate on the EU-US Free Trade Agreement’ (2014), a publication from the Berlin Forum on Global Politics in collaboration with the Internet & Society Collaboratory and FutureChallenges.org of the Bertelsmann Stiftung.
http://futurechallenges.org/local/news/global-contributions-to-broaden-the-debate-on-the-eu-us-free-trade-agreement/
This document discusses a study that uses a computable general equilibrium (CGE) model to evaluate the impact of tariff reduction in Pakistan. The study finds that Pakistan significantly liberalized its external trade sector in the late 1990s, lowering average tariffs to under 17% by 2002. The CGE model is used to analyze the macroeconomic and welfare effects of further slashing tariff rates. The findings suggest an overall positive impact of reduced tariffs on economic growth and welfare indicators in Pakistan.
Covid19 has started a new era in the world for all of us this year in the early 2020, starting from last quarter of 2019. Here in this presentation, we take a look at what holds in our future in terms of global trade, economy, supply chain, production, employment, balance of power, politics, opportunities, money. #economist #covid19 #globaltrade #export #supplychains #finance #production #economy #2020 #protectionism #newnormality #newnormal2020 #globalbusiness
The document summarizes criticisms of the economic arguments in favor of the Transatlantic Trade and Investment Partnership (TTIP) agreement between the EU and US. It argues that the projected economic gains from TTIP are very small, potential distributional impacts and costs to disadvantaged groups are being ignored, and the agreement would further concentrate economic power and extend monopolies for certain industries like big pharmaceutical companies. The document concludes that the case for TTIP is not clear cut and more analysis is needed of its potential impacts, especially at the Scottish level.
This document discusses policy recommendations for Colombia to better participate in global value chains (GVCs). It summarizes that GVCs can promote economic growth but benefits are not evenly distributed. It recommends that Colombia design an export-led industrialization policy based on open trade to supply inputs to other GVC participants. It also suggests addressing top business environment constraints like taxes, corruption, and education through international cooperation, preferential trade agreements, and investing in education.
This document provides an overview of the European automotive industry and its relationship with the US market in the context of potential trade agreements like TTIP. It notes that the European automotive industry is the second largest manufacturer of motor vehicles globally and generates millions of jobs in the EU. The US is the largest export market for the EU automotive industry, especially for passenger cars. The EU runs a large trade surplus with the US in automobiles and parts. TTIP presents opportunities to further liberalize trade between the EU and US auto industries by reducing tariffs and non-tariff barriers, but also regulatory challenges to ensure vehicle safety standards on both sides achieve similar outcomes.
Enhancing the Development Effectiveness of the Post-2015 Global Partnership f...Dr Lendy Spires
This document discusses weaknesses in the current global governance system that have contributed to an uneven impact of globalization. Specifically, it notes that the existing rules and structures favor powerful developed countries and transnational corporations. This limits policy space for developing countries and can lead to outcomes that are prejudicial to developing world interests, for example by restricting the policy tools available for industrialization. The global trade regime also reflects developed country priorities and subjects developing countries to disciplines that provide few benefits in exchange for high costs of compliance. Foreign investment and participation in global value chains does not automatically benefit developing nations due to trade and investment rules that limit gains and technology transfer. Overall, reform is needed to create a system of global governance that is fairer and more supportive
This document summarizes a journal article that explores the International Monetary Fund's (IMF) influence on trade policies in low-income countries, particularly through programs like HIPC and PRGF. It begins by outlining the IMF's traditional focus on monetary and fiscal policy stability. It then discusses how the IMF's guidance has incorporated "Washington Consensus" priorities of trade liberalization. The document analyzes whether the IMF oversteps its mandate by influencing trade policies and critiques if pushing liberalization on low-income countries is appropriate given lack of consensus on benefits. It concludes by questioning if the IMF would better fulfill its core role and improve coherence across institutions by redirecting focus away from trade.
This document summarizes a presentation on SME trade given by Stephen Tapp. It addresses the benefits and challenges of SME trade, how SME trade differs from large firms, and tools that could help more SMEs engage internationally. While most exporters are SMEs, large firms account for most export value. SMEs face disproportionate trade costs, especially in accessing new markets. Recent trade agreements have included more provisions to support SME trade.
"Free" Trade without "Fair" Trade? -- how should the U.S. react to address ou...CharlesDaniels123
Current economic theory assumes that nations will voluntarily adopt “fair trade” practices.
The U.S. is in a strong bargaining position to negotiate balanced trade relative to partners that drive our trade deficit – in a trade war, they have a lot more to loose.
The U.S. should proactively adopt a tit-for-tat approach to foster trade liberalization and fairness or risk losing the “international trade war”.
Above ‘fair trade” enforcing mechanism would provide crucial time for retraining displaced labor and/or protecting sectors impacted by unfair practices.
Canada's involvement in trans-pacific trade partnershipnikita kozlov
Canada's involvement in trans-pacific trade partnership. Presentation. Information was taken from special book about Canada in Trans-Pacific Trade Partnership...
The General Agreement on Tariffs and Trade (GATT) was created after World War II to promote international trade by reducing trade barriers through negotiated tariff reductions. While intended to be a formal international organization, GATT remained an agreement. Its purposes of reducing trade barriers and promoting standards of living have been subsumed by the World Trade Organization. The WTO establishes global trade rules through member consensus and resolves trade disputes. Its aims are to increase trade and provide a platform for trade negotiations.
Pakistan's economy faces several challenges that hamper private sector growth and competitiveness. Weak rule of law, delays in legal and administrative reforms, and lack of public-private linkages accentuate governance challenges and slow economic growth. Reforms are needed to strengthen governance, improve competitiveness of Pakistani enterprises, reduce costs of doing business, and develop infrastructure to support the private sector and SMEs. Public-private dialogues have addressed these issues, but think tanks, businesses, and media will need to apply pressure to implement meaningful reforms that promote inclusive economic growth.
Strong fundamentals drive US dealmaking despite macro-economic and political uncertainties. First-half activity remains on a par with 2016 as strong fundamentals continue to drive M&A.
Though US M&A faced challenges in H1 2017, the figures show that the market is active and vibrant. There were 2,413 deals worth US$588.5 billion recorded in H1 2017, up 0.5 percent by value compared to US$585.4 billion registered in H1 2016. If activity continues at its current level, US dealmaking is on track for another strong year.
This document summarizes the current state of EU-Africa trade relations and implications of major trade deals. It discusses:
1) The status of Economic Partnership Agreements between the EU and African countries/regions, including who has ratified them and what issues they cover.
2) Upcoming "mega trade deals" between the EU/US and other partners that could impact standards and regulations globally, potentially increasing compliance costs for African exporters.
3) Recommendations that Africa follow these negotiations closely, pursue its own regulatory reforms, advocate for its priorities at the WTO, strengthen regional integration, and ensure proper sequencing of trade commitments.
This presentation by Susan F. STONE, Head, Emerging Policy Division, Trade and Agriculture Directorate, OECD, was made during the discussion “Competition provisions in trade agreements” held at the 18th meeting of the OECD Global Forum on Competition on 5 December 2019. More papers and presentations on the topic can be found at oe.cd/cpta.
Recent policies guiding economic and trade relations between the European Union (EU) and countries of the Mediterranean were aimed at creating an area of shared prosperity. The process started in the late 1970’s with the establishment of Cooperation Agreements between the EU and many countries of the Mediterranean region. The goal was to create a free trade area. This initiative gained speed in the mid‐1990’s with the launch of the Barcelona Process (1995) which eventually upgraded most of these Cooperation Agreements into Association Agreements (AA). These AAs sought the gradual elimination of tariffs on a substantial share of trade between its signatories. At the same time, the EU supported the signing of bilateral agreements between countries of the Mediterranean in order to enhance South‐South integration.
Authored by: Luc De Wulf, Maryla Maliszewska
Published in 2010
Regional trade agreements can either promote broader trade liberalization ("building blocks") or discourage it ("stumbling blocks"), depending on how member countries treat non-members. This study examines the effects of regionalism on Latin American countries' external tariffs towards non-members from 1990-2001. The results show that tariff reductions within free trade areas significantly lowered members' external tariffs, but tariff reductions within customs unions did not, suggesting regionalism functioned as a "building block" within FTAs but not CUs. Instrumental variable regressions that control for endogeneity support these findings.
Learning Objectives
To review types of economic integration among countries
To examine the costs and benefits of integrative arrangements
To understand the structure of the European Union and its implications for firms within and outside Europe
To explore the emergence of other integration agreements, especially in the Americas and Asia
To suggest corporate response to advancing economic integration
The Transatlantic Colussus - We have to broaden the debate on TTIPOle Wintermann
‘The Transatlantic Colossus: Global Contributions to Broaden the Debate on the EU-US Free Trade Agreement’ (2014), a publication from the Berlin Forum on Global Politics in collaboration with the Internet & Society Collaboratory and FutureChallenges.org of the Bertelsmann Stiftung.
http://futurechallenges.org/local/news/global-contributions-to-broaden-the-debate-on-the-eu-us-free-trade-agreement/
This document discusses a study that uses a computable general equilibrium (CGE) model to evaluate the impact of tariff reduction in Pakistan. The study finds that Pakistan significantly liberalized its external trade sector in the late 1990s, lowering average tariffs to under 17% by 2002. The CGE model is used to analyze the macroeconomic and welfare effects of further slashing tariff rates. The findings suggest an overall positive impact of reduced tariffs on economic growth and welfare indicators in Pakistan.
Covid19 has started a new era in the world for all of us this year in the early 2020, starting from last quarter of 2019. Here in this presentation, we take a look at what holds in our future in terms of global trade, economy, supply chain, production, employment, balance of power, politics, opportunities, money. #economist #covid19 #globaltrade #export #supplychains #finance #production #economy #2020 #protectionism #newnormality #newnormal2020 #globalbusiness
The document summarizes criticisms of the economic arguments in favor of the Transatlantic Trade and Investment Partnership (TTIP) agreement between the EU and US. It argues that the projected economic gains from TTIP are very small, potential distributional impacts and costs to disadvantaged groups are being ignored, and the agreement would further concentrate economic power and extend monopolies for certain industries like big pharmaceutical companies. The document concludes that the case for TTIP is not clear cut and more analysis is needed of its potential impacts, especially at the Scottish level.
This document discusses policy recommendations for Colombia to better participate in global value chains (GVCs). It summarizes that GVCs can promote economic growth but benefits are not evenly distributed. It recommends that Colombia design an export-led industrialization policy based on open trade to supply inputs to other GVC participants. It also suggests addressing top business environment constraints like taxes, corruption, and education through international cooperation, preferential trade agreements, and investing in education.
This document provides an overview of the European automotive industry and its relationship with the US market in the context of potential trade agreements like TTIP. It notes that the European automotive industry is the second largest manufacturer of motor vehicles globally and generates millions of jobs in the EU. The US is the largest export market for the EU automotive industry, especially for passenger cars. The EU runs a large trade surplus with the US in automobiles and parts. TTIP presents opportunities to further liberalize trade between the EU and US auto industries by reducing tariffs and non-tariff barriers, but also regulatory challenges to ensure vehicle safety standards on both sides achieve similar outcomes.
Enhancing the Development Effectiveness of the Post-2015 Global Partnership f...Dr Lendy Spires
This document discusses weaknesses in the current global governance system that have contributed to an uneven impact of globalization. Specifically, it notes that the existing rules and structures favor powerful developed countries and transnational corporations. This limits policy space for developing countries and can lead to outcomes that are prejudicial to developing world interests, for example by restricting the policy tools available for industrialization. The global trade regime also reflects developed country priorities and subjects developing countries to disciplines that provide few benefits in exchange for high costs of compliance. Foreign investment and participation in global value chains does not automatically benefit developing nations due to trade and investment rules that limit gains and technology transfer. Overall, reform is needed to create a system of global governance that is fairer and more supportive
This document summarizes a journal article that explores the International Monetary Fund's (IMF) influence on trade policies in low-income countries, particularly through programs like HIPC and PRGF. It begins by outlining the IMF's traditional focus on monetary and fiscal policy stability. It then discusses how the IMF's guidance has incorporated "Washington Consensus" priorities of trade liberalization. The document analyzes whether the IMF oversteps its mandate by influencing trade policies and critiques if pushing liberalization on low-income countries is appropriate given lack of consensus on benefits. It concludes by questioning if the IMF would better fulfill its core role and improve coherence across institutions by redirecting focus away from trade.
This document summarizes a presentation on SME trade given by Stephen Tapp. It addresses the benefits and challenges of SME trade, how SME trade differs from large firms, and tools that could help more SMEs engage internationally. While most exporters are SMEs, large firms account for most export value. SMEs face disproportionate trade costs, especially in accessing new markets. Recent trade agreements have included more provisions to support SME trade.
"Free" Trade without "Fair" Trade? -- how should the U.S. react to address ou...CharlesDaniels123
Current economic theory assumes that nations will voluntarily adopt “fair trade” practices.
The U.S. is in a strong bargaining position to negotiate balanced trade relative to partners that drive our trade deficit – in a trade war, they have a lot more to loose.
The U.S. should proactively adopt a tit-for-tat approach to foster trade liberalization and fairness or risk losing the “international trade war”.
Above ‘fair trade” enforcing mechanism would provide crucial time for retraining displaced labor and/or protecting sectors impacted by unfair practices.
Canada's involvement in trans-pacific trade partnershipnikita kozlov
Canada's involvement in trans-pacific trade partnership. Presentation. Information was taken from special book about Canada in Trans-Pacific Trade Partnership...
The General Agreement on Tariffs and Trade (GATT) was created after World War II to promote international trade by reducing trade barriers through negotiated tariff reductions. While intended to be a formal international organization, GATT remained an agreement. Its purposes of reducing trade barriers and promoting standards of living have been subsumed by the World Trade Organization. The WTO establishes global trade rules through member consensus and resolves trade disputes. Its aims are to increase trade and provide a platform for trade negotiations.
Pakistan's economy faces several challenges that hamper private sector growth and competitiveness. Weak rule of law, delays in legal and administrative reforms, and lack of public-private linkages accentuate governance challenges and slow economic growth. Reforms are needed to strengthen governance, improve competitiveness of Pakistani enterprises, reduce costs of doing business, and develop infrastructure to support the private sector and SMEs. Public-private dialogues have addressed these issues, but think tanks, businesses, and media will need to apply pressure to implement meaningful reforms that promote inclusive economic growth.
Strong fundamentals drive US dealmaking despite macro-economic and political uncertainties. First-half activity remains on a par with 2016 as strong fundamentals continue to drive M&A.
Though US M&A faced challenges in H1 2017, the figures show that the market is active and vibrant. There were 2,413 deals worth US$588.5 billion recorded in H1 2017, up 0.5 percent by value compared to US$585.4 billion registered in H1 2016. If activity continues at its current level, US dealmaking is on track for another strong year.
This document summarizes the current state of EU-Africa trade relations and implications of major trade deals. It discusses:
1) The status of Economic Partnership Agreements between the EU and African countries/regions, including who has ratified them and what issues they cover.
2) Upcoming "mega trade deals" between the EU/US and other partners that could impact standards and regulations globally, potentially increasing compliance costs for African exporters.
3) Recommendations that Africa follow these negotiations closely, pursue its own regulatory reforms, advocate for its priorities at the WTO, strengthen regional integration, and ensure proper sequencing of trade commitments.
This presentation by Susan F. STONE, Head, Emerging Policy Division, Trade and Agriculture Directorate, OECD, was made during the discussion “Competition provisions in trade agreements” held at the 18th meeting of the OECD Global Forum on Competition on 5 December 2019. More papers and presentations on the topic can be found at oe.cd/cpta.
Recent policies guiding economic and trade relations between the European Union (EU) and countries of the Mediterranean were aimed at creating an area of shared prosperity. The process started in the late 1970’s with the establishment of Cooperation Agreements between the EU and many countries of the Mediterranean region. The goal was to create a free trade area. This initiative gained speed in the mid‐1990’s with the launch of the Barcelona Process (1995) which eventually upgraded most of these Cooperation Agreements into Association Agreements (AA). These AAs sought the gradual elimination of tariffs on a substantial share of trade between its signatories. At the same time, the EU supported the signing of bilateral agreements between countries of the Mediterranean in order to enhance South‐South integration.
Authored by: Luc De Wulf, Maryla Maliszewska
Published in 2010
Regional trade agreements can either promote broader trade liberalization ("building blocks") or discourage it ("stumbling blocks"), depending on how member countries treat non-members. This study examines the effects of regionalism on Latin American countries' external tariffs towards non-members from 1990-2001. The results show that tariff reductions within free trade areas significantly lowered members' external tariffs, but tariff reductions within customs unions did not, suggesting regionalism functioned as a "building block" within FTAs but not CUs. Instrumental variable regressions that control for endogeneity support these findings.
Santander Bank Annual Report 2011 Annual review 2011 BANCO SANTANDER
Banco Santander reported an attributable profit of EUR 5,351 million in 2011. Key figures include gross income increasing 5.3% to EUR 44,262 million and net operating income rising 2.2% to EUR 24,373 million. The bank strengthened its balance sheet by increasing core capital to 10.02% under Basel II and assigning EUR 1,812 million to provisions for real estate assets in Spain. Shareholder remuneration was maintained at EUR 0.60 per share for the third year.
- Co to jest zła wielozadaniowość?
- Skąd się bierze zła wielozadaniowość?
- Jak zwalczyć złą wielozadaniowość dzięki skutecznemu kolejkowaniu?
- Czy można zarządzać projektami metodą łańcucha krytycznego przy
użyciu białej tablicy?
- Gdy łańcuch krytyczny nie da się zastosować... i co wtedy?
Udział inwestorów indywidualnych w obrotach na GPW w 2014 r. Analiza poglądowa dla emitentów i ich działów relacji inwestorskich, dla podkreślenia wagi inwestorów indywidualnych dla spółek publicznych.
Non-tariff barriers (NTBs) present major challenges for increasing intra-regional trade in South Asia under the South Asian Free Trade Agreement (SAFTA). NTBs include technical barriers to trade, sanitary and phytosanitary measures, import policies, and standards, testing, labeling, and certification requirements. South Asian countries apply various NTBs, with India maintaining an import licensing system and complex customs procedures, and Pakistan and Sri Lanka applying tariffs and import taxes. Removing NTBs will be essential for SAFTA's success in enhancing regional trade.
Non-tariff barriers (NTBs) present major challenges for increasing intra-regional trade in South Asia under the South Asian Free Trade Agreement (SAFTA). NTBs include technical barriers to trade, sanitary and phytosanitary measures, import policies, customs procedures, standards, testing, labeling, and certification requirements. Developing countries face NTBs both in developed country markets and in South-South trade. South Asian countries apply various NTBs including import licensing, customs delays, reference pricing, emissions standards, and antidumping measures that can restrict imports. Removing NTBs will be essential for SAFTA to enhance regional trade.
The document discusses the stalled Doha Round trade negotiations and makes the case for completing them. It notes that while global trade has increasingly liberalized unilaterally over the past decades, multilateral negotiations have stalled. This is due to developing countries now being large economies and demanding more flexibility. The document argues that completing Doha would reinforce the rules-based trading system, provide new market access worth hundreds of billions, and act as an insurance policy against future protectionism, especially through reform of agricultural subsidies. It maintains political will is needed to finalize an agreement.
This document is a summary of the 2015 Aid for Trade at a Glance report published jointly by the OECD and WTO. It discusses how high trade costs inhibit developing countries from fully exploiting market access opportunities and integrating into the global economy. The key sources of trade costs identified are border procedures, transport infrastructure, and non-tariff measures including standards. While trade costs alone do not determine development pathways, they are a major factor in why some countries struggle to grow and diversify. Reducing trade costs is especially important for least developed countries and small and medium enterprises. The WTO Agreement on Trade Facilitation is highlighted as an important step towards lowering trade costs. Aid for trade disbursements are helping to reduce trade
The document discusses the effects of the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO) on world trade. It provides background on GATT, established in 1947 to reduce trade barriers, and the WTO, established in 1995 which further liberalized trade. The analysis in the document finds that GATT increased trade among member countries more than would be predicted based on economic factors alone. It also discusses how regional trade agreements have become embedded in the larger multilateral trading system established by GATT and the WTO.
The Multilateral Trading System After DohaSimon Lacey
The document discusses the state of the global trading system after the Doha Round of trade negotiations. It provides background on the negotiations leading up to and following the 2001 Doha Ministerial Conference where the Doha Development Agenda was launched. Key topics covered include the agricultural, services and industrial tariff negotiations under Doha, as well as debates around special treatment for developing countries, cotton subsidies, and the eventual breakdown of negotiations at the 2003 Cancun Ministerial.
G20 Australia Presidency oecd stocktaking seminar on global value chainsDr Lendy Spires
G20 Australian Presidency-OECD Stocktaking Seminar on Global Value Chains was held in Paris on May 5, 2014 to discuss progress on measuring the impact of global value chains (GVCs) on trade, economic growth, and job creation. Participants discussed policy actions by G20 governments to raise collective GDP by 2% by 2018 through GVCs. Key points included: (1) protectionism increases costs and reduces competitiveness in GVCs; (2) reducing behind-the-border trade costs through standards harmonization could increase income by over $40 billion; and (3) ratifying the WTO Trade Facilitation Agreement and improving services sector regulations are critical to enabling GVCs and lowering trade
The document discusses alternative approaches to reciprocal tariff liberalization that have been used in past multilateral trade negotiations. It describes three main approaches:
1) Sectoral approaches where countries negotiate liberalization either on a selective product-by-product basis or within identified sectors.
2) Across-the-board approaches using tariff reduction formulas to lower all tariffs according to a pre-specified formula. Formulas discussed include percentage cuts and cuts proportional to initial tariff levels.
3) Balancing liberalization based on tariff revenue forgone to account for differences in initial tariffs and country size. However, this may not be as efficient as it implies lower cuts on higher tariffs.
The document discusses alternative approaches to reciprocal tariff liberalization that have been used in past multilateral trade negotiations. It describes three main approaches:
1) Sectoral approaches where countries negotiate liberalization either on a selective product-by-product basis or within identified sectors.
2) Across-the-board approaches using tariff reduction formulas to lower all tariffs according to a pre-specified formula. Formulas discussed include percentage cuts and cuts proportional to initial tariff levels.
3) Balancing liberalization based on tariff revenue forgone to account for differences in initial tariffs and country size. However, this may not be as efficient as it implies lower cuts on higher tariffs.
This document discusses alternative approaches to reciprocal tariff liberalization in international trade negotiations. It describes how negotiations under the WTO allow flexibility in reducing tariffs on a product-by-product or general formula basis. Sectoral approaches are also discussed, including negotiating access to certain sectors or negotiating bilateral access across sectors. While sectoral approaches can efficiently reduce high tariffs, they may favor developed countries' export sectors and result in an initially lower level of welfare.
FTAs can result in some export gains, and possibly increased FDI flows, but the size and durability of these benefits – highly uncertain. FTAs will most likely lead to an increase in imports with impact for the trade balance and the external debt position.
The document discusses the potential for deeper economic integration between the EU and Mediterranean partner countries through regulatory harmonization. Specifically:
1) It argues that moving beyond free trade to selectively adopt EU regulatory frameworks could facilitate economic adjustment, regional integration, and services trade liberalization for Mediterranean partners.
2) Reforming sectors like transport, telecom, electricity, and finance could have particularly strong payoffs by addressing market failures and catalyzing domestic reforms.
3) The EU's experience with integration and enlargement shows that regulatory harmonization can boost economic growth when combined with domestic adjustment policies.
The Trans-Pacific Partnership (TPP) agreement aims to eliminate tariffs and non-tariff barriers between 12 countries representing 26% of world trade. It has the potential to revitalize global trade by reducing protectionism and setting standards. However, world trade has slowed in recent years due to weaker demand, changing supply chains, and rising protectionism. The TPP could help reverse this trend by lowering trade barriers and encouraging more offshoring and global supply chains. While the TPP may provide significant benefits, these will be gradual as changes will be implemented over 10 years and national approvals are still needed.
The Agreement on Trade Facilitation (TFA) of the World Trade Organization (WTO), reached
in Bali, Indonesia in 2013, represents a great opportunity for developing countries.
Experience shows that trade facilitation reforms improve a country’s trade competitiveness
and enhance its revenue collection. What is more, they can help advance development
goals such as strengthening governance and formalizing the informal sector. In
addition, since many trade facilitation-related challenges and solutions are regional, the
implementation of such solutions can boost regional integration.
This policy brief examines the potential impact that trade facilitation reforms can have
on trade competitiveness and development, including a number of specific Sustainable
Development Goals (SDGs), and on revenue collection and other public policy objectives.
It identifies the policies necessary for developing countries to reap the full developmentrelated
benefits of trade facilitation reforms. UNCTAD’s research and experience with
technical assistance programmes have shown that trade facilitation reforms should be
comprehensive and ambitious. Trade facilitation should also be linked to investments in
transport infrastructure and other trade-supporting services. Given the linkages between
trade facilitation reforms and implementation capacities, development partners need to
focus their support on the most vulnerable economies, making full use of the promises and
possibilities for technical assistance provided by the TFA.
Trade Policy Implications of Global Value ChainsDr Lendy Spires
Global value chains have become dominant in world trade. Tariffs and other trade barriers have cumulative costs when goods cross borders multiple times as inputs. Lowering these barriers can reduce costs for domestic producers and improve competitiveness. Trade agreements need to reflect this reality and further liberalize trade in both goods and services to facilitate global production sharing. Countries also require complementary policies like workforce training to maximize the benefits of participation in global value chains.
Non agriculture market_access_issues_and_concerns_for_indiaYogesh Bandhu
A key element of the Doha Round of trade negotiations is the liberalisation of trade in industrial products, commonly known as non-agricultural market access (NAMA). Negotiations under NAMA focus on market access for all products that are not covered under the negotiations on agriculture or services and aim to reduce, if not possible to completely eliminate, tariff and non-tariff barriers (NTBs) that restrict trade in these products. The framework adopted for modalities for negotiations under NAMA, known as the ‘July Package’, envisages reduction of industrial tariffs in both developed and developing countries, according to a formula that is yet to be agreed. These negotiations are important for developing countries, as these will determine the market access opportunities available to developing countries through which they can improve their growth prospects.
As per the WTO text on NAMA of December 6, 2008, the developing countries have been asked to undertake tariff reductions of 60 - 70 per cent while the developed countries are offering a reduction of only 20 - 30 per cent based on Swiss formula for tariff reduction which gives a coefficient of 8 for developed countries and 22 on an average for developing countries. The insistence on developing countries to cut their bound tariffs in NAMA or agriculture until they go below the applied levels along with the continuation of US practice of having a bound level that is twice its actual spending on agricultural domestic subsidies has been objected by India and China.
India desires that the modalities for tariff cuts should reflect the mandate of less than full reciprocity in reduction commitments and comparability in ambition between NAMA and Agriculture.
So far as the tariff reduction is concerned, it may be mentioned that the Swiss formula should not be used for making commitments on tariff reduction as it involves the use of an arbitrary coefficient, a, which can be manipulated by member countries. Even, the simple average formula has its own limitations. For instance, it overlooks the values that are either very high or very low and thus cannot solve the problem of tariff peaks.
The simplest way is to reduce the bound levels of developed countries to 5 or 10 per cent for all tariff lines as their industries have already developed. Otherwise, the developed countries can be asked to bring their bound tariff rates to 5 to 8 per cent for those tariff lines that cover at least 98 per cent of the potential exports, and not the actual exports as that may be lower because of existing high import tariff or domestic support in importing country, of developing countries to developed countries. This potential of exports for developing countries can be calculated through revealed comparative advantage or by matching the developing countries exports and developed countries imports at different commodity classification levels.
The document discusses various topics related to international trade and global links for Bangladesh, including:
- Bangladesh's initial trade regime focused on import substitution to encourage domestic industrialization.
- The evolution of the global trade regime from a period of free trade in the 19th century to rising protectionism prior to World War 2 and the establishment of institutions like the GATT and WTO to promote trade liberalization.
- Key features of the GATT/WTO system including reciprocity, non-discrimination, liberalizing trade through successive negotiation rounds, and provisions for developing countries.
- Bangladesh's trade policies in the 2000s including rules/regulations, tariffs and other instruments, and relevant institutions
181 Chapter 6Supranational Organizations and Intern.docxaulasnilda
181
Chapter 6
Supranational Organizations
and International Institutions
“Mankind always takes up only such problems as it thinks it can solve.”
—Albert O. Hirschman
Chapter ObjeCtives
this chapter will:
• Identify major international trade organizations, such as the World Trade
Organization and the United Nations Conference on Trade and Development,
and the roles they play in shaping the international business environment
• Describe the major financial institutions, such as the World Bank and
the International Finance Corporation, and the assistance they provide in
channeling financial resources to developing countries
• Review the growth of regional financial institutions and their important
positions as providers of financial resources
BaCkground
Increasing economic, financial, and commercial interdependence among nations of the
world after World War II created a need to coordinate international action and policies
to secure the smooth flow of trade. Apart from regular, periodic meetings of officials
and business leaders from different countries, these nations recognized a need for the
establishment of permanent organizations to provide stability and continuity to the
process of international economic interchange. Some supranational bodies were set
up in the period immediately following World War II, while more were established
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EBSCO : eBook Collection (EBSCOhost) - printed on 12/12/2018 2:22 PM via BARRY UNIV
AN: 929355 ; Ajami, Riad A., Goddard, G. Jason.; International Business : Theory and Practice
Account: s8987890.main.ehost
182 Chapter 6 • Supranational Organizations and International Institutions
in the following decades. Two major categories of international organizations can be
identified as those having a global focus and those set up to meet the needs of particular
regions.
general agreeMent on tariFFs and trade
The General Agreement on Tariffs and Trade (GATT) was established initially as
a temporary measure to reduce trade barriers among its founding members. Since its
inception in 1947, GATT evolved into a permanent body to include most industrial and
developing countries, excluding those of the socialist bloc.
GATT was originally established to avoid the kind of competitive protectionism
that had plagued international trade in the period between the two world wars, which
was reflected in high tariff barriers and a major slump in trade volumes. The objectives
of GATT—liberalization of international trade restrictions and the lowering of tariff
barriers—were to be achieved by multilateral negotiations and voluntarily agreed-upon
rules of conduct. As a permanent international body, GAT ...
This document summarizes the potential benefits of a CARICOM-Canada Trade and Development Agreement. Some key benefits include:
- Providing duty-free access for CARICOM goods to the Canadian market
- Facilitating reciprocal but asymmetric trade liberalization that gives CARICOM more time to open its markets
- Expanding access to Canadian services and investment markets beyond what is available now
- Promoting technology transfer, innovation, and foreign direct investment between the two regions
- Establishing rules on e-commerce, government procurement, intellectual property, and competition policy.
Bashar H. Malkawi Dispute setttlement in eu association agreements with arab ...Bashar H. Malkawi
It is assumed that the parties to the FTA will carry out their commitments in good faith. Persons and companies would risk capital and may suffer potential loss; therefore FTAs require a strong legal foundation incentivizing stability, transparency and
compliance with obligations.
The dispute settlement mechanism in FTAs is necessary as they provide means to settle disagreements on interpretation or compliance with treaty obligations. The dispute settlement mechanism help ease tensions among FTA parties and maintain healthy relationships among trading partners.
Similar to B. Hoekman - The WTO and the Doha Round: Walking on Two Legs [World Bank] (20)
The document is the 2014-2015 Global Competitiveness Report published by the World Economic Forum. It was edited by Professor Klaus Schwab and Professor Xavier Sala-i-Martín. The report assesses the competitiveness of various countries and economies based on the Global Competitiveness Index and data from the Executive Opinion Survey. It acknowledges contributions from various partner institutes that provided important support and data.
The 2014 Annual Report is split into three main sections. The first contains a message from the WTO Director-General. The second section provides a brief overview of 2013 and some background information on the WTO, while the third has more in-depth information.
This document provides an overview of the 20th anniversary of the Association of Caribbean States (ACS), which was established in 1994 to promote cooperation among countries in the Greater Caribbean region. It discusses the ACS's origins, achievements over its first two decades, and priority areas of focus going forward such as expanding trade and investment, reducing disaster risks, sustainable tourism, and regional transportation connectivity. The ACS Secretary-General highlights progress made in 2013, including ratification of agreements and approval of projects, and looks ahead to the upcoming 6th Summit in Mexico to further consolidate cooperation efforts across the region.
This document discusses trade between the CARICOM region and Ghana. It finds that while CARICOM exports a modest amount to Ghana, totaling $26.8 million USD in 2012, the trade is inconsistent and concentrated in a few products like ceramics, fish, and chemicals. Ghana's economy has grown around 6% annually in recent years due to its oil, gas, agriculture and services sectors. The document recommends CARICOM explore opportunities in Ghana's growing market, as some companies like GraceKennedy have already begun operations there.
The document discusses a meeting of the Council on Trade and Economic Development (COTED) of the Caribbean Community (CARICOM) that recognized the need to address the link between trade policies, diet, and obesity in the Caribbean region. The COTED established a working group to prepare for a joint meeting in 2014 on these issues. The working group is coordinated by the Caribbean Public Health Agency, the Office of Trade Negotiations, and CARICOM. The collaboration aims to develop effective strategies to address non-communicable diseases related to poor dietary intake. The document summarizes research finding that international trade has reduced the costs of energy-dense foods high in sugars and fats, making these diets more affordable and contributing to obesity
This guide helps businesses take advantage of the WTO Trade Facilitation Agreement. The agreement simplifies customs procedures, allowing businesses to become more competitive. This jargon-free guide explains the provisions with a focus on what businesses need to know to take advantage of the agreement. It will also help policy makers identify their needs for technical assistance to implement and monitor it. - See more at: http://www.intracen.org/wto-trade-facilitation-agreement-business-guide-for-developing-countries/#sthash.UA1o6V3G.dpuf
The document summarizes the Common External Tariff (CET) structure used by CARICOM member states. It describes how the CET categorizes products as either inputs into production or final goods. These products are then further divided into competing or non-competing based on whether regional production meets 75% of regional demand. Several categories of products are given special treatment in the CET rates, including selected exports, agriculture, agricultural inputs, safety items, cost of living sensitive goods, socio-economic/cultural goods, and revenue generating items like alcohol and cigarettes.
This Working Paper was published by United Nations University Maastricht Economic and social Research Institute on Innovation and Technology (UNU-MERIT). It seeks to provide insights about the main characteristics of innovative firms and to gather new evidence with regard to the nature of the innovation process in the Latin American and Caribbean region. This Paper analyses data from a number of CARICOM countries.
The Caribbean Community Regional Aid for Trade Strategy 2013-2015 aims to help CARICOM member states overcome constraints to competitiveness and trade expansion through three strategic goals: 1) Upgrading key economic infrastructure, 2) Enhancing competitiveness and trade diversification, and 3) Deepening regional integration and maximizing gains from trade agreements. The strategy identifies priority areas and "anchor" projects to achieve these goals in maritime transport, ICT, energy, trade facilitation, and private sector development. It also categorizes activities as regional, national-regional, or national to coordinate aid for trade efforts across the Caribbean.
Details for persons who are interested in attending the Caribbean Festival of the Arts (CARIFESTA) scheduled for Suriname from 16-25 August 2013 under the theme “CULTURE FOR DEVELOPMENT, Celebrating our Diversity and Promoting the Central Role of Culture in Economic, Social and Human Development”
The Caribbean Community Secretariat is seeking to fill the position of Technical Advisor in Investment and Private Sector. The position is based in Barbados and requires a candidate with at least a Master's degree and 5 years experience in investment promotion, business development, or related trade matters. Key responsibilities include providing technical support and advice on investment, serving as a liaison to private sector stakeholders, conducting research and analysis, and representing CARICOM at various meetings. The position offers an attractive remuneration package including education grants for dependents and relocation assistance.
This document celebrates the 40th anniversary of CARICOM (Caribbean Community). It contains speeches and articles from political leaders and experts reflecting on the progress and achievements of CARICOM over the past 40 years as well as the continued importance of Caribbean integration and cooperation going forward. Key points made include that CARICOM has advanced economic integration, functional cooperation, and the vision of a unified Caribbean community despite ongoing challenges. The document encourages continuing efforts to deepen regional integration to address global issues and take advantage of opportunities through a shared Caribbean identity and destiny.
The document summarizes global trade in cheese and curd. It finds that in 2011, global cheese and curd imports totaled $27.4 billion, with Germany accounting for over 15% of imports. The top 10 importing countries jointly accounted for 63.3% of global imports. While global import spending grew 4% annually from 2007-2011, some individual countries like Israel and Brazil saw above average growth. The US imposed the highest average tariffs on cheese and curd imports at over 17%. The document then analyzes cheese and curd exports from CARICOM countries, finding that exports have declined in recent years and are concentrated in a few markets like the US. Jamaica dominates CARICOM exports, though prices are higher
OTN UPDATE is the flagship electronic trade newsletter of the Office of Trade Negotiations (OTN). The newsletter provides analyses of international trade policy issues and developments relevant to the Caribbean. It focuses on the OTN's work, trade negotiation topics within its mandate, and related activities. The intention is to provide stakeholders awareness of important trade policy changes affecting the Caribbean.
The document discusses innovation emerging as a new frontier in multilateral trade cooperation at the WTO. It notes that as knowledge and creative economies grow, countries are increasingly concerned with the link between innovation, trade performance, and competitiveness. While intellectual property protection is important, innovation depends on broader factors. The prospects for multilateral trade cooperation expanding beyond reducing barriers to
The document provides an overview of trade between the CARICOM region and the European Union (EU27). Some key points:
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The 2013 National Trade Estimate Report on Foreign Trade Barriers (NTE), which is prepared by the United States Trade Representative (USTR), surveys significant foreign barriers to U.S. exports. Although the emphasis is on foreign barriers to U.S exports, the information in the Report is a source of useful insights with respect to research and analysis regarding a number of issues and countries including, inter alia, Canada, the Dominican Republic, India and the European Union.
The document summarizes key aspects of CARICOM's entertainment services industry and opportunities for further market development, specifically in Canada. It outlines that while the music industry receives much policy focus, other entertainment subsectors like fashion, visual arts, film/TV, and publishing show strong competitive advantages and earnings potential for CARICOM. The document recommends joint ventures to develop animation capabilities, cultural cooperation to strengthen artist programs, and co-publishing agreements to increase access to markets like Canada. Overall, it presents the entertainment industry as an important trade option for CARICOM that could be further enhanced through regional collaboration and partnerships.
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B. Hoekman - The WTO and the Doha Round: Walking on Two Legs [World Bank]
1. POVERTY
THE WORLD BANK REDUCTION
AND ECONOMIC
MANAGEMENT
NETWORK (PREM)
Economic Premise
OCTOBER 2011 • Number 68
JUN 010 • Numbe 18
The WTO and the Doha Round: Walking on Two Legs
Bernard Hoekman
The Doha Round of the World Trade Organization (WTO) negotiations has been ongoing for 10 years, and given political
cycles in major countries, there is not much hope for a rapid conclusion. The topics on the table are important, and in prin-
ciple there is enough substance for all countries to gain from an agreement, but, unfortunately, too much emphasis has been
placed on gains through market access alone. The Doha Round is about much more than market access. Concluding the
talks arguably requires greater recognition of the value of trade policy disciplines that will be part of any agreement. The
WTO is not just a market access negotiating forum; it is also a multilateral umbrella through which governments can agree
on rules of the game for other trade-related policies. Given the slow progress of the Round, greater emphasis could be put on
leveraging existing WTO bodies to enhance the transparency of nontariff measures, address regulatory concerns that impede
liberalization of trade in services, and launch a dialogue on domestic economic policies that can create negative spillover
effects for trading partners.
The Doha Development Agenda (DDA) negotiations, under- WTO is not delivering on its “legislative” function—the devel-
way for 10 years, are in a state of paralysis as a result of disagree- opment of new global rules of the game for national trade poli-
ments between major players on the extent of new liberaliza- cies that generate negative spillovers.
tion commitments, especially for nonagricultural products. A number of observers have called on policy makers to ac-
Efforts to use the upcoming eighth WTO Ministerial Confer- knowledge failure, terminate the talks, and start a process of
ence in December 2011 to partially “harvest” results in areas of defining a new negotiating agenda that includes issues of great-
particular relevance to the least-developed countries (LDCs) er salience to businesses. Others call for a shift in negotiating
and other low-income countries—such as duty-free, quota-free techniques and practices so as to prevent a small group of coun-
access for LDCs and an agreement on trade facilitation—failed tries (or a group of small countries) from blocking agreement
earlier this year. It has become increasingly clear that prospects among the largest trading nations. The utility of such recom-
for successfully winding up the talks in the near future are dim. mendations is limited at best. The subjects that are on the table
The deadlock is costly. Assessments of the market access di- in the DDA—agricultural trade policies, manufactured goods,
mension of what has been negotiated to date suggest that the and services—will need to figure into any multilateral trade ne-
DDA could generate a global welfare (real income) boost of gotiation. The problem that is holding up agreement is not
some US$160 billion (Laborde, Martin, and van der Mensbrug- blocking behavior by small countries. The source of the dead-
ghe 2011). This significantly underestimates the value of an lock that has prevailed since 2008 is disagreement among a
agreement, because continued paralysis also means that the small number of large players on market access. This is not
1 POVERTY REDUCTION AND ECONOMIC MANAGEMENT (PREM) NETWORK www.worldbank.org/economicpremise
2. something smaller countries can do much about. What is need- when potential new investment, competition, and procure-
ed is a “critical mass” of the larger players to improve their offers ment disciplines were taken off the table. Since 2004, the nego-
on market access—defined both as reductions in applied barri- tiations have centered primarily on a traditional market access
ers to trade and locking-in policies through binding WTO com- and rules agenda (including disciplines on agricultural support
mitments. policies). This agenda offers potential gains for all WTO mem-
In what follows, this note argues that the Doha Round (and bers, both in terms of lower barriers on goods and services ex-
the WTO more generally) should not be assessed primarily on ports and from a reduction in uncertainty regarding possible
the basis of the extent to which agreements reduce applied lev- increases in levels of import protection—through greater tariff
els of protection. The WTO is not just a marketplace in which bindings, reductions in the average level of bound tariffs (the
countries exchange liberalization commitments; it is a vehicle so-called ceiling tariffs that governments commit not to ex-
through which governments agree on rules of the game for ceed), and specific commitments for services.1
policies, and the institution through which implementation is Average tariff levels today are much lower than just a decade
monitored and negotiated rules and commitments are en- ago, and far below the averages that prevailed in the 1980s.
forced. These rule-setting and enforcement dimensions of the Quantitative import restrictions have largely disappeared. The
WTO are very important for firms engaged in trade because last (2008) proposals under active discussion in the DDA
they reduce uncertainty regarding the competition conditions would reduce the world average bound tariff for agricultural
firms will confront when exporting or investing. Uncertainty products from 40 to 30 percent and from 8 to 5 percent for
can be an important source of market entry and operating nonagricultural goods. Average applied farm tariffs faced by de-
costs, and result in less investment and job creation. veloping country exporters would fall from 14.2 to 11.5 per-
The political cycle in several major countries (such as China cent, and those on their exports of manufactures from 2.9 to
and the United States) make it unlikely that the negotiations 2.1 percent. The reductions in applied tariffs are beneficial to
will be concluded before the end of 2013. This creates an op- exporters and consumers, but do not appear to add up to a lot—
portunity for WTO members to identify a forward-looking after all, if DDA only generates less than a 1 percentage point
process and launch a work program to discuss policy matters cut in the average tariff on manufactures, this clearly will not do
that are not part of the DDA. Much has changed during the much to lower prices of the goods concerned or enhance the
decade of the Doha Round. The sustained high economic ability of exporters to compete in foreign markets.
growth rates in large emerging markets—most notably China— Much criticism has been based on the results of global simu-
have made these countries much more important as markets lation models that suggest the net real income gains from any
and sources of competition. The world has moved from a situa- politically feasible DDA outcome are likely to be small in the
tion characterized by low food prices to one where prices are aggregate: as mentioned above, what was on the table in 2008
expected to remain substantially higher on average than they would generate “only” US$160 billion in additional income as
have been during recent decades, as well as more volatile. Great- a result of lower trade barriers. This is not insignificant and
er demand for food and natural resources could potentially compares well to what was achieved in previous rounds (Mar-
bring on a more activist use of trade-related policies that have tin and Messerlin 2007). Whether one regards this number as
negative pecuniary spillovers on trading partners. All of these significant or not, this numerical lens misconstrues a critical
developments call for multilateral cooperation to determine function of WTO negotiations. These negotiations are not pri-
rules of the game for food, natural resource and climate-related marily about reducing applied levels of protection, but center
trade policies, and to strengthen the monitoring and transpar- on establishing trade policy rules and reducing uncertainty
ency-related activities of the WTO. through a “lock-in” of policies and binding of tariff rates, either
Launching a discussion of some of these issues in working at, or much closer to, applied levels. The benefits of this dimen-
groups under the auspices of existing WTO committees would sion of WTO negotiations are ignored in models simply be-
ensure that time is not lost while market access negotiations in cause economists cannot quantitatively assess these features.2
the Doha Round continue. The results of the deliberations The quantitative analyses also tend to underemphasize the
could feed into an eventual Doha Round conclusion, but more fact that although tariffs are generally already low on average,
realistically would aim to define an agreed upon set of follow- therefore limiting the aggregate effect of further reductions,
on activities that would be pursued under WTO auspices. the formula-based negotiation modalities that have been devel-
oped will effectively eliminate all tariff peaks in Organisation
Moving Away from the “Market Access
for Economic Co-operation and Development (OECD) coun-
Metric”
tries. The focus should therefore be on what happens to prod-
Negotiators have been working for almost 10 years to define a ucts and sectors where tariffs are much higher than average—ag-
negotiating set. The contours of this set were narrowed down ricultural products, textiles, and footwear. The same is true of
over time, especially following the 2003 Cancun ministerial, agricultural support policies in OECD countries, which gener-
2 POVERTY REDUCTION AND ECONOMIC MANAGEMENT (PREM) NETWORK www.worldbank.org/economicpremise
3. ate costs for consumers that are not large enough to concern subsidization, more emphasis is needed on explaining why
them greatly, and negatively affect only a relatively small pro- such ceiling bindings are valuable. Agricultural protection and
portion of economic agents in countries with a comparative subsidies in OECD countries have reduced the amount of food
advantage in specific products. But for the affected groups— that is traded internationally and led to greater instability of
such as farmers in Brazil or coastal fishermen in West Africa— world prices, with large negative spillover effects on developing
what is on the table matters much more than what is inferred countries, whether exporters or importers. Disciplines on the
from looking at the reduction in average tariffs. ability of governments to use import or export barriers to insu-
Tariff bindings—and more generally negotiated disciplines late domestic markets, and hence make world markets thicker,
and restrictions on the ability of governments to use certain would be a major source of welfare gain for developing coun-
policies—reduce the uncertainty that is inherently associated tries (Martin and Anderson 2011).
with engaging in international trade. Exporters confront more
Leveraging Critical Mass
uncertainty than do firms that operate only on their domestic
market. National transactions and contracts can be enforced in Major stakeholders in the negotiations have stressed that more
national courts; there are no borders where goods may be held market access concessions are needed for any Doha deal to be
up in customs; there is no exchange rate risk to worry about; acceptable. The contours of any deal to do more to lower ap-
and so forth. The fixed costs of getting goods into a foreign mar- plied barriers to trade and agricultural support need to be pur-
ket are higher than those associated with domestic transac- sued by the large players on a critical mass basis. A key feature of
tions. Anything that can lower the costs associated with export- critical mass agreements is that they need not involve all of the
ing will both benefit existing exporters, and, more importantly, WTO membership. Instead, they imply agreement among the
encourage new exporters. As foreign market entry costs fall, large players, with the associated benefits extended to all WTO
more firms will be able to start exporting to new markets. The members (that is, those who are not part of a deal are allowed to
associated expansion of exports along this so-called extensive “free ride”). Such an approach is nothing new for the WTO; in
margin of trade will boost economic welfare and growth.3 practice, negotiations under the General Agreement on Tariffs
Trade barriers may be prohibitive for a firm—a 50 percent and Trade (GATT) were always limited to those countries with
tariff will be hard to overcome for most firms: negotiations that the greatest interest in a particular area or set of products, with
result in lower tariffs matter. But if tariffs are already at 5 per- whatever was eventually agreed upon being extended to all
cent—and the average applied tariff in many countries today is members as a result of the most favored nation (MFN) rule.
often around or below that figure—variability/uncertainty in The threshold for agreement has tended to be around 90 per-
the taxes and regulatory regimes that apply in a market can be cent, that is, some 90 percent of the trade involved in an area or
of much greater concern to firms, and have a much greater ef- set of products needed to be between the participating coun-
fect in impeding firms’ investment in export activity and pene- tries. A recent example of a critical mass agreement is the Infor-
tration of new markets. This is a key reason why trade rules mation Technology Agreement, but tariff negotiations in earli-
matter—even if the associated tariff and other policy commit- er GATT rounds also conform to this rule of thumb (Hoekman
ments do no more than establish a ceiling on the level of dis- and Kostecki 2009).
crimination that foreign products may confront in a given mar- To date, efforts to extend what is on the table on market ac-
ket (Francois 2001; Handley and Limão 2011). cess have centered on sectoral approaches and proposals for
Advocacy for the Doha Round (and the WTO more gener- trade in goods. Developed countries with already low average
ally) needs to center more on the effects of the negotiated rules tariffs have argued that they have little left with which to nego-
and policy disciplines. Selling or criticizing the Round on the tiate and induce emerging market countries to significantly
basis of simulated estimates of real income gains or export lower their applied tariffs. This argument neglects the fact that
growth resulting from the application of market access formu- concessions need not be limited to merchandise tariffs—they
lae misses much of the story. The complete ban on agricultural can involve agricultural policies, the procedural rules affecting
export subsidies would be a major step forward, for example, antidumping, and others. Other elements of the DDA offer sig-
and cannot be quantified by estimating the impact of removing nificant scope for countries to expand the level of their com-
extant subsidies—especially in a period where high prices have mitments; services is one such area. Services negotiations have
greatly reduced the prevalence of their use. The ban is signifi- been sidelined for much of the post-2001 period, in part be-
cant because if world prices fall in the future, the decline can- cause of a decision that services talks would commence in full
not trigger an increase in export subsidies. Maximum allowed force only after a deal on agricultural and nonagricultural mar-
levels of domestic agricultural support (subsidy ceilings) would ket access modalities was concluded.
fall by 70 percent in the European Union and 60 percent in the Trade and investment in services is inhibited by myriad pol-
United States, based on 2008 modalities. Again, instead of icy barriers that are more restrictive than those applying to
stressing how much a deal will reduce the actual amount of trade in goods. Moreover, the extent to which applied policies
3 POVERTY REDUCTION AND ECONOMIC MANAGEMENT (PREM) NETWORK www.worldbank.org/economicpremise
4. are locked in through binding WTO commitments is limited ticularly important from a welfare and growth perspective, be-
(Gootiiz and Mattoo 2009). This matters for a number of rea- cause new varieties of goods and services account for a large
sons, but most important is that the productivity, and thus part of the potential gains from liberalization. This is a feature
competitiveness, of both goods and services firms depends on of the DDA that is rarely sufficiently emphasized in discussions
access to low-cost and high-quality producer services such as of what is on the table. It is not only the effect of a given reduc-
telecommunications, transport, finance, and distribution. Ser- tion in trade costs on existing trade flows that generate benefits,
vices have assumed added significance in the aftermath of the more important is that agreements that lower trade costs will
2008 financial crisis. Because services account for most nonla- generate new trade.
bor costs of production, action to improve the efficiency of ser-
Defining the Future Path to Be Pursued
vices must be a major policy focus in deficit countries, comple-
menting policies to switch the pattern of expenditures and There are many systemically important issues that the DDA
reduce net consumption. Expanding domestic consumption does not address. One reason for concluding the DDA as rap-
and investment in surplus countries must also focus on servic- idly as possible is to be able to move on to address these other
es—including social and health insurance services, pension significant issues. Indeed, a precondition for successful conclu-
fund/asset management, and so forth. Expanding the scope for sion of the talks is likely to be agreement to engage in efforts to
international trade and investment in services can help support cooperate in areas that are currently off the table. Some of these
the required structural changes. issues are well known and have given rise to tensions and dis-
The market access outcome of the DDA would be greatly putes, for example: biofuel subsidies and other types of “green”
enhanced if a critical mass of the 15–20 or so largest WTO industrial policy measures; the possible use of carbon border
members were to agree to bind current levels of openness. The adjustment as part of domestic climate change mitigation pro-
associated reduction in uncertainty would be valuable to firms grams; export taxes on inputs to support domestic downstream
and encourage greater investment (Hoekman and Mattoo industries; and export restrictions on food products as part of
2010). In addition, if these countries could negotiate a package an effort to insulate domestic markets. Other important and
of liberalization commitments organized around clusters of currently off-the-table issues include discrimination in govern-
services that are critical to business users and the smooth func- ment procurement; restrictions on foreign ownership of assets
tioning of the global economy—such as logistics and supply (natural resources, real estate, enterprises in sensitive sectors);
chain management—they could significantly enhance the rele- and allegations of anticompetitive behavior by multinationals
vance of the DDA to global business. or state-owned enterprises.
Another DDA area that is of great potential importance There is also an important agenda revolving around increas-
from a market access perspective is trade facilitation. The costs ing the transparency of WTO member policies, including non-
created by inefficient trade facilitation—both monetary, and, tariff measures and what members do in the context of prefer-
more importantly, those resulting from delays and uncertainty ential trade agreements. The financial crisis revealed major gaps
associated with clearance and regulatory compliance—can be in the available information on trade and investment policies.
greater than the cost of paying tariffs on the affected imports. WTO notification requirements are often not satisfied on a
Recent trade literature has documented the importance of timely basis, if at all. In some areas—trade finance, for example—
trade costs as a determinant of whether firms export; that ex- there are no global databases on flows and prices. Very little is
porters tend to be among the most productive firms; and that known about applied government procurement practices.
the productivity effect of greater trade—deriving from both im- There are no comprehensive depositories of information on
ports and exports—is an important driver of overall economic nontariff measures applied by WTO members. Concrete ac-
growth. Most firms do not export, and those that do often sell tions to enhance both monitoring and analysis of trade and in-
into only a few markets. Major factors explaining this include vestment policies and their effects—including the extent to
lack of information, difficulties in obtaining credit, and the which countries use policies to discriminate in favor of national
various costs associated with entering each new export market. firms and specific trading partners in the context of preferential
Trade clearance and associated regulatory compliance require- trade agreements—will help the WTO fulfill its role of sustain-
ments are elements of such market entry costs that impede ing an open and nondiscriminatory multilateral trading system.
smaller firms from participating in export activities. Space constraints prevent a substantive discussion of the is-
A trade facilitation agreement that reduces such costs will sues that WTO members arguably need to come to grips with.
expand trade along what trade economists call the “intensive” The main point here is to recognize that there are various issues
and “extensive” margin. The first of these refers to greater ex- that concern all WTO members and that call for multilateral
ports of products that are already being shipped to a given mar- cooperation and agreement on the rules of the game that
ket; the second describes new exports—either new markets or should be followed to maintain an open trading system. Agree-
new products. An expansion along the extensive margin is par- ing on a process to address these matters, or, at the very least, to
4 POVERTY REDUCTION AND ECONOMIC MANAGEMENT (PREM) NETWORK www.worldbank.org/economicpremise
5. define where/how they are best addressed, will provide assur- new subjects to the agenda may eventually help conclude the
ances that issues of interest to all WTO members will be ad- Round, although a good case can be made that there is already
dressed in the future. For example, systematic exchange rate more than enough on the table, if more is worked out on the
undervaluation is a matter that some observers have argued services front and the appropriate weight is given to the value of
needs to be addressed through WTO rules so that the WTO binding policies as opposed to only actual liberalization of ap-
dispute settlement mechanism can be used to determine in- plied policies. The main point, however, is that if the talks con-
stances where a member should be allowed to impose trade tinue to drag on for some time, the hiatus provides an opportu-
barriers on imports originating in a country that has been nity to launch discussions under auspices of the relevant WTO
found to engage in deliberate undervaluation. At the moment, committees on subjects such as those noted above. The oppor-
the WTO does not provide this possibility, other than GATT tunity cost of waiting for the DDA to conclude is increased sub-
Article XV,4 which delegates to the International Monetary stantially if it means delaying discussions on systemically im-
Fund the task of determining whether a country is using ex- portant matters that are not currently on the DDA agenda and
change rate intervention to “frustrate the intent of the provi- require cooperative solutions.
sions of the GATT.” There are good conceptual and practical
Conclusion
reasons why the WTO does not include disciplines in this area,
and compelling arguments why efforts to go down this path are Concluding the Doha Round is important in itself and for sus-
likely to do much more harm than good in terms of sustaining taining the cooperation that has resulted in the current open
multilateral cooperation.5 Whatever one’s views, however, clar- rules-based multilateral trade regime. Continued paralysis is
ifying what is and what is not subject to rules and what are per- costly for the system because it prevents progress on the legisla-
missible policies to promote investment in/production of trad- tive side—the negotiation and agreement on rules of the game
ables is important in defining the boundaries of the WTO. in new as well as old areas that are important for global markets’
A major element of any future agenda is to further reduce operation. The WTO offers a multilateral umbrella under
barriers to trade and investment in services and more generally which the major trading powers can agree on how to manage
address the effect of regulatory policies in segmenting markets, and support the needed process of “global rebalancing.” Using
including so-called nontariff measures. Given that countries the WTO to map out rules of the game is likely to be much
may have legitimate concerns about the effects of liberalization more productive than the pursuit of unilateral policies to deal
because of inadequate or the absence of regulation, the post- with policy externalities—both in terms of supporting the
Doha Round action agenda should include developing mecha- needed structural transformation and in maintaining an open
nisms through which WTO members can engage each other on trading system.
regulatory policies affecting the contestability of markets. Abstracting from the need to put in place mechanisms to
The WTO could do much more to offer effective mecha- support a process of building trust and understanding on how to
nisms through which members can learn from each other on address the market-segmenting effects of domestic regulation,
how to design and implement regulatory systems that support moving forward arguably does not require fundamental changes
greater trade while attaining underlying regulatory objectives. to the WTO negotiating process. There has been much discus-
Regulators, trade and economic affairs officials, the business sion in this regard about the Single Undertaking: the notion that
community, and other stakeholders need to work together to nothing is agreed until everything is agreed. This is clearly a fac-
assess current policies and options for improving regulation in tor that can slow down the process of getting to yes. One solution
a specific area and determine how cooperation between regula- that is often proposed is a greater reliance on plurilateral agree-
tors could facilitate more trade. Instituting a parallel process ments that bind only those countries willing to sign on, who
that does not involve negotiations but that instead focuses on then may decide not to accord the benefits of what has been
the substance of regulation (or the effects of a lack of appropri- agreed to nonsignatories. The main reason to consider plurilater-
ate regulation) could help countries improve regulatory out- als is to avoid free riding—an issue that arises if some large coun-
comes and facilitate an expansion in trade. Such processes tries do not want to join. However, this is not the source of the
should extend to regular, systematic discussion and multilater- current deadlock—the problem is that some large countries want
al scrutiny of preferential trade agreement implementation, more than other large countries are willing to offer.7
with the goal of identifying good practices that could be widely The Single Undertaking also has benefits—it enhances the
adopted by WTO members. Creating such mechanisms for ex- legitimacy of any negotiated outcome. But it does imply an op-
change and learning can help avoid a recurrence of the DDA portunity cost if agreements in specific areas must wait for an
experience with the Singapore issues and help prepare the overall deal agreement. If such areas also generate little in the
ground for future negotiations on services.6 way of reciprocity value—that is, the issue is not something that
Moving forward to discuss new issues of common interest trading partners care much about—carving them out of the
need not wait for the conclusion of the Doha Round. Adding Single Undertaking will not come at the cost of taking negotiat-
5 POVERTY REDUCTION AND ECONOMIC MANAGEMENT (PREM) NETWORK www.worldbank.org/economicpremise
6. ing chips off the table that could have been used to link to other Article XV) dealing with exchange rates—it will be very diffi-
issues. Alternatively, if the gains and costs of agreement in a spe- cult to objectively assess to what extent a country is undercut-
cific area are balanced, a carve-out also comes at little cost from ting its trade policy commitments to liberalize access to its mar-
a linkage perspective. The best example of such an issue of the kets and/or is subsidizing its exports. There are many other
first type is duty-free, quota-free access for LDCs, because this objectives that may underpin an active exchange rate manage-
is an action that does not entail any reciprocity by the LDCs. ment policy that have nothing to do with seeking to circumvent
An example of the second possibility is trade facilitation. Since trade policy commitments. For a detailed analysis and discus-
inefficient trade facilitation generates mostly socially wasteful sion, see Staiger and Sykes (2010).
costs—as opposed to rents or government revenues—moving 6. For an elaboration of these arguments, see Hoekman and
forward on trade facilitation is important from an economic Mattoo (2010). The Singapore issues refer to transparency in
welfare perspective, and would come at low cost from a “link- government procurement, investment policy, competition pol-
age foregone” perspective, because most of the benefits accrue icy, and trade facilitation. In 1997, the WTO established work-
to the countries that take actions to improve facilitation. In- ing groups for each of these subjects to determine whether to
deed, in an area such as trade facilitation, given that most of the launch negotiations in these areas. No agreement could be
benefits accrue to the countries that pursue reforms, govern- reached in the cases of procurement, investment, and competi-
ments should simply do so rather than incur the opportunity tion policies (see Hoekman and Kostecki [2009]).
costs of waiting for a deal to be struck at the WTO. 7. Plurilateral agreements differ from critical mass agreements
in that the latter apply on a MFN basis—that is, they permit free
About the Author
riding by those that are not part of the critical mass.
Bernard Hoekman is Director of the International Trade Depart-
References
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The Economic Premise note series is intended to summarize good practices and key policy findings on topics related to economic policy. They are produced by the Poverty Reduc-
tion and Economic Management (PREM) Network Vice-Presidency of the World Bank. The views expressed here are those of the authors and do not necessarily reflect those of the
World Bank. The notes are available at: www.worldbank.org/economicpremise.
6 POVERTY REDUCTION AND ECONOMIC MANAGEMENT (PREM) NETWORK www.worldbank.org/economicpremise