Discussing unilateral trade liberalization experience of HK, Singapore, ASEAN, gravity model of trade, intellectual property rights (IPR), plain packaging issues.
What’s the role of trade in inclusive growth?
Ken Ash, Director, Trade and Agriculture, OECD
Public scepticism about trade has grown in many countries, as one part of a wider backlash against globalisation. We need to acknowledge that frustration with ‘the system’ has its roots in some genuine problems. At the same time, we need to acknowledge that trade has helped to improve lives around the world. OECD analysis supports a much more integrated approach to policy making, moving each of us beyond our comfortable silos. Why does trade matter today - or does it - and how can trade contribute to more inclusive growth?
The document discusses different types of regional integration agreements including free trade areas, customs unions, and common markets. It provides examples of major regional agreements in different parts of the world such as the European Union, NAFTA, and SADC. The document also examines multinational corporations and foreign direct investment between countries.
This document provides information on three major trade blocs: the European Union, the USMCA (United States-Mexico-Canada Agreement), and BRICS (Brazil, Russia, India, China, South Africa). It outlines the member countries, economic relationships, and trade statistics for each bloc. For the EU, it lists the top 10 trading partners and details trade with India. For the USMCA, it compares changes from NAFTA. And for BRICS, it provides intra-bloc trade shares and discusses India's role in promoting economic cooperation.
The document discusses various ways that countries and economies can be grouped on a global scale. It examines economic groupings based on development levels and types of economies. Political groupings like trade blocs that countries form through international agreements are also covered. The impacts of transnational corporations on both host and source countries are summarized, noting they can bring both benefits like job creation but also costs such as environmental impacts and profits leaving the host nation.
The document discusses globalization and the World Trade Organization (WTO). It describes how globalization has increased integration between nations through reduced trade barriers and technological advances. While globalization has benefits like economic growth and development, it also has criticisms like widening inequality between rich and poor nations. The WTO, established in 1995, regulates international trade and seeks to reduce trade barriers through negotiations and dispute settlement. It has over 160 member countries and works to promote free trade through agreements and principles like most favored nation status.
Presentation on regional connectivity of asiaMilton Kumar
This presentation describes the regional connectivity that connects Bangladesh with China,India and Myanmar. This was anciently known as silk road. This connectivity of course improves the economic growth in this territories.
US and World Trade in Services - ISSIP Economics Community of Interest - 4/30/15Stephen Kwan
This presentation provides an overview of the US service sector and its trade in services with other countries. It discusses that the service sector now employs over 80% of the US workforce and has seen significant employment growth. The US runs a large trade surplus in services, exporting over $700 billion in services annually, with its largest trading partners being Canada, Europe, and Asia. However, global trade talks have stalled and countries are pursuing more bilateral and regional trade agreements to reduce barriers in services.
What’s the role of trade in inclusive growth?
Ken Ash, Director, Trade and Agriculture, OECD
Public scepticism about trade has grown in many countries, as one part of a wider backlash against globalisation. We need to acknowledge that frustration with ‘the system’ has its roots in some genuine problems. At the same time, we need to acknowledge that trade has helped to improve lives around the world. OECD analysis supports a much more integrated approach to policy making, moving each of us beyond our comfortable silos. Why does trade matter today - or does it - and how can trade contribute to more inclusive growth?
The document discusses different types of regional integration agreements including free trade areas, customs unions, and common markets. It provides examples of major regional agreements in different parts of the world such as the European Union, NAFTA, and SADC. The document also examines multinational corporations and foreign direct investment between countries.
This document provides information on three major trade blocs: the European Union, the USMCA (United States-Mexico-Canada Agreement), and BRICS (Brazil, Russia, India, China, South Africa). It outlines the member countries, economic relationships, and trade statistics for each bloc. For the EU, it lists the top 10 trading partners and details trade with India. For the USMCA, it compares changes from NAFTA. And for BRICS, it provides intra-bloc trade shares and discusses India's role in promoting economic cooperation.
The document discusses various ways that countries and economies can be grouped on a global scale. It examines economic groupings based on development levels and types of economies. Political groupings like trade blocs that countries form through international agreements are also covered. The impacts of transnational corporations on both host and source countries are summarized, noting they can bring both benefits like job creation but also costs such as environmental impacts and profits leaving the host nation.
The document discusses globalization and the World Trade Organization (WTO). It describes how globalization has increased integration between nations through reduced trade barriers and technological advances. While globalization has benefits like economic growth and development, it also has criticisms like widening inequality between rich and poor nations. The WTO, established in 1995, regulates international trade and seeks to reduce trade barriers through negotiations and dispute settlement. It has over 160 member countries and works to promote free trade through agreements and principles like most favored nation status.
Presentation on regional connectivity of asiaMilton Kumar
This presentation describes the regional connectivity that connects Bangladesh with China,India and Myanmar. This was anciently known as silk road. This connectivity of course improves the economic growth in this territories.
US and World Trade in Services - ISSIP Economics Community of Interest - 4/30/15Stephen Kwan
This presentation provides an overview of the US service sector and its trade in services with other countries. It discusses that the service sector now employs over 80% of the US workforce and has seen significant employment growth. The US runs a large trade surplus in services, exporting over $700 billion in services annually, with its largest trading partners being Canada, Europe, and Asia. However, global trade talks have stalled and countries are pursuing more bilateral and regional trade agreements to reduce barriers in services.
The document discusses bilateral trade agreements. It provides an introduction to bilateral trade agreements, noting they aim to reduce tariffs and trade barriers between two countries to encourage trade and investment. The document outlines some benefits of bilateral agreements like free access to imports with no quotas or taxes, and that they promote greater trade between members. It also discusses some potential downfalls, such as countries possibly moving industries abroad. In conclusion, the document states bilateral agreements generally aim to facilitate business operations and trade between two nations with minimal barriers.
Jaime de Melo - Ferdi and University of Geneva
ERF 23rd Annual Conference
Regional cooperation Peace & Development: Issues & Lessons for Mena
Amman, Jordan March 18-20, 2017
www.erf.org.eg
China will overtake the US to dominate global trade by 2030, featuring in 17 of the top 25 bilateral sea and air freight trade routes. The analysis projects bilateral trade between 29 economies through 2030 using GDP and export projections. It finds that China's trade with developing countries like India, Indonesia, Nigeria, Saudi Arabia, and the UAE will grow substantially. The largest trade route in 2030 is projected to be between China and the US, reaching $594 billion, up from $291 billion in 2009. Emerging economies will play a much greater role in global trade over the next 20 years.
The Protifolon series is brought to you by Bangladesh Online Research Network (BORN) www.bdresearch.org an information and knowledge intermediation initiative of D.Net in colloboration with Institute of Development Studies (IDS), University of Sussex, UK. (visit http://blog.masumbillah.net for more)
In this revision video we range far and wide on many of the important aspects of globalisation including:
Explain what is meant by globalisation
Explain the characteristics of globalisation
Explain the causes of globalisation / factors contributing to globalisation
Evaluate the impact of globalisation and global companies on individual countries, governments, producers and consumers, workers and the environment
Evaluate the impact of the performance of emerging economies on other economies.
Explain how the pattern of global trade has changed over time
Evaluate comparative advantage as an explanation of global trade patterns
Explain how countries achieve international competitiveness
The document discusses the history and theories of international trade and monetary relations. It covers the transition from the GATT system to the World Trade Organization (WTO) in order to address shortcomings like excluding agriculture and non-tariff barriers. Different frameworks for understanding trade and its effects are examined, including liberalism, mercantilism, economic structuralism, and hegemonic stability theory. Trends in globalization and trade growth over recent decades are reviewed.
Trade blocs are political groupings of countries that agree to reduce trade barriers to help each other's economies grow. They differ from economic groupings in that they require amendments to national laws and can include countries at varying development levels. There are several types of trade blocs including preferential trade areas, free trade areas, customs unions, common markets, and economic unions, with increasing levels of economic integration. While trade blocs make the movement of goods and money easier, except in the EU, they do not usually facilitate the movement of people between member countries.
International trade policies deal with how national governments regulate imports and exports through measures like tariffs and quotas. India transitioned in the 1990s from a closed economy with high tariffs and restrictions to a more open one, increasing trade as a percentage of GDP. The objectives of trade policies are to both protect domestic industries but also optimize resources and benefit consumers through increased market access and 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.
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.
Global trade is very important but changes are required to ensure trade is fair including the elimination of trade barriers.
1. Carbon leakage taxes - https://www.oecd.org/tax/g20-economies-are-pricing-more-carbon-emissions-but-stronger-globally-more-coherent-policy-action-is-needed-to-meet-climate-goals-says-oecd.htm
2. Climate change - https://www.carbonbrief.org/analysis-which-countries-are-historically-responsible-for-climate-change
3. Carbon sink - https://financialpost.com/diane-francis/diane-francis-canada-is-a-giant-carbon-sink-why-are-we-not-getting-credit-for-it
4. WTO - https://thehill.com/opinion/international/578148-its-essential-to-bring-back-binding-wto-dispute-settlement
5. China and WTO - https://global.chinadaily.com.cn/a/202110/29/WS617b295ca310cdd39bc71f5d.html
6. Container ships - https://theconversation.com/the-supply-chain-crisis-has-a-silver-lining-container-ships-should-be-decarbonised-faster-170391
7. Critical metals - https://oilprice.com/Energy/Energy-General/The-United-States-Is-Not-Doing-Enough-To-Secure-Critical-Metals.html
8. Electricity crisis - https://www.nytimes.com/2021/10/29/climate/europe-energy-crisis-cop.html
9. Green economy - https://www.itv.com/news/2021-10-24/what-are-the-five-greenest-countries-and-the-five-biggest-carbon-emitters
10. WTO - https://www.theguardian.com/environment/2021/oct/28/eu-carbon-border-levy-could-sabotage-climate-goals-says-thinktank
This document summarizes the status of ongoing Economic Partnership Agreement (EPA) negotiations between the EU and African, Caribbean, and Pacific countries. Key points:
- Negotiations have been ongoing since 2002 but few agreements have been fully concluded and ratified. The deadline to finalize all negotiations is October 1, 2014.
- If agreements are not reached, some countries could lose trade preferences and face market disruption, negatively impacting regional integration and EU-Africa relations.
- Remaining issues in negotiations include market access, rules of origin, export taxes, treatment of agriculture, and development support. Flexibility is needed from both sides to reach agreements.
- Given the timeline and lack of progress to date, there
This document discusses the economics of free trade. It explains the concept of comparative advantage, which holds that countries should specialize in producing goods and services where they have a lower opportunity cost compared to other countries. When countries specialize according to comparative advantage and trade, it leads to more efficient allocation of resources and gains from trade. Specialization and trade allow countries to produce more total output. While comparative advantage provides benefits, there are also risks and costs to consider from international trade, such as volatility, structural unemployment, and negative externalities from production and transportation.
This document discusses arguments for promoting regional trade agreements in sub-Saharan Africa. It finds that while intra-African trade has increased in recent decades, it remains relatively low compared to African countries' trade with outside partners. Barriers to intra-regional trade include inadequate infrastructure, high tariffs, overlapping trade blocs, and non-tariff barriers. However, regional agreements could help diversify economies and exploit economies of scale in the larger African market. Overall, the document finds that arguments for trade agreements within Africa are most convincing, but that development and infrastructure improvements are still needed to realize their potential benefits.
1. Trade can boost development by generating economic growth through increased commercial opportunities and investment, as well as diversifying production. Countries that increased trade between 2000-2008 saw GDP per capita rise significantly.
2. Trade enhances competitiveness by helping countries reduce input costs, acquire foreign investment and technology, increase value added in products, and move up global supply chains. Emerging economies have grown rapidly through increased trade.
3. Opening trade allows access to new markets and materials, expanding production possibilities. India's industrial output grew 50% after trade reforms that increased access to intermediate goods.
The document summarizes international trade and its importance for developing countries. It discusses how international trade has increased living standards globally by integrating economies. Developing countries have benefited from trade liberalization through faster economic growth, poverty reduction, and increased manufacturing exports. Further trade liberalization could realize even more gains, especially for the poorest countries. Key regional trade organizations that help developing countries participate in international trade, like AFTA and APEC, are also summarized.
- The document examines whether China benefited from the ASEAN-China Free Trade Area (ACFTA) by analyzing China's export values to ASEAN countries before and after ACFTA using a gravity model.
- Regression results showed ACFTA had a small, positive but insignificant effect on China's total exports to ASEAN. This insignificant effect may be due to the small sample size or it being too early to see ACFTA's full effects as many provisions don't take effect until 2020.
- When using exports by product categories, regressions unexpectedly showed ACFTA significantly reduced China's exports to ASEAN, which is inconsistent with other studies. Overall, the analysis found ACFTA has not significantly benefited
Absolute advantage, world trade organization(WTO), Exim policy, ASEANmanikanta malla
Here are the key points about ASEAN:
- ASEAN was founded on August 8, 1967 in Bangkok, Thailand by the five original member countries - Indonesia, Malaysia, Philippines, Singapore, and Thailand.
- It was established to promote economic, political, and security cooperation among its members.
- The founding principles include mutual respect for sovereignty, non-interference in internal affairs, and the right of every member state to lead its national existence free from external interference.
- Over the years, ASEAN has expanded to include 10 member countries - the five original members plus Brunei, Vietnam, Laos, Myanmar, and Cambodia.
- ASEAN aims to accelerate economic growth and social progress in the
"Free" Trade without "Fair" Trade? -- how should the U.S. react to address ou...Carlos F. Flores
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.
The document discusses bilateral trade agreements. It provides an introduction to bilateral trade agreements, noting they aim to reduce tariffs and trade barriers between two countries to encourage trade and investment. The document outlines some benefits of bilateral agreements like free access to imports with no quotas or taxes, and that they promote greater trade between members. It also discusses some potential downfalls, such as countries possibly moving industries abroad. In conclusion, the document states bilateral agreements generally aim to facilitate business operations and trade between two nations with minimal barriers.
Jaime de Melo - Ferdi and University of Geneva
ERF 23rd Annual Conference
Regional cooperation Peace & Development: Issues & Lessons for Mena
Amman, Jordan March 18-20, 2017
www.erf.org.eg
China will overtake the US to dominate global trade by 2030, featuring in 17 of the top 25 bilateral sea and air freight trade routes. The analysis projects bilateral trade between 29 economies through 2030 using GDP and export projections. It finds that China's trade with developing countries like India, Indonesia, Nigeria, Saudi Arabia, and the UAE will grow substantially. The largest trade route in 2030 is projected to be between China and the US, reaching $594 billion, up from $291 billion in 2009. Emerging economies will play a much greater role in global trade over the next 20 years.
The Protifolon series is brought to you by Bangladesh Online Research Network (BORN) www.bdresearch.org an information and knowledge intermediation initiative of D.Net in colloboration with Institute of Development Studies (IDS), University of Sussex, UK. (visit http://blog.masumbillah.net for more)
In this revision video we range far and wide on many of the important aspects of globalisation including:
Explain what is meant by globalisation
Explain the characteristics of globalisation
Explain the causes of globalisation / factors contributing to globalisation
Evaluate the impact of globalisation and global companies on individual countries, governments, producers and consumers, workers and the environment
Evaluate the impact of the performance of emerging economies on other economies.
Explain how the pattern of global trade has changed over time
Evaluate comparative advantage as an explanation of global trade patterns
Explain how countries achieve international competitiveness
The document discusses the history and theories of international trade and monetary relations. It covers the transition from the GATT system to the World Trade Organization (WTO) in order to address shortcomings like excluding agriculture and non-tariff barriers. Different frameworks for understanding trade and its effects are examined, including liberalism, mercantilism, economic structuralism, and hegemonic stability theory. Trends in globalization and trade growth over recent decades are reviewed.
Trade blocs are political groupings of countries that agree to reduce trade barriers to help each other's economies grow. They differ from economic groupings in that they require amendments to national laws and can include countries at varying development levels. There are several types of trade blocs including preferential trade areas, free trade areas, customs unions, common markets, and economic unions, with increasing levels of economic integration. While trade blocs make the movement of goods and money easier, except in the EU, they do not usually facilitate the movement of people between member countries.
International trade policies deal with how national governments regulate imports and exports through measures like tariffs and quotas. India transitioned in the 1990s from a closed economy with high tariffs and restrictions to a more open one, increasing trade as a percentage of GDP. The objectives of trade policies are to both protect domestic industries but also optimize resources and benefit consumers through increased market access and 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.
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.
Global trade is very important but changes are required to ensure trade is fair including the elimination of trade barriers.
1. Carbon leakage taxes - https://www.oecd.org/tax/g20-economies-are-pricing-more-carbon-emissions-but-stronger-globally-more-coherent-policy-action-is-needed-to-meet-climate-goals-says-oecd.htm
2. Climate change - https://www.carbonbrief.org/analysis-which-countries-are-historically-responsible-for-climate-change
3. Carbon sink - https://financialpost.com/diane-francis/diane-francis-canada-is-a-giant-carbon-sink-why-are-we-not-getting-credit-for-it
4. WTO - https://thehill.com/opinion/international/578148-its-essential-to-bring-back-binding-wto-dispute-settlement
5. China and WTO - https://global.chinadaily.com.cn/a/202110/29/WS617b295ca310cdd39bc71f5d.html
6. Container ships - https://theconversation.com/the-supply-chain-crisis-has-a-silver-lining-container-ships-should-be-decarbonised-faster-170391
7. Critical metals - https://oilprice.com/Energy/Energy-General/The-United-States-Is-Not-Doing-Enough-To-Secure-Critical-Metals.html
8. Electricity crisis - https://www.nytimes.com/2021/10/29/climate/europe-energy-crisis-cop.html
9. Green economy - https://www.itv.com/news/2021-10-24/what-are-the-five-greenest-countries-and-the-five-biggest-carbon-emitters
10. WTO - https://www.theguardian.com/environment/2021/oct/28/eu-carbon-border-levy-could-sabotage-climate-goals-says-thinktank
This document summarizes the status of ongoing Economic Partnership Agreement (EPA) negotiations between the EU and African, Caribbean, and Pacific countries. Key points:
- Negotiations have been ongoing since 2002 but few agreements have been fully concluded and ratified. The deadline to finalize all negotiations is October 1, 2014.
- If agreements are not reached, some countries could lose trade preferences and face market disruption, negatively impacting regional integration and EU-Africa relations.
- Remaining issues in negotiations include market access, rules of origin, export taxes, treatment of agriculture, and development support. Flexibility is needed from both sides to reach agreements.
- Given the timeline and lack of progress to date, there
This document discusses the economics of free trade. It explains the concept of comparative advantage, which holds that countries should specialize in producing goods and services where they have a lower opportunity cost compared to other countries. When countries specialize according to comparative advantage and trade, it leads to more efficient allocation of resources and gains from trade. Specialization and trade allow countries to produce more total output. While comparative advantage provides benefits, there are also risks and costs to consider from international trade, such as volatility, structural unemployment, and negative externalities from production and transportation.
This document discusses arguments for promoting regional trade agreements in sub-Saharan Africa. It finds that while intra-African trade has increased in recent decades, it remains relatively low compared to African countries' trade with outside partners. Barriers to intra-regional trade include inadequate infrastructure, high tariffs, overlapping trade blocs, and non-tariff barriers. However, regional agreements could help diversify economies and exploit economies of scale in the larger African market. Overall, the document finds that arguments for trade agreements within Africa are most convincing, but that development and infrastructure improvements are still needed to realize their potential benefits.
1. Trade can boost development by generating economic growth through increased commercial opportunities and investment, as well as diversifying production. Countries that increased trade between 2000-2008 saw GDP per capita rise significantly.
2. Trade enhances competitiveness by helping countries reduce input costs, acquire foreign investment and technology, increase value added in products, and move up global supply chains. Emerging economies have grown rapidly through increased trade.
3. Opening trade allows access to new markets and materials, expanding production possibilities. India's industrial output grew 50% after trade reforms that increased access to intermediate goods.
The document summarizes international trade and its importance for developing countries. It discusses how international trade has increased living standards globally by integrating economies. Developing countries have benefited from trade liberalization through faster economic growth, poverty reduction, and increased manufacturing exports. Further trade liberalization could realize even more gains, especially for the poorest countries. Key regional trade organizations that help developing countries participate in international trade, like AFTA and APEC, are also summarized.
- The document examines whether China benefited from the ASEAN-China Free Trade Area (ACFTA) by analyzing China's export values to ASEAN countries before and after ACFTA using a gravity model.
- Regression results showed ACFTA had a small, positive but insignificant effect on China's total exports to ASEAN. This insignificant effect may be due to the small sample size or it being too early to see ACFTA's full effects as many provisions don't take effect until 2020.
- When using exports by product categories, regressions unexpectedly showed ACFTA significantly reduced China's exports to ASEAN, which is inconsistent with other studies. Overall, the analysis found ACFTA has not significantly benefited
Absolute advantage, world trade organization(WTO), Exim policy, ASEANmanikanta malla
Here are the key points about ASEAN:
- ASEAN was founded on August 8, 1967 in Bangkok, Thailand by the five original member countries - Indonesia, Malaysia, Philippines, Singapore, and Thailand.
- It was established to promote economic, political, and security cooperation among its members.
- The founding principles include mutual respect for sovereignty, non-interference in internal affairs, and the right of every member state to lead its national existence free from external interference.
- Over the years, ASEAN has expanded to include 10 member countries - the five original members plus Brunei, Vietnam, Laos, Myanmar, and Cambodia.
- ASEAN aims to accelerate economic growth and social progress in the
"Free" Trade without "Fair" Trade? -- how should the U.S. react to address ou...Carlos F. Flores
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.
The document discusses the potential impacts of de-globalization trends on East Asian economies. It finds that world trade, foreign direct investment, and intra-East Asian trade have significantly contributed to East Asian income per capita and GDP growth based on regression analyses. It concludes that East Asian countries should boost intra-regional trade through agreements like RCEP to compensate for possible stagnation in world trade and maintain economic integration and welfare as de-globalization progresses.
This document presents a study examining the relationship between international trade and economic growth in Afghanistan from 2002 to 2018. The study uses statistical tests like the Augmented Dickey-Fuller test and Johansen cointegration tests to analyze the data. The results show there is a long-run relationship between international trade and economic growth in Afghanistan. There is also bidirectional causality between imports and exports, and unidirectional causality from exports to GDP and from exports to balance of trade.
The document provides an overview of free trade agreements and their principles:
1) It describes the basic principles and models of economic integration like free trade areas, customs unions, and common markets.
2) Examples of regional trade blocs under the WTO are discussed, like NAFTA, EU, and ASEAN.
3) The roles of GATT and the WTO in standardizing trade rules and resolving disputes are summarized.
International trade allows countries to specialize and gain from exporting goods they produce cheaply while importing goods from other countries that produce them cheaply. There are direct benefits like increased income and indirect benefits like technology transfer. However, international trade can also negatively impact poorer countries if it prices out their domestic industries or leads to deterioration in their terms of trade. Trade agreements and economic integration aim to liberalize trade but have both costs and benefits that are debated. Governments use policies like tariffs and quotas to protect domestic industries from foreign competition and further other goals. Regional economic integration involves countries reducing barriers to create free trade areas, customs unions, common markets or unions with deeper coordination of economic policies.
This document analyzes the effects of international trade on the trade balance in the Republic of Congo between 2012-2019. It finds that exports of crude oil and raw wood positively affect the trade balance, while imports of most goods negatively affect it, except for imports of electrical machinery which have a positive effect. The study uses a multiple linear regression model and monthly trade data between China and Congo to analyze the relationships between export/import volumes and the trade balance.
This presentation exposes relevant information about trade agreements. What are trade agreements, what are tariff and non-tariff barriers, what main trade agreements exist today, what is the WTO.
The document provides an overview of international business, including definitions, objectives, importance, modes, and terms. It discusses how international business allows for the optimization of resources and diversification of risk. Key terms are defined, such as multinational companies, global companies, and transnational companies. International business is described as important for earning foreign exchange, utilizing resources efficiently, achieving corporate objectives, spreading risk, improving efficiency, and gaining government benefits. Common modes of international business include imports/exports, tourism/transportation, licensing/franchising, turnkey operations, management contracts, and direct/portfolio investment.
The World Trade Organization (WTO) was established in 1995 and has 160 member countries. It regulates and liberalizes international trade through agreements negotiated and ratified by member states. The main purpose of the WTO is to ensure fair and predictable global trade through principles of non-discrimination, open markets, and binding dispute resolution.
The World Trade Organization (WTO) regulates and liberalizes international trade between its member states. It seeks to ensure fair competition and a predictable trading system through agreements covering agriculture, telecommunications, intellectual property and more. The WTO has over 160 member countries and its decisions are made by consensus or majority vote. It also provides a dispute resolution process to handle trade disputes between members. While the WTO has reduced trade barriers and increased market access, developing countries argue it has adversely impacted poor farmers by exposing them to competition from heavily subsidized agricultural imports from developed nations. India has called on the WTO to prioritize agreements that would allow developing countries to temporarily increase duties to counter such import surges and protect domestic food security programs
A Theoretical Framework (Modelling) for International Business ManagementYasmin AbdelAziz
The international framework with all the institutions and organisations
that determine country’s economic and support policy in emergent situations.
2. Impact of globalisation on international and national policy and activities. 3. The
national framework, which fairly complicated because there are many active players:
a) National economic policy: understanding it and the environment for trade
activities. b) National economic structure and competiveness of the domestic
companies. c) International management capacities. d) Local or regional environment
and conditions for the companies. e) Focus on the world market conditions and their
development
The document discusses several key aspects of international business:
1. International business involves commercial transactions between private companies and governments across political boundaries for profit and political reasons.
2. It refers to all business activities that involve cross-border trade of goods, services, and economic resources between nations.
3. Studying international business is important for understanding how to conduct business globally and make informed career and policy decisions.
“Global Uncertainty Fueling Indian Economy” Systematic Study of India Trade a...IRJET Journal
This document provides an overview of India's economy and international trade. It discusses key concepts like what comprises an economy, the role of trade, and India's position as a major trading partner. It also summarizes the impacts of recent global events like the COVID-19 pandemic, Ukraine-Russia war, and 2023 G20 summit on India's trade and economy. The document concludes that events like these present challenges but India is taking steps to mitigate impacts and promote growth through policies supporting exports and reducing trade barriers.
- The document discusses globalization and its impact on developing countries. It outlines the promises of global institutions like IMF and WTO but also their failures.
- While globalization aims to promote trade and growth, the policies have often led to job losses and poverty without adequate safety nets. Developing countries face pressure to liberalize prematurely.
- The sequencing and pacing of reforms under programs like LPG (liberalization, privatization, globalization) is important but has not always been properly customized for individual countries. This has contributed to instability and a growing backlash against globalization.
The globalization of economic relationsThirdy Malit
This document discusses various dimensions of economic globalization including the globalization of trade, financial markets, production, technology and communication. It defines key concepts like absolute advantage, trade barriers such as tariffs and quotas. It also explains different types of trade agreements from free trade areas and customs unions to common markets like NAFTA, Mercosur, ASEAN, the European Union and the Gulf Cooperation Council. Preferential trade agreements have proliferated but WTO and its predecessor GATT have sought to establish rules for open and nondiscriminatory global trade.
Impact of general agreements on trade in services on the balance of payment o...Alexander Decker
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Free trade and IPR in East Asia
1. International Taxpayers Training Workshop
Feng Chia University, Taichung, Taiwan
January 10, 2018
Bienvenido Oplas, Jr.
President, Minimal Government Thinkers
Columnist, BusinessWorld, ―My Cup of Liberty‖
Free trade and IPR in East Asia
2. Under a system of perfectly free commerce, each
country naturally devotes its capital and labour to
such employments as are most beneficial to each. By
rewarding ingenuity… it distributes labour most
effectively and most economically.
– David Ricardo, ―Principles of Political Economy and
Taxation‖ (1817)
―A nation may import to a greater value than it exports
for half a century… and yet its real wealth, the
exchangeable value of the annual produce of its lands
and labour, may, during the same period, have been
increasing in a much greater proportion‖ - Adam Smith
―the encrease of riches and commerce in any one nation,
instead of hurting, commonly promotes the riches and
commerce of all its neighbours.‖ - David Hume
if we refuse to reduce our trade barriers just because others do not
reduce theirs, we lose from our trading partners‘ failure to reduce
their trade barriers and then we lose twice over from our failure to
reduce our own.‖ – J. Bhagwati
3. Mean tariff rate, % Stand. dev. of tariff rates
1980 1990 2000 2010 2015 1990 2000 2010 2015
Hong Kong 0 0 0 0 0 0 0 0 0
Singapore 0.3 0.4 0.4 0 0.2 1.8 0 0 0
Brunei 2.5 1.2 5.3 3.2
Japan 9.5 6.9 4.5 4.4 4.0 8.3 7.0 18.4 14.2
Myanmar 19.8 5.6 5.6 7.1 6.7
Philippines 38 24.3 7.6 6.3 6.3 9.2 7.9 7.0 6.7
Malaysia 10.6 13.0 9.2 6.5 6.1 12.5 33.3 19.3 18.1
Taiwan 9.7 8.8 6.1 6.4 8.2 13.2 13.2
Indonesia 29 20.3 8.4 6.8 6.9 16.7 10.8 11.2 9.6
China 49.5 40.3 16.3 9.2 9.6 32.1 10.7 7.6 7.6
Laos 10.0 8.5
Cambodia 11.2 8.8
Thailand 32.3 40.8 17.0 9.9 11.0 21.5 14.3 13.2 16.4
Vietnam 9.8 14.2 12.0 16.8
S. Korea 20.4 13.3 8.7 12.1 13.9 6.7 5.9 49.2 56.3
Source:
Fraser
Institute,
Economic
Freedom of
the World
2017
Report.
3 Paths to trade liberalization:
multilateral (WTO, APEC, RCEP,…), bilateral (country to country),
and unilateral liberalization (HK, SG, Brunei)
Tariff rates
have
declined but
tariff
variations
have also
increased in
some
countries
and
economies.
4. Unilateralism 1: Hong Kong
• A free port which thrives on
free trade. Its open door policy
makes it one of the world's
largest trading economies, an
international financial and
commercial center in the Asia-
Pacific region.
• Free trade policy means no barriers on trade. No tariff on
importation or exportation of goods.
• Import and export licensing kept to a minimum, imposed only
when there is real need like obligations to trading partners. Or
meet public health, safety or internal security concerns.
• HK imports in thousands of container ships, and exports in
millions of shopping bags. Free trade attracts lot of visitors
from other countries.
5. Unilateralism 2: Singapore
• Open, free, competitive
economy. Tariffs are zero, with
a few exceptions.
• Import restrictions based mainly
on environmental, health, and
public security concerns.
• Total merchandise trade almost
4x of GDP, FDI inflows are big.
• Rice subject to import licensing to ensure food security and price
stability.
• But insufficient liberalization in services trade. FTAs with other
countries include mutual recognition of standards, enhanced
investment protection disciplines, protection of intellectual property
rights (IPR), and elimination of anti-competitive practices,
competition policy.
6. Unilateralism 3: Chile
• Mid-80s, protectionism
and price controls were
imposed, resulted in
economic contraction.
• 1985, liberalization
restarted, tariff cut down
to 20%, further to 15%.
* ―Chile‘s trade and investment regime continues to be
characterized by openness, transparency, and predictability…
Since the last review in 2003… modernize customs and facilitate
trade, maintained a single MFN tariff rate of 6% with a few
exceptions, abolished some import taxes and export subsidies…‖
(WTO, 2009)
8. ASEAN unilateral trade liberalization was good. How do
we check or verify that?
Gravity Model
• Gravity models are used in various
social sciences to predict and describe
certain behaviors that mimic
gravitational interaction as described
in Newton's law of gravity.
• Gravity models of trade are
econometric models between
countries. Newton's law of gravity
says, the force of gravity between the
two bodies is positively related to the
mass of the two bodies and inversely
related to their distance.
• For trade purpose we use the GDP to represent the mass of the countries and
the trade cost to represent their distance.
• Model predicts that GDP Increases the volume of trade between countries and
trade costs decreases it.
• For a better fitting model, other explanatory variables are used such as
population and land area of both countries and control variables such as
common borders, language and membership in regional trading arrangements.
9. Regression model
𝐿𝑛(𝑇𝑅𝐷𝑖𝑗)
= 𝛽0 + 𝛽1 𝐿𝑛 𝐺𝐷𝑃 + 𝛽2 𝐿𝑛 𝑃𝐶𝐼 + 𝛽3 𝐿𝑛 𝐷𝐼𝑆𝑇𝑖𝑗
+ 𝛽4 𝐶𝑂𝑁𝑇𝐼𝐺𝑖𝑗 + 𝛽5 𝐶𝑆𝐿 + 𝛽6 𝑈𝑁𝐼 + 𝜀𝑖𝑗
Adapted from Achakzai (2010).
𝑇𝑅𝐷𝑖𝑗- trade flow between country i and country j,
GDP - sizes of the two trading countries represented by
GDP i and j respectively. Thus it can be written as:
𝐺𝐷𝑃 = 𝐿𝑛 𝐺𝐷𝑃𝑖 + 𝐿𝑛 𝐺𝐷𝑃𝑗
Or the sum of factor incomes 𝐺𝐷𝑃𝑖 and 𝐺𝐷𝑃𝑗directly affects
trade (Dixit and Stiglitz, 1977) through Egger (2002).
10. The level of development is proxied by per capita income
(PCI) of country i and j.:
𝑃𝐶𝐼 = 𝐿𝑛(𝑃𝐶𝐼𝑖) − 𝐿𝑛(𝑃𝐶𝐼𝑗)
Higher PCI for a country creates larger demand for imports
(Ramezzana, 2000).
Other variables,: proxies of ‗barriers-to-trade (Carrerre,
2002), and proxy for transport costs (Egger 2002).
* DIST - distance between countries i and j.
* CONTIG - value of 1 when countries i and j share a common
border and 0 otherwise.
* CSL - common spoken language, 1 when the population of
countries i and j speak a common language and 0 otherwise.
Serve as proxy for cultural similarity (Carrerre, 2002).
* UNI - indicates whether country i has unilaterally
liberalized. 1 if yes and 0 otherwise.
11. Description of Data
• The model was estimated for the year 2010.
• Trade data (most preferably exports) were taken from UN
COMTRADE.
• The sample covers 1788 observations for the 10 member
countries of ASEAN and all of their trading partners.
• Data for GDP and PCI (per capita GDP) are from World Bank
database in the aforementioned year.
• Data for distance, common borders and language were
obtained from Centre d'Etudes Prospectives et
d'Informations Internationales (mentioned in Achakzai,
2010.
13. Which means:
1. A percent increase in GDP leads to a 0.68 percent increase in trade flow.
2. A percent increase in PCI leads to a 0.79 percent increase in trade flow.
3. A % increase in distance leads to a 0.94 percent decrease in trade flow.
4. If there is country i is unilaterally liberalized, trade flow increases by
0.67 percent.
5. If countries i and j share a common spoken language, trade flow
increases by 0.42 percent.
6. If countries i and j share a common border, trade flow increases by 1.84
percent.
• Furthermore, above table has an explanatory power, the partial slope
coefficients are all significantly different from zero.
• The p-value from the F-test of the regression is approximately 0.00
which is less than the level of significance (α=0.05).
14. From the ratio using the values estimated by the econometric
model, this means:
• Not having unilateral trade liberalization for the four
countries – PH, MY, TH, ID - would have resulted in low
amount of trade flows. For instance:
• PH exports to HK would be only 9% of actual exports;
• MY exports to US would be only 35% of actual exports;
• TH exports to MY only 15% of actual exports; and
• IN exports to SG only 22% of actual exports.
• Exception in trade between MY and SG where trade flow
increased by 123.94%. Rusdi Omar noted that there is a
special relationship between Malaysia and Singapore
described by their mutual dependence with each other.
Mutual agreements are the ones that solve the bilateral
issues between the two.
• Hence, undertaking mutual agreements benefit the two
countries.
15. Source: Mark Thirwell, ―International trade in an uncertain world‖, Stratbase-ADRi
forum, May 8, 2017.
Global tariffs are low but have stopped falling, Free Trade Agreement (FTA)
coverage has grown but may have plateaued, NTBs are rising, including temporary
barriers like anti-dumping, countervailing duties and safeguards, trade
liberalizing measures are surpassed or outnumbered by
discriminatory/protectionist measures, and ASEAN countries fit this global pattern
as shown in these two very clear charts.
16.
17. Rank Commercial
services
$ billion
2015 2016 2015 2016
1 1 United States 690 733
2 2 United Kingdom 345 324
4 3 Germany 247 268
5 4 France 240 236
3 5 China 285 207
7 7 Japan 158 169
8 8 India 155 161
9 9 Singapore 139 149
14 15 Hong Kong 104 98
16 17 S. Korea 97 92
21 20 Thailand 60 66
23 27 Taiwan 56 41
30 31 Malaysia 35 34
29 33 Macao 40 32
34 34 Philippines 28 31
37 40 Indonesia 21 23
Source: WTO,
World Trade
Statistical
Review, 2016
and 2017.
Global exports of
services slightly
increased from $4.76
T in 2015 to $4.81 T
in 2016. 12 Asian
economies, five of
them from ASEAN,
belong to the top 40
biggest services
exporters in the
world in 2015-2016.
18. Gap in score bet. SG
and low-ranked VN
very wide; TH, VN
and ID suffered
significant declines
in scores and global
rank.
SG and MY
managed to retain
their high scores
and global ranking.
19. IPR Scores of
Selected ASEAN
Countries, 2008-
2015.
Year Sing Mal Philis Thai Indon Viet
Ave. score,
2010-15 7.9 6.1
5.0
4.4 3.8 3.8
2015 (out
of 129)
7.9 6.3 5.1 4.3 4.1 4.1
2014 (out
of 97)
7.9
(16th)
6.3
(32nd)
n.a. 4.6
(70th)
4.2
(83rd)
4.3
(78th)
2013 7.9 6.1 5.3 4.2 4.1 3.9
2012 7.9 6.2 4.9 4.1 4.0 3.8
2011 8.3 5.9 4.9 4.5 3.2 3.8
2010 7.9 5.8 4.8 4.3 3.2 3.5
2009 7.8 5.9 4.8 4.6 3.4 3.4
2008 7.5 5.8 5.0 4.6 4.2 3.2
Economy 2013 2014 2015 2016 2017 Ave. Rank
2017
Singapore 8.1 8.2 8.1 8.13 8.36 8.1 7th
Japan 7.7 7.8 8.0 8.10 8.33 7.9 8th
Hong Kong 7.7 7.8 7.6 7.78 7.78 7.7 19th
Taiwan 7.2 6.9 6.9 6.93 7.27 7.0 24th
Malaysia 6.5 6.5 6.6 6.75 6.61 6.6 32nd
S. Korea 6.4 -- 5.9 6.12 6.50 6.1 34th
China 5.5 5.5 5.4 5.41 5.71 5.4 52nd
Philippines 5.0 -- 5.1 5.15 5.33 5.1 64th
Thailand 5.1 5.3 4.9 5.04 5.21 5.1 66th
Indonesia 4.9 5.0 4.9 5.02 5.17 5.0 68th
Vietnam 4.7 4.8 4.5 4.66 4.93 4.7 77th
# C‘tries 131 97 129 128 127
IPRI overall scores of
selected Asian
econ., 2013-2017
the more developed
the economy like SG
and JP, the higher
the IPRI score and
global rank.
Implies that as
private property is
better protected,
there are more
economic activities
and business
innovations.
20. • Unilateral liberalization benefits the poor – more jobs and
exports, more goods and services. From fruits to mobile
phones to motorcycles and cars. Developing countries, big
and small, should consider this policy.
• Freer trade philosophy and policy will resurface in the coming
years. Trade is the biggest instrument to prevent wars among
countries. As famous French economist and writer Frederic
Bastiat once wrote, ―If goods cannot cross borders, soldiers
will.‖
• IPR create incentives for businesses to invest in ideas, to
develop new products, and to earn a profit from the sale of
those products. This in turn leads to improved customer
satisfaction, improved profitability, and greater employment
opportunities.‖
– Prof. Sinclair Davidson, RMIT Univ. (Econ Dept.), Melbourne,
Australia.
21. IPR non-protection -- plain packaging (PP) of tobacco products.
Purportedly for health reasons. High tobacco taxes, graphic warnings on
packaging, restrictions on advertising, outright no smoking in many areas.
Tried and done in many countries but smoking incidence does not significantly
decline as people shift to cheaper and often, illegal, illicit products.
So campaigners resort to prohibit the use of tobacco brand, logo or trademark.
Done in Australia with plans to introduce legislation in Singapore, Malaysia and
Taiwan.
Not right because a brand or logo of a company represents how effective it is in
developing consumer loyalty and service. Imagine also if all ice cream, all soft
drinks, all beer, all wine, etc. will simply be labeled as ―ice cream‖, ―soda‖,
―beer‖, etc. with no brand recognition of who produced or manufactured the
products.
IPRs like medicine patents, song copyrights, company brand or trademarks,
play an important role of recognizing efficiency and innovation, or firm and
product lousiness and mediocrity. Consumers look up to these brands and
decide which ones to support and patronize and which ones to boycott.
Governments therefore, should respect and protect these IPRs the same way it
should respect and protect physical private properties. People own their body
and not the state or NGOs.
22. On plain packaging.
People — not the state or
media or the health NGOs,
etc. — own their body. They
recognize the risks of
smoking, drinking, etc.,
compare such health risks
with the pleasure of
smoking and drinking. Then
decide whether to smoke 1
or 20 sticks a day, drink 1
or 20 bottles of beer a
week, etc.
23. Australian government collects data on national smoking behaviour
every three years as part of its National Drug Strategy Household
Survey (NDSHS). The most recent batch of data is from 2016, and
results…
no statistically significant decline in the overall daily smoking rate
between 2013 (12.8%) and 2016 (12.2%).
http://www.forfreechoice.org/freedomofchoice/the-failure-of-the-plain-package/