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In this context, Bhutan can become wealthier through accelerating both domestic and foreign investment, as well as signing investment treaties. These investments could provide not just capital but also bring necessary skills, knowledge and ideas, and help the country move beyond hydropower. Today FDI inflows are small and constrained, on the one hand, by regulatory barriers and insufficient investment promotion, and, on the other, by inadequacies in skills and infrastructure. Bhutan can benefit from the experience of East Asia and other countries on how to break out of this low investment trap. FDI can help the macroeconomic balance by increasing exports and reducing the current account deficit, although it is not clear the future impact on growth, since it will depend on the quality and type of FDI inflows. FDI can also help create trade. Theoretically, firms invest abroad to expand their sales markets when trade costs are too high, therefore FDI is a substitute for trade. FDI in non-tradable sectors (services, etc) has this feature. However, in practice, FDI goes to export-oriented sectors including extractives but also manufacturing. Given the landlocked nature of geographic setting of Bhutan (with higher trade cost than countries such as India or Bangladesh), FDI could go primarily to non-tradable (at least as shown in the recent trend in the greenfield FDI). In this context, it will be important to use FDI to tap into regional value chains.
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Trade agreements --- European Union --- Poland
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Preferential trade agreements have boomed in recent years and extended their reach well beyond tariff reduction, to cover policy areas such as investment, competition, and intellectual property rights. This paper uses new information on the content of preferential trade agreements to examine the trade effects of deep agreements and revisit the classic Vinerian question of trade creation and trade diversion. The results indicate that deep agreements lead to more trade creation and less trade diversion than shallow agreements. Furthermore, some provisions of deep agreements have a public good aspect and increase trade also with non-members.
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How high were import tariffs when GATT participants began negotiations to reduce them in 1947? Establishing this starting point is key to determining how successful the GATT has been in bringing down trade barriers. If the average tariff level was about 40 percent, as commonly reported, the implied early tariff reductions were substantial, but this number has never been verified. This paper examines the evidence on tariff levels in the late 1940s and early 1950s and finds that the average tariff level going into the first Geneva Round of 1947 was about 22 percent. It also find that tariffs fell by relatively more in the late 1940s and early 1950s for a core group of GATT participants (the United States, United Kingdom, Canada and Australia) than they did for many other important countries, including the set of other (non-core) GATT participants.
Gatt --- Tariffs --- Trade Agreements --- Trade Liberalization
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feeds --- feeds --- Feed industry --- Feed industry --- Common markets --- Common markets --- Trade agreements --- Trade agreements
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Developed countries --- Developed countries --- Capitalism --- Capitalism --- Communism --- Communism --- economic systems --- economic systems --- Trade agreements --- Trade agreements
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CMEA --- CMEA --- European Union --- European Union --- trade barriers --- trade barriers --- Trade agreements --- Trade agreements
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European Union --- European Union --- Trade agreements --- Trade agreements --- Morocco --- Morocco --- Algeria --- Algeria --- Tunisia --- Tunisia --- Mauritania --- Mauritania
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There is not yet consensus in the trade agreements literature as to whether preferential liberalization leads to more or less multilateral liberalization. However, research thus far has focused mostly on tariff measures of import protection. This paper develops more comprehensive measures of trade policy that include the temporary trade barrier policies of antidumping and safeguards. Studies in other contexts have also shown how these policies can erode some of the trade liberalization gains that arise when examining tariffs alone. This paper examines the experiences of Argentina and Brazil during the formation of the MERCOSUR over 1990-2001. The study finds that an exclusive focus on applied tariffs may lead to a mischaracterization of the relationship between preferential liberalization and liberalization toward non-member countries. First, any "building block" evidence that arises by focusing on tariffs during the period in which MERCOSUR was only a free trade area can disappear, once the analysis includes changes in import protection arise through temporary trade barriers. Furthermore, there is also evidence of a "stumbling block" effect of preferential tariff liberalization for the period in which MERCOSUR became a customs union, and this result tends to strengthen with the inclusion of temporary trade barriers. Finally, the paper provides a first empirical examination of whether market power motives can help explain the patterns of changes in import protection that are observed in these settings.
Antidumping --- Mfn --- Preferential Trade Agreements --- Safeguards --- Tariffs --- Temporary Trade Barriers
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How does geographic distance affect the impact of trade agreements on bilateral exports, and through what channels? This paper examines this questions in a gravity model context for different types of goods for 185 countries over the period 1965-2010. Three stylized facts emerge. First, although economic integration agreements have a positive impact on trade flows, geographic distance significantly decreases their effect. Second, this phenomenon is in large part explained by the impact of economic integration agreements on distance-sensitive goods, in particular intermediates. These results hold when controlling for trade agreement depth, measured by the type of agreement and content of provisions, and economic similarity among trading partners. Third, this paper finds either no significant effect or a positive interaction between distance and economic integration agreements for final goods, suggesting that trade agreements among countries located far from each other help consumption patterns shift toward the most efficient producers.
Economic Distance --- Geography --- Integration Agreements --- International Economics & Trade --- Trade Agreements
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