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Financial Services and Preferential Trade Agreements : Lessons from Latin America

Haddad, Mona; Stephanou, Constantinos
Fonte: World Bank Publicador: World Bank
Português
Relevância na Pesquisa
66.82%
This book deals with financial liberalization issues in the context of trade negotiations. The liberalization of trade and investment in financial services is only a subset of the broader financial liberalization agenda. The purpose of trade and investment liberalization is to increase financial market access and remove discriminatory and other access-impeding barriers to foreign competition. By contrast, the main purpose of financial liberalization is to remove distortions in domestic financial systems that impede competition and the allocation of capital to its most productive and profitable uses. In turn, financial liberalization can be divided into domestic financial reform and capital account opening, and there is a rich literature on its appropriate speed and sequencing. The first part of the book covers the fundamental principles that affect trade liberalization in financial services at both the multilateral and the regional levels. It analyzes the various models of preferential trade agreements (PTAs) used by negotiators and the architectural differences of these models. The second part of this book provides concrete examples of how countries have negotiated these agreements by focusing on the specific country experiences of Chile...

Does It Matter Who You Sign With? Comparing the Impacts of North-South and South-South Trade Agreements on Bilateral Trade

Behar, Alberto; Cirera i Criville, Laia
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
66.89%
Free trade agreements lead to a rise in bilateral trade regardless of whether the signatories are developed or developing countries. Furthermore, the percentage increase in bilateral trade is higher for South-South agreements than for North-South agreements. In this paper, the results are robust across a number of gravity model specifications in which the analysis controls for the endogeneity of free trade agreements (with bilateral fixed effects) and also takes account of multilateral resistance in both estimation (with country-time fixed effects) and comparative statics (analytically). The analytical model shows that multilateral resistance dampens the impact of free trade agreements on trade by less in South-South agreements than in North-South agreements, which accentuates the difference implied by the gravity model coefficients, and that this difference gets larger as the number of signatories rises. For example, allowing for lags and multilateral resistance, a four-country North-South agreement raises bilateral trade by 53 percent while the analogous South-South impact is 107 percent.

Regional Trade Agreements

Freund, Caroline; Ornelas, Emanuel
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
66.9%
This paper reviews the theoretical and empirical literature on regionalism. The formation of regional trade agreements has been, by far, the most popular form of reciprocal trade liberalization in the past 15 years. The discriminatory character of these agreements has raised three main concerns: that trade diversion would be rampant, because special interest groups would induce governments to form the most distortionary agreements; that broader external trade liberalization would stall or reverse; and that multilateralism could be undermined. Theoretically, all of these concerns are legitimate, although there are also several theoretical arguments that oppose them. Empirically, neither widespread trade diversion nor stalled external liberalization has materialized, while the undermining of multilateralism has not been properly tested. There are also several aspects of regionalism that have received too little attention from researchers, but which are central to understanding its causes and consequences.

Beyond Market Access : The New Normal of Preferential Trade Agreements

Chauffour, Jean-Pierre; Maur, Jean-Christophe
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
66.89%
This paper takes stock of the growing success of preferential trade agreements. It revisits what are the defining characteristics of modern preferential trade agreements, which are typically pursued for a diverse array of motives. In particular, the market access justification traditionally used to analyze the desirability and impact of preferential trade agreements misses increasingly important dimensions. The "Beyond Market Access" agenda of preferential trade agreements presents a new and broad set of deep regulatory and policy issues that differs in substance from the removal of tariff and quantitative barriers to trade. Issues related to preferences and discrimination, as well as the nature and implementation of commitments acquire a different meaning in deep preferential trade agreements. This change of paradigm presents significant opportunities and challenges for reform-minded developing countries to use preferential trade agreements to their own advantage.

Financial Services and Trade Agreements in Latin America and the Caribbean : An Overview

Goncalves, Marilyne Pereira; Stephanou, Constantinos
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
66.84%
The authors review the international framework governing trade in financial services, describe the treatment of financial services in recent trade agreements involving Latin America and Caribbean countries, and analyze the liberalization commitments made in three selected country case studies-Chile, Colombia, and Costa Rica. They give emphasis to free trade agreements because of the generally deeper level of liberalization and rule-making achieved to-date. The authors discuss some of the causes and potential implications of their findings.

Developing Countries and Enforcement of Trade Agreements : Why Dispute Settlement is Not Enough

Bown, Chad P.; Bernard M., Hoekman
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
66.79%
Poor countries are rarely challenged in formal World Trade Organization trade disputes for failing to live up to commitments, reducing the benefits of their participation in international trade agreements. This paper examines the political-economic causes of the failure to challenge poor countries, and discusses the static and dynamic costs and externality implications of this failure. Given the weak incentives to enforce World Trade Organization rules and disciplines against small and poor members, bolstering the transparency function of the World Trade Organization is important for making trade agreements more relevant to trade constituencies in developing countries. Although the paper focuses on the World Trade Organization system, the arguments also apply to reciprocal North-South trade agreements.

Preferential Trade Agreements and Their Role in World Trade

Medvedev, Denis
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
66.81%
The author investigates the effects of preferential trade agreements (PTAs) on bilateral trade flows using a comprehensive database of PTAs in force and a detailed matrix of world trade. He shows that total trade between PTA partners is a poor proxy for preferential trade (trade in tariff lines where preferences are likely to matter): while the former amounted to one-third of global trade in 2000-02, the latter was between one-sixth and one-tenth of world trade. His gravity model estimates indicate that using total rather than preferential trade to assess the impact of PTAs leads to a significant downward bias in the PTA coefficient. The author finds that product exclusions and long phase-in periods significantly limit preferential trade, and their removal could more than double trade in tariff lines above 3 percent of most-favored-nation (MFN) duties. He also shows that the effects of PTAs on trade vary by type of agreement and are increasing in the incomes of PTA partners.

Beyond Trade : The Impact of Preferential Trade Agreements on Foreign Direct Investment Inflows

Medvedev, Denis
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
66.82%
The author investigates the effects of preferential trade agreements (PTAs) on the net foreign direct investment (FDI) inflows of member countries using a comprehensive database of PTAs in a panel setting. He finds that PTA membership is associated with a positive change in net FDI inflows, and the FDI gains are increasing in the market size of the PTA partners and their proximity to the host country. The author identifies several different channels through which preferential trade liberalization may affect FDI, and confirms that both threshold effects (signing the agreement) and market size effects (joining a larger and faster-growing common market) are important determinants of net FDI inflows, although the latter seem to dominate. The estimated relationship is largely driven by North-South PTAs, and is most pronounced in the late 1990s and early 2000s, the period when the majority of "deep integration" PTAs had been advanced.

Trade Dimensions of Logistics Services : A Proposal for Trade Agreements

Kunaka, Charles; Mustra, Monica Alina; Saez, Sebastian
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
66.76%
Services have a direct impact on the competitiveness of the goods sector. This paper illustrates the importance of logistics services, their trade dimension, and how regulatory issues act as perhaps one of the most significant barriers to competitiveness. The paper discusses recent developments and the role and benefits of logistics services and argues that from a trade agreement standpoint, logistics is a network industry that ultimately provides one service to a final client. It analyzes logistics services from a services trade perspective and proposes that trade agreements should ensure access to and use of the infrastructure required to provide these services recognizing their interconnectedness. The paper offers suggestions on additional policies World Trade Organization members, and countries negotiating services agreements regionally or bilaterally, could follow in order to fully exploit the opportunities provided by logistics services. Local regulations and complementary policies in areas such as trade facilitation will always remain important.

Determinants and impacts of rules of origin in Australia’s free trade agreements.

Kaufmann, Uwe
Fonte: Universidade de Adelaide Publicador: Universidade de Adelaide
Tipo: Tese de Doutorado
Publicado em //2014 Português
Relevância na Pesquisa
66.79%
This thesis investigates the determination of the rates of utilisation of Australian free trade agreements (FTAs). The topic is important and interesting because the utilisation rates show the usage of the agreements by traders. Low utilisation rates imply that trade agreements fail in their objective. Following a review of relevant literature, the study presents data on the utilisation rates of Australia’s preferential trade agreements (PTAs) over the time frame of 2000-9. This work requires some care in the definition of the utilisation rate, a matter which is discussed in detail in the presentation of this part of the empirical work. It is found that utilisation rates vary a lot. The variations appear to be related to low preferential tariff margins and the degree to which there are strict rules of origin (ROO). These rules are associated with FTAs to manage the problem of trade deflection (TD). The ROO schemes of five Australian FTAs are investigated and a ROO restrictiveness index is developed and applied to these five Australian trade agreements. The main findings are that all five ROO regimes differ significantly between the agreements, indicating that ROO are negotiated according to criteria beyond their role in managing TD. A question of interest therefore arises about the set of important determinants of ROO. One hypothesis in the literature is that more restrictive ROO are negotiated in tariff lines with relatively high preferential margins. To examine and test this hypothesis in detail...

Deep Trade Agreements and Vertical FDI; The Devil Is in the Details

Osnago, Alberto; Rocha, Nadia; Ruta, Michele
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
66.86%
Recent data show that the institutional content of preferential trade agreements has evolved over time. Although pre-1990s preferential trade agreements mostly focused on tariff liberalization, recent agreements increasingly contain deep provisions in diverse areas, such as intellectual property rights, investment, and standards. At the same time, there has been a remarkable increase in the internationalization of production through foreign direct investment and outsourcing. This paper employs the Antràs and Helpman (2008) model of contractual frictions and global sourcing to study how deep trade agreements affect the international organization of production. The paper constructs new measures of the depth of preferential trade agreements and of vertical foreign direct investment to test the theory. Consistent with the model, the analysis finds evidence that the depth of trade agreements is correlated with vertical foreign direct investment, and that this is driven by the provisions that improve the contractibility of inputs provided by suppliers...

The history of free trade relations between Australia and other countries with the purpose of looking into opportunities for future Free Trade Agreements, particularly the Free Trade Agreement with the USA.

Jikharev, Dmitri
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Relatório
Português
Relevância na Pesquisa
66.79%
The issue of trade liberalisation has come to dominate economic policies worldwide in recent years. Australia was among the first countries to embrace the idea of Free Trade. One of the earliest Free Trade Agreements signed in the world, was the Closer Economic Relations agreement signed between Australia and New Zealand in l983. Currently, Australia promotes Free Trade on the global scale not only through participation in the World Trade Organisation, but also on regional and bilateral level by participating in Free Trade Agreements with other countries and economic blocks. In recent times Australia has signed two Free Trade Agreements with Singapore and Thailand and is negotiating an agreement with the United States, in addition to the CER with New Zealand, which has been in place for years. However, as Australia's main goal is trade liberalisation worldwide, these agreements are only the first few steps in the process, which will result in a global system of free trade relations. So, an analysis of FTAs, which Australia has signed with New Zealand, Singapore and Thailand, as well as the agreement with the US, which is currently being negotiated, has resulted in a list of factors, which are essential to any successful FTA: • High levels of geographic and cultural closeness of a candidate-country to Australia. • Microeconomic policies of a candidate-country must be directed at trade liberalisation. • Composition of the candidate-country's trade must ensure that both countries have interest in each other. • Large volume of trade between Australia and the candidate-country prior to signing an FTA. This list demonstrates that the success of an FT A between Australia and the US is directly proportional to the levels of trade liberalisation between the two countries. The list also shows that under current conditions FTAs with China and Canada are mos t desirable ...

Including Financial Services in Preferential Trade Agreements : Lessons of International Experience for China

Stephanou, Constantinos
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
66.79%
The objective of this paper is to address the main considerations for China of including financial services in its preferential trade agreements. The paper briefly reviews China's financial liberalization process and the state of its domestic financial system, discusses the main considerations of including financial services in China's preferential trade agreements, compares and contrasts the different 'architectural' approaches that have been used by countries to include financial services in such agreements, and identifies good practices in preparing for financial services negotiations. Particular emphasis is placed on lessons from Latin American preferential trade agreements, given their more frequent and extensive coverage of financial services compared with other regions.

Reciprocity in Free Trade Agreements

Freund, Caroline
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
66.91%
The author uses detailed trade, tariff, and income data for countries involved in 91 trade agreements negotiated since 1980 to test for reciprocity in free trade agreements. The results offer strong evidence of reciprocity in North-North and South-South free trade agreements, but there is little empirical support for reciprocity in North-South trade agreements. In particular, after controlling for other determinants of trade preferences, the results suggest that a one percent increase in preferences offered leads to about a one-half of a percent increase in preferences received in North-North and South-South trade agreements. Freund also finds evidence that large countries extract greater trade concessions from small countries. This leads to a modified form of reciprocity in North-South agreements. A large increase in access to a developing country market leads to only a small increase in access to a rich country market. The results imply that there are incentives for countries to maintain protection in order to extract more concessions from trade partners. But in general...

What Do We Know About Preferential Trade Agreements and Temporary Trade Barriers?

Bown, Chad P.; Karacaovali, Baybars; Tovar, Patricia
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
66.87%
Two of the most important trade policy developments to take place since the 1980s are the expansion of preferential trade agreements and temporary trade barriers, such as antidumping, safeguards, and countervailing duties. Despite the empirical importance of preferential trade agreements and temporary trade barriers and the common feature that each can independently have quite discriminatory elements, relatively little is known about the nature of any relationships between them. This paper surveys the literature on some of the political-economic issues that can arise at the intersection of preferential trade agreements and temporary trade barriers and uses four case studies to illustrate variation in how countries apply the World Trade Organization's global safeguards policy instrument. The four examples include recent policies applied by a variety of types of countries and under different agreements: large and small countries, high-income and emerging economies, and free trade areas and customs unions. The analysis reveals important measurement and identification challenges for research that seeks to find evidence of systematic relationships between the formation of preferential trade agreements...

A Negotiator's Guide to Regional Trade Agreements : Considerations from an East Asian Perspective

Baller, Silja; Sergi, Gregory
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Other Poverty Study; Economic & Sector Work
Português
Relevância na Pesquisa
66.87%
This report maps out the evolving architecture of regional trade agreements concluded by the major trading countries and the countries of East Asia. The report first looks at a group of systemic issues - preferential rules of origin, dispute settlement and trade remedies - and subsequently turns to substantial provisions on market access, intellectual property rights, and competition policy. It also briefly examines the nascent stage of environment and labor clauses. As most favored nations (MFN) tariffs continue to fall, tariff reductions are starting to play a less important role in negotiations with the focus increasingly shifting to regulatory issues. Another notable feature of regional trade agreements (RTAs) negotiated today is that their geographical reach has begun to extend far beyond the traditional close proximity of AFTA, EU, or NAFTA - often making the term "RTA" a misnomer. The goal of this report is to establish patterns and directions across a range of issues covered in RTAs today which are relevant for East Asian policy makers. The report hence looks at pertinent systemic and substantial provisions currently included in RTAs: the first half includes chapters on rules of origin...

Rules of Origin and the Web of East Asian Free Trade Agreements

Manchin, Miriam; Pelkmans-Balaoing, Annette O.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
66.84%
The authors provide an overview of the preferential rules of origin in East Asia, highlighting the aspects that might possibly generate some trade-chilling effects. They review characteristics of existing preferential trade agreements with special emphasis on lessons from the European experience, and analyze some important features of the existing rules of origin in East and South-East Asian regional integration agreements. The empirical analysis of the effectiveness of preferentialism on intra-regional trade flows focuses on the ASEAN Free Trade Area (AFTA), with the aim of providing a rough estimate of the costs of requesting preferences. The results suggest that preferential tariffs favorably affect intra-regional imports only at very high margins (around 25 percentage points). This points to the likelihood of high administrative costs attached to the exploitation of preferences, particularly with regard to the compliance with AFTA's rules of origin.

The Impact of Regional Trade Agreements and Trade Facilitation in the Middle East North Africa Region

Dennis, Allen
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
66.79%
The Middle East and North Africa (MENA) region's trade performance over the past two decades has been disappointing. Efforts to boost trade through a plethora of regional trade agreements (RTAs) are underway. This study examines the potential contribution of regional trade agreements, as well as trade facilitation improvements, in enhancing the development prospects of the region. Using the Global Trade Analysis Project (GTAP) model and database, both intra-regional integration and integration with the European Union are observed to have a favorable impact on welfare in the MENA region. The welfare gains from integrating with the European Union are observed to be at least twice as much as intra-regional integration. Furthermore, these welfare gains are observed to at least triple when the implementation of the RTAs is complemented with trade facilitation improvements.

Evaluating the Trade Effect of Developing Regional Trade Agreements : A Semi-parametric Approach

Coulibaly, Souleymane
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
66.79%
Many recent papers have pointed to ambiguous trade effects of developing regional trade agreements (RTAs), calling for a reassessment of their economic merits. The author focuses on seven such agreements currently in force in Sub-Saharan Africa (ECOWAS and SADC), Asia (AFTA and SAPTA) and Latin America (CACM, CAN, and MERCOSUR), estimating their impacts on their members' trade flows. Instead of the usual dummy variables for RTAs, he proposes a variable taking into account the number of years of membership. He then combines a gravity model with kernel estimation techniques to capture the non-monotonic trade effects while imposing minimal structure on the model. The results indicate that except for SAPTA, these RTAs have had a positive impact on their members' intra-trade over the estimation period (1960-99). AFTA seems to be the most successful among them, with an estimated positive impact on its members' imports from the rest of the world (hence no trade diversion), but its impact on their exports to the rest of the world is rather limited. During its first 10 years of existence...

A Negotiator's Guide to Regional Trade Agreements : Considerations from an East Asian Perspective

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Poverty Study; Economic & Sector Work
Português
Relevância na Pesquisa
66.87%
This report maps out the evolving architecture of regional trade agreements concluded by the major trading countries and the countries of East Asia. The report first looks at a group of systemic issues - preferential rules of origin, dispute settlement and trade remedies - and subsequently turns to substantial provisions on market access, intellectual property rights, and competition policy. It also briefly examines the nascent stage of environment and labor clauses. As most favored nations (MFN) tariffs continue to fall, tariff reductions are starting to play a less important role in negotiations with the focus increasingly shifting to regulatory issues. Another notable feature of regional trade agreements (RTAs) negotiated today is that their geographical reach has begun to extend far beyond the traditional close proximity of AFTA, EU, or NAFTA - often making the term "RTA" a misnomer. The goal of this report is to establish patterns and directions across a range of issues covered in RTAs today which are relevant for East Asian policy makers. The report hence looks at pertinent systemic and substantial provisions currently included in RTAs: the first half includes chapters on rules of origin...