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1. Securing a development-friendly US trade policy: the urgent need for an AGOA revamp

Author:
Wolfgang Britz, Zoryana Olekseyuk, and Tim Vogel
Publication Date:
01-2025
Content Type:
Policy Brief
Institution:
German Institute of Development and Sustainability (IDOS)
Abstract:
In times of heightened uncertainty surrounding US trade policy, it is increasingly vital to secure a development-friendly approach toward African countries. They are among the most vulnerable to climate change, conflicts and pandemics, yet are also gaining geo-economic significance. Given the expiry of the US Generalized System of Preferences (GSP) in 2020 and the upcoming expiry of the African Growth and Opportunity Act (AGOA) in September 2025, Sub-Saharan African (SSA) countries urge policymakers to timely reauthorise and upgrade the non-reciprocal trade programme to improve market access to the US and ensure long-term support for sustainable development across the African continent. While the AGOA Renewal and Improvement Act of 2024 was introduced to Congress with bipartisan support, the election of Donald Trump and his “America First” approach have increased doubts about a swift extension of AGOA. This policy brief examines the potential effects of the expirations of GSP and AGOA using a multi-region Computable General Equilibrium (CGE) model. By simulating the shift from duty-free to Most Favoured Nation (MFN) treatment, we find the following: All in all, aggregated effects over all countries are rather muted while some specific countries face strong losses. Whereas bilateral exports of AGOA-eligible countries to the US decline by 3.7%, their total exports fall by only 0.1%, with real GDP remaining almost unaffected. Looking more closely, specific SSA countries would face high bilateral losses: The most substantial reduction of exports to the US occurs in Lesotho (-35%), Malawi (-25%) and Kenya (-16%), while welfare decline is the highest in Lesotho and Mauritius. The most affected sectors are sugar, wearing apparel, leather, dairy products, and beverages and tobacco. The limited aggregate effects of a loss in trade preferences are mainly driven by relatively weak ties of SSA to the US and rather low US MFN tariff rates. This highlights the limited effectiveness of the AGOA preference scheme, indicating that its renewal should go hand in hand with a comprehensive modernisation of the programme. While the AGOA Renewal and Improvement Act of 2024 acknowledges this, it still falls short of modernising the programme in some key areas. To ensure long-term benefits for SSA economies, we recommend: • A swift reauthorisation for a longer period, incorporating continuation provisions to reduce future uncertainty. • More transparent and predictable eligibility reviews, with a possibility of partial exclusion for non-compliance, would also help mitigate uncertainty. • Expansion of rules of origin, which is crucial for stimulating intra-continental trade and enhancing value addition within SSA. • Widening the programme’s scope by addressing, for example, digital trade, services, non-tariff measures, regulatory cooperation and investment facilitation.
Topic:
Development, Exports, and Trade Policy
Political Geography:
Africa and United States of America

2. Between the Baltic and the Balkans, the new geopolitics of gas

Author:
Gilles Lepesant
Publication Date:
01-2025
Content Type:
Working Paper
Institution:
Robert Schuman Foundation (RSF)
Abstract:
On December 31, 2024, the gas transit agreement signed in 2019 between the Ukrainian grid operator and Russia expired. As the Ukrainian government had refused to negotiate a renewal of the agreement in advance, gas flows to European markets were suspended. Announced several months ago, Ukraine's opposition to extend its gas transit agreement with Russia (Kyiv is now self-sufficient in gas) marks a new stage in the reshaping of Central Europe's natural gas geography. This process was initiated in the early 1990s and gathered pace with the invasion of Ukraine in February 2022. Russia halted gas exports via the Nord Stream pipeline and via Belarus in the summer of 2022, and flows through Ukraine were significantly reduced before ceasing altogether. Since January 1st 2025, only the Turk Stream pipeline supplies European countries with Russian gas by land. Central Europe has been particularly hard hit by the gas crisis that started in 2022. Gas plays an important role in this region, not least because of the need for heating and the importance of the manufacturing sector in the region's economies. Gas production is growing slightly in Hungary, Poland and, above all, Romania. But the volumes extracted make only a modest contribution to the region's energy security. Moreover, several central European countries have for several decades enjoyed transit fee revenues. Finally, most of them are landlocked or have short coastlines. All of these factors make Central Europe a unique region. Added to this is the legacy of the Communist period, when energy policies favoured coal, and for which gas is now a often seen as an alternative. In this particular context, energy flows between the Baltic Sea, the Black Sea and the Mediterranean Sea are changing. This is reflected not only in a contraction of flows from Russia, but also in an intensification of north-south or south-north flows, and a growing interdependence between the states of the region, as well as with certain member states of the European Union.
Topic:
European Union, Geopolitics, Gas, Exports, and Russia-Ukraine War
Political Geography:
Balkans, Central Europe, and Baltic States

3. Korea’s Trade Policy Priorities with Latin America: Future Directions

Author:
Sungwoo Hong
Publication Date:
02-2025
Content Type:
Policy Brief
Institution:
Korea Institute for International Economic Policy (KIEP)
Abstract:
Despite Latin America’s potential as a trading partner, Korea’s exports to Latin America have continuously decreased over the past 10 years, while imports from Latin America have been increasing. The fact that Korea’s exports to these countries have decreased since the conclusion of FTAs with Chile, Peru, and Colombia suggests that it is time to identify the cause of Korea’s decline in exports to Latin America and seek opportunities to expand exports. One reason for the decline in Korea’s exports to Latin America is the decline in Korean companies' investment in Latin America. The correlation coefficient between Korea’s investment in Latin America and exports is quite high, indicating that the decline in investment since the mid-2010s has had a direct impact on the decline in exports to Latin America. As a short-term trade policy goal to consider, I propose establishing and activating a channel for cooperation between Korea and Latin America. It is possible to establish new dialogue channels and revive existing ones, centered on countries where consultative bodies such as the Resources Cooperation Committee, Senior Policy Council, and Joint Economic Committee have already been established, making this a more cost-effective approach compared to other initiatives As a task to be pursued from a long-term perspective, I propose preparing for the possibility of economic integration between the United States and Central America. Assuming that the conflict between the United States and China will continue in the future, expanding economic integration between the United States and Central America can be positive for Korea in that it can alleviate some of the uncertainty Mexico currently has as a bridgehead targeting the US export market. However, expanding economic integration between the United States and Central America is not only difficult for Korea to directly intervene in, but also requires economic and diplomatic efforts in parallel, meaning it may be difficult to achieve in the short or medium term, and thus needs to be pursued as a long-term task. Central American countries, excluding Nicaragua, may be countries that currently have a demand for increasing the level of economic integration with the United States, and the United States may also consider expanding economic integration with them.
Topic:
Investment, Exports, Trade Policy, and Economic Integration
Political Geography:
Asia, South Korea, and Latin America

4. How Export Restrictions Threaten Economic Security

Author:
Chad P. Bown
Publication Date:
05-2025
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
The fear that a foreign government will impose an export restriction that imperils another country’s economic and national security has driven part of the recent turn to industrial policy and the increased use of tariffs. Countries now worry about disruption not only to their access to energy but also to critical minerals, semiconductors, medical supplies, and other essential goods. Modern use of industrial and trade policy is thus often an attempt to move supply chains in the short term and to sustain them in those new places over the long term, in order to reduce national vulnerability to disruptions caused by export restrictions. However, achieving even modest forms of international cooperation on trade and industrial policy between countries seeking to improve their collective economic security will also require that these same countries take on new commitments to discipline their own use of export restrictions toward each other.
Topic:
Industrial Policy, Tariffs, Exports, and Economic Security
Political Geography:
Global Focus

5. Destined for Division? US and EU Responses to the Challenge of Chinese Overcapacity

Author:
Salih Bora, Mary Lovely, and Luis Simón
Publication Date:
04-2025
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
Heightened concerns about China’s exports have intensified competitive pressures on producers and compelled American and European policymakers, government officials, and political leaders to try to counteract those concerns. President Donald Trump’s decision to raise tariffs on China by 145 percent is the most recent—and arguably most dramatic—example of broader concerns about Chinese overcapacity. The clash with China is particularly evident in sectors that US and European leaders have deemed essential for growth and security, charging that Chinese industrial subsidies, rather than comparative advantage, are the basis for the country’s export success. However, the European Union and the United States have taken different approaches to resolve tensions with China. The European Union seeks, at least for now, to preserve and adhere to global trading rules. By contrast, the United States has acted unilaterally (even before the second Trump administration) to defend its domestic production by engaging in a trade confrontation with China that, together with China’s retaliation, has rattled global financial markets. This Policy Brief explores these EU-US divisions, their reflection on trade and industrial policy, and prospects for coordinated action against Chinese overcapacity. The authors argue that the European Union can take the lead toward a resolution within the rules-based system while maintaining an open door to future US participation.
Topic:
European Union, Tariffs, Exports, and Donald Trump
Political Geography:
China, Europe, North America, and United States of America

6. Building a path toward global deployment of fusion: Nonproliferation and export considerations

Author:
Sachin Desai, Michael Hua, Amy Roma, Jessica Bufford, Jacqueline Siebens, and Andrew Proffitt
Publication Date:
04-2025
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
Commercial fusion is on the horizon, with many experts arguing that fusion power plants could put electrons on the grid by the end of this decade. However, there are questions around the process for regulating fusion power plants. In this Atlantic Council issue brief, authors Sachin S. Desai, Michael Y. Hua, Amy C. Roma, Jessica A. Bufford, Jacqueline E. Siebens, and J. Andrew Proffitt explore pathways to address regulation, nonproliferation, and export considerations for fusion technologies. They argue that fusion power plants should be regulated in a pathway that is separate from the regulatory pathways established for fission reactors, especially since the materials and processes involved in fusion power plants are significantly different from fission reactors.
Topic:
Geopolitics, Nonproliferation, Exports, Renewable Energy, Nuclear Energy, Energy, and Energy Transition
Political Geography:
Global Focus

7. Trade with Colombia is big business for US exporters—amid growing Chinese influence in Latin America

Author:
Geoff Ramsey and Enrique Millán-Mejía
Publication Date:
03-2025
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
Colombia and the United States have achieved a close, mutually beneficial partnership over several decades on migration, security, counternarcotics, and commerce—with the US trade surplus with Colombia totaling $1.3 billion in 2024. The Colombian market is particularly important for US agricultural producers. Thanks to the US-Colombia Trade Promotion Agreement (TPA), Colombia is the top destination for US agricultural exports in South America and the third main destination in the Western Hemisphere. The United States is still Colombia’s largest trading partner in South America—with $36.7 billion in two-way trade in 2024—but January data showed Chinese products leading over US imports for the month. The TPA promotes both reciprocal trade and US influence; interpretative improvements to previously agreed-upon matters are possible,
Topic:
Economy, Business, Tariffs, Exports, Trade, and International Markets
Political Geography:
China, Colombia, South America, Latin America, and United States of America

8. European export finance needs a reboot

Author:
Conor McCaffrey and Niclas Poitiers
Publication Date:
06-2025
Content Type:
Working Paper
Institution:
Bruegel
Abstract:
Export credit agencies (ECAs) play an important role in international trade by providing derisking instruments that function as public assistance to companies engaging in international commerce. As the geopolitical environment has become more fraught, this support has become ever more important. In recent years, the role of ECAs has evolved from a purely commercial one to include the pursuit of strategic goals, such as fighting climate change, shaping trade relations with key partners and securing access to critical raw materials. However, the system of European export credit agencies is not well equipped to deal with these challenges. ECAs are national with a variety of models and not all European Union countries have one. There is little transparency on their operations, very limited steering at the EU level and, beyond a small pilot project in Ukraine, no EU-level funding for European public goods. Non-EU ECAs have increasingly used funding instruments not available to EU ones, partly because of competition from countries not subject to the OECD Arrangement on Officially Supported Export Credits and state aid constraints. This makes the lack of coordination not only a strategic oversight but a potential competitive disadvantage. For these reasons, we argue that reform of the European ECA sector is necessary. We advocate for improved transparency and EU-level steering to ensure European strategic objectives are met. More complex is the question of how European public goods could be adequately supported by ECAs. Several models are possible, with the most promising option being EU level funding for projects implemented by national ECAs coupled with some form of EU level oversight.
Topic:
Governance, Regulation, Exports, Macroeconomics, and Financial Literacy
Political Geography:
Europe

9. Dark Spots in the International Commodity Value Chain: The Case of Copper in Zambia

Author:
Dale Mudenda and Léonce Ndikumana
Publication Date:
01-2024
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
This paper investigates mineral export misinvoicing in Zambia as a channel of capital flight, with a focus on copper, gold, and gemstones. The analysis reveals major discrepancies between Zambia’s recorded exports and imports as recorded by its trading partners. In the case of copper, a large share of exports recorded in Zambia as headed to Switzerland does not appear in Swiss imports. The ‘missing copper’ cannot be traced through analysis of trade between Switzerland and its major partners either. Gaps in the opposite direction are observed in Zambia-China trade, suggesting export underinvoicing, a common mechanism of capital flight. These do not offset the gaps observed in mirror trade statistics between Zambia and Switzerland, which remain a mystery. Similarly, whereas the primary destination recorded for Zambian gold exports is South Africa, these do not appear in gold imports recorded by South Africa. The gemstones sector is characterized by high informality that enables smuggling and export underinvoicing. Zambia must implement measures to curb misinvoicing of mineral exports and address structural opacity in the trade value chain if it hopes to maximize the gains from the exploitation of its mineral resources.
Topic:
Political Economy, Commodities, Exports, Global Value Chains, and Minerals
Political Geography:
Africa and Zambia

10. Assessing ASEAN Economic Integration Progress and South Korea’s Approach Focusing on TBT and SPS

Author:
Sungil Kwak
Publication Date:
02-2024
Content Type:
Policy Brief
Institution:
Korea Institute for International Economic Policy (KIEP)
Abstract:
TBT (Technical Barriers to Trade) and SPS (Sanitary and Phytosanitary Measures) have two attributes. They act as barriers to trade expansion by protecting producers, but their importance has grown in terms of consumer protection measures after the COVID-19 pandemic. Rather than eliminating related regulations, achieving harmonization within the ASEAN region can simultaneously serve two objectives: expanding trade between South Korea and ASEAN and improving consumer protection. We assess the level of regional economic integration by measuring regulatory distances among ASEAN member states. We also measure regulatory distances between South Korea and ASEAN, and between Japan and ASEAN. We estimate the impact of ASEAN's TBT and SPS on the export performance of countries exporting goods to the ASEAN region.
Topic:
Regulation, Exports, Trade, ASEAN, COVID-19, and Economic Integration
Political Geography:
Asia and South Korea