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42. Ambition on Unstable Foundations: The UK Trade Policy Readiness Assessment 2020
- Author:
- David Henig
- Publication Date:
- 07-2020
- Content Type:
- Policy Brief
- Institution:
- European Centre for International Political Economy (ECIPE)
- Abstract:
- The UK’s road to an independent trade policy has reached a critical moment. Within the next six months Free Trade Agreements (FTAs) containing long term arrangements and rules could be finalised with the United States and / or European Union, who between them constitute around 65% of UK trade. Talks have also started with Japan, Australia, and New Zealand. Our updated Trade Policy Readiness Assessment suggests that the UK government is not fully ready for this activity. On a scale where 1 suggests no work being undertaken, 3 a stable position to begin talks, and 5 successful delivery, we find problems in seeking consensus, expanding priorities beyond the traditional tariff reduction, and putting in place a realistic implementation plan.
- Topic:
- International Political Economy, International Trade and Finance, Treaties and Agreements, Free Trade, and Trade
- Political Geography:
- United Kingdom
43. The Role of Trade Policy in Promoting Sustainable Agriculture
- Author:
- Philipp Lamprecht and Fredrik Erixon
- Publication Date:
- 01-2020
- Content Type:
- Research Paper
- Institution:
- European Centre for International Political Economy (ECIPE)
- Abstract:
- There is now a long history of countries improving sustainability standards in most parts of the economy while at the same time pursuing the ambitions of rules-based international trade and economic integration with other countries. It is not surprising that countries at the vanguard of sustainability also tend to be the countries that are most open to trade. This Report looks closer at the interplay between the formulation of domestic standards and provisions in Free Trade Agreements that either acknowledge domestic standards or establish standards in a direct way. This interplay is crucial for two reasons: first to establish market access arrangements that help to promote sustainability standards, second to provide the policy basis to make standards and possible market access restrictions conducive to basic trade rules. It lays a focus particularly on the growing importance of sustainability standards in international trade agreements, or Free Trade Agreements (FTAs) – in particular for the food sector. Such standards are relevant for all new high-ambition Free Trade Agreements – from the EU-Japan Economic Partnership Agreement to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership between eleven trans-pacific nations. The Report considers especially nine modern FTAs. The purpose of the Report is to investigate how governments with high sustainability ambitions approach the issue of trade and sustainability – in particular how they work with, on the one hand, specific provisions in FTAs and, on the other hand, the development of domestic standards and their linkage to trade. The Report also looks directly at how these standards are designed, and what lessons that can be learned for governments that want to raise sustainability ambitions. It puts the results of the analysis in the context of Norwegian ambitions to improve its sustainability standards for food placed on the Norwegian market. The analysis of how trade and sustainability have been made compatible starts with the rules of the World Trade Organisation (WTO). These rules are important in their own right, but they also carry political significance. WTO-rules form the basis of the bilateral free trade agreements that countries sign with each other – and that now make up the main plank of international trade negotiations. In the language of the WTO, basic trade rules serve to protect the principles of national treatment and non-discrimination. Sustainability policies that are grounded on solid evidence and that follow international scientific norms will be compatible with WTO rules. Sustainability policies that confer advantages to domestic producers or that are arbitrary will get a harsh treatment. Consequently, the bilateral free trade deals that the European Union or the European Free Trade Area (EFTA) have concluded with other parts of the world are not just compatible with WTO rules, they rely on these rules as the foundation stone. Moreover, these rules inform governments how they should organise their sustainability policy if they also want the opportunity to take part in modern trade agreements. If countries aren’t willing to play by these rules, they should also accept that they won’t be able to enjoy the benefits of trade agreements. What member countries of the WTO have agreed in past multilateral trade accords are not a blockage of sustainability policy, but they bar countries from pursuing such policies in a way that would lead to unequal application of trade rules – between home and foreign producers, or between different foreign producers. In addition, it is of interest – also to the Norwegian policy discussion – to consider how EU policies are likely to change in the forceable future. The analysis provides a discussion of issues that are likely to remain very high on the agenda of the next European Commission. These include possible improvements in the TSD Chapters of trade agreements in particular with regard to enforcement mechanisms, the engagement of civil society, and climate action. Further policy highlights include a possible introduction of a carbon border tax, as well as the discussions related to due diligence of supply chains, and multilateralism. In terms of conclusions, the Report identifies four main observations that should inform future policy development in Norway: First, there is clearly a case to be made for aligning Norwegian trade policy to EU trade policy when it comes to provisions on trade and sustainability in Free Trade Agreements. Second, there is a substantial body of scientific evidence, risk assessments and international experience of standards in areas that are related to sanitary and phyto-sanitary standards and to environmental standards which any government that want to raise sustainability standards can draw on. Third, many countries struggle to formulate their domestic sustainability standards in a structured way. Arguably, this is a critical point for governments that are considering to introduce higher standards with consequence for market access for foreign producers. To avoid confusion or accusation of standards being a disguised trade restrictions, countries like Norway would have to structure and systematise its standards if the ambitions were to be raised and formed part of market access policy. A first step for a policy that seeks to condition import on the compliance with a stand is to make the standard clear and explicit. Fourth, there are direct and indirect relations between domestic standards and provisions in FTAs. FTAs often deal with policies that cannot be directly formulated in a domestic standard, like some aspects of labour laws. They also deal with other forms of standards that need policy convergence in order to guarantee smooth trade between the contracting parties. Generally, it cannot be said that the EU or other entities use FTAs to “regulate” or to establish the standard. That rather happens bottom-up – through domestic regulations that later get reflected in trade agreements.
- Topic:
- International Political Economy, International Trade and Finance, Partnerships, Global Markets, Free Trade, Trade, and Sustainability
- Political Geography:
- Europe and Global Focus
44. Japan’s Trade Policy in the Midst of Uncertainty
- Author:
- Yuka Fukunaga
- Publication Date:
- 02-2020
- Content Type:
- Policy Brief
- Institution:
- Institut français des relations internationales (IFRI)
- Abstract:
- The multilateral trading system under the World Trade Organization (WTO) has been of the utmost importance for Japan's trade policy. In particular, Japan strongly supports the WTO’s rule-based dispute settlement mechanism, and frequently uses it. At the same time, in recent years, the adoption and implementation of regional and mega-regional trade agreements have become critical in Japan’s trade policy, with the stalling of the Doha Round negotiations in the WTO. Although the core of its trade policy remains the same today, Japan has been forced to rethink and modify it in response to the aggressive and unilateral trade policy of the Trump administration.
- Topic:
- World Trade Organization, Governance, Internet, Free Trade, and Trade Policy
- Political Geography:
- Japan, China, Asia, South Korea, North America, United States of America, and European Union
45. 100 Ideas for Upgrading the Association Agreements and DCFTAs with Georgia, Moldova and Ukraine
- Author:
- Michael Emerson and Steven Blockmans
- Publication Date:
- 02-2020
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- There are now many ideas in circulation to enhance the Association Agreements (AA), which include the Deep and Comprehensive Free Trade Areas (DCFTA), stimulated in part by the ‘Structured Consultation’ on the future of the Eastern Partnership (EaP) initiated by the Commission in 2019. All three AA states made detailed submissions; the present note seeks to incorporate these and other ideas into the makings of a possible initiative to upgrade the agreements and give them renewed and politically significant momentum.
- Topic:
- Treaties and Agreements, Partnerships, Free Trade, and Regional Politics
- Political Geography:
- Europe, Ukraine, Moldova, and Georgia
46. The U.S.–China Trade Imbalance and the Theory of Free Trade: Debunking the Currency Manipulation Argument
- Author:
- Anwar Shaikh and Isabella Weber
- Publication Date:
- 03-2020
- Content Type:
- Working Paper
- Institution:
- Political Economy Research Institute (PERI), University of Massachusetts Amherst
- Abstract:
- The U.S.–China trade imbalance is commonly attributed to a Chinese policy of currency manipulation. However, empirical studies failed to reach consensus on the RMB misalignment. We argue that this is not a consequence of poor measurement but of theory. At the most abstract level the conventional principle of comparative cost advantage suggests real exchange rates will adjust so as to balance trade. Therefore, the persistence of trade imbalances tends to be interpreted as arising from currency manipulation facilitated by foreign exchange interventions. By way of contrast, the absolute cost theory explains trade imbalances as the outcome of free trade among nations that have unequal real costs. We argue that a disparity in real costs is the root cause of the U.S.–China trade imbalance.
- Topic:
- Exchange Rate Policy, Free Trade, Trade, and Purchasing Power
- Political Geography:
- China, Asia, North America, and United States of America
47. East Asia decouples from the United States: Trade war, COVID-19, and East Asia's new trade blocs
- Author:
- Peter A. Petri and Michael G. Plummer
- Publication Date:
- 06-2020
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics (PIIE)
- Abstract:
- he deepening US-China trade war and nationalist reactions to the COVID-19 pandemic are reshaping global economic relationships. Alongside these developments, two new megaregional trade agreements, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), will refocus East Asia’s economic ties in the region itself. The new accords are moving forward without the United States and India, once seen as critical partners in the CPTPP and RCEP, respectively. Using a computable general equilibrium model, we show that the agreements will raise global national incomes in 2030 by an annual $147 billion and $186 billion, respectively. They will yield especially large benefits for China, Japan, and South Korea and losses for the United States and India. These effects are simulated both in a business-as-before-Trump environment and in the context of a sustained US-China trade war. The effects were simulated before the COVID-19 shock but seem increasingly likely in the wake of the pandemic. Compared with business as before, the trade war generates large global losses rising to $301 billion annually by 2030. The new agreements offset the effects of the trade war globally, but not for the United States and China. The trade war makes RCEP especially valuable because it strengthens East Asian interdependence, raising trade among members by $428 billion and reducing trade among nonmembers by $48 billion. These shifts bring regional ties closer to institutional arrangements proposed in the 1990s and incentivize greater cooperation among China, Japan, and South Korea.
- Topic:
- Treaties and Agreements, Trade Wars, Trans-Pacific Partnership, Free Trade, COVID-19, and Protectionism
- Political Geography:
- China, Asia, North America, and United States of America
48. Non-tariff Trade Policy Analysis: An Ex-post Assessment of the EU-Korea Agreement
- Author:
- Julia Grübler and Oliver Reiter
- Publication Date:
- 08-2020
- Content Type:
- Working Paper
- Institution:
- The Vienna Institute for International Economic Studies (WIIW)
- Abstract:
- Many different approaches have developed for the evaluation of non-tariff measures (NTMs) and free trade agreements (FTAs). Moving on from models using simple dummy variables, today a range of databases can capture different aspects of NTMs and FTAs. Some assess the depth of FTAs by extracting information from legal texts. Other data sources are based on surveys, on complaints by trading partners at the World Trade Organization (WTO) or notifications by companies or countries. This paper uses a gravity model to assess the value added of information on FTAs and NTMs by evaluating ex-post their ability to predict the trade effects of the EU-South Korea Free Trade Agreement, the first ‘second-generation’ FTA of the EU, applied since 2011. Our results show that, when accounting for information on the FTA components, no extra trade effect is attributable to the EU-South Korea FTA. The message from the evolution of NTMs differs considerably according to the indicator used, but trade predictions are hardly affected. On the aggregate country level, provisions on investments exhibit a particularly strong positive effect, while regulations on intellectual property rights seem to hamper bilateral trade. Most specifications, furthermore, point to a negative effect of differences in the number of technical barriers to trade (TBT) applied and sanitary and phytosanitary measures (SPS) against which trading partners issued complaints at the WTO.
- Topic:
- International Trade and Finance, European Union, Free Trade, WTO, and Non-Tariff Measures
- Political Geography:
- Europe and South Korea