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2. Preferential Trade Agreements vs. Multilateralism: In the New Trump-World, Does Canada Face an Impossible Choice?
- Author:
- Judit Fabian
- Publication Date:
- 03-2020
- Content Type:
- Policy Brief
- Institution:
- Urban Institute
- Abstract:
- International trade is often framed in starkly divergent terms: either countries choose multilateral trade agreements (MTAs) and advance the cause of global economic liberalization, or they choose preferred trade agreements (PTAs) and put the entire system at risk. Canada has a long track record of pursuing PTAs and with the Trump administration’s opposition to multilateralism, and longstanding opposition in elements of the Republican and Democratic parties, this trend will likely continue. The question is whether progress will come at the expense of the global trade system. Some economists believe PTAs to be trade-diverting, reducing trade with more efficient producers outside the agreement. Others insist that PTAs can create trade by shifting production to lower-cost producers in one of the participating countries. One prominent contrary argument holds that PTAs lead to discontinuities in tariff regimes between countries and regions, increasing transaction costs, disrupting supply chains, creating opportunities for corruption and harming global welfare, especially in developing nations. While debate continues about the effects of PTAs, a closer examination suggests that worries are overblown about their negative impacts on global trade flows. Evidence indicates that they support rather than harm the international trading system. Countries shut out of PTAs are more motivated to seek out agreements in new markets, increasing liberalization overall. They may also seek a reduction in most-favoured nation (MFN) tariffs, which would deprive PTAs of their major tariff benefits. Studies have found complementarity between preferential and MFN tariffs, revealing that PTAs promote external trade liberalization. Even if a PTA reduces a given country’s incentive to push for multilateral liberalization, it raises the odds of that country liberalizing its trade to avoid getting left behind. PTAs are a response to the difficulties of securing sweeping multilateral agreements. The World Trade Organization (WTO) Agreements authorize them under GATT Article XXIV, GATS Article V, and the enabling clause, and the WTO facilitates a degree of governance over PTAs through its dispute settlement process. Over the past 25 years, countries have adopted these deals at a rapid pace. Between 1994 and 2005, the number of PTAs increased from 50 to 200. By April 2018, 336 were in effect. At the same time, global trade has increased significantly. Between 1994 and 2010, the volume of world merchandise exports more than doubled. The proliferation of PTAs has resulted in a rise in international trade governance, because the countries involved shape their relationships in line with the WTO agreements. This juridification makes PTAs subordinate to the international system rather than giving them room to dissolve it. Canada should therefore have no fear of pursuing PTAs within the larger framework of the effort to achieve multilateral trade liberalization.
- Topic:
- Economics, International Trade and Finance, Governance, Trade, and Donald Trump
- Political Geography:
- Canada, North America, and United States of America
3. The Trade Effects of the Economic Partnership Agreements between the European Union and the African, Caribbean and Pacific Group of States: Early Empirical Insights from Panel Data
- Author:
- Frederik Stender, Axel Berger, Clara Brandi, and Jakob Schwab
- Publication Date:
- 01-2020
- Content Type:
- Special Report
- Institution:
- German Development Institute (DIE)
- Abstract:
- This study provides early ex-post empirical evidence on the effects of provisionally applied Economic Partnership Agreements (EPAs) on two-way trade flows between the European Union (EU) and the African, Caribbean and Pacific Group of States (ACP). Employing the gravity model of trade, we do not find a general EPA effect on total exports from ACP countries to the EU nor on total exports from the EU to ACP countries. We do, however, find heterogeneous effects when focusing on specific agreements and economic sectors. While the agreement between the EU and the Caribbean Forum (CARIFORUM), which concluded several years ahead of the other EPAs in 2008, if anything, reduced imports from the EU overall, the provisional application of the other EPAs seems to have at least partly led to increased imports from the EU to some partner countries. More specifically, the estimation results suggest an increase in the total imports from the EU only in the Southern Africa Development Community (SADC) EPA partner countries. On the sectoral level, by comparison, we find increases in the EU’s agricultural exports to SADC, Eastern and Southern Africa (ESA) and the Pacific. Lastly, in the area of manufactures trade, we find decreases of exports of the ESA and SADC countries to the EU, but increases in imports from the EU into SADC countries. While this early assessment of the EPA effects merits attention given the importance of monitoring future implications of these agreements, it is still too early for a final verdict on the EPAs’ effects and future research is needed to investigate the mid- and long-term consequences of these agreements.
- Topic:
- International Relations, Development, International Cooperation, Regional Cooperation, Treaties and Agreements, Manufacturing, and Trade
- Political Geography:
- Africa, Europe, South Africa, Caribbean, Asia-Pacific, and European Union
4. Between God and the Sugar Dates: Lessons for a "Geopolitical" EU from the US–Iran Crisis
- Author:
- Tommaso Emiliani
- Publication Date:
- 04-2020
- Content Type:
- Commentary and Analysis
- Institution:
- Istituto Affari Internazionali
- Abstract:
- The killing of top Iranian General Qasem Soleimani by a US drone strike on 3 January 2020, followed by the Iranian retaliation on US military bases in Iraq, left many Europeans wondering how – if at all – the European Union can foster de-escalation in the Middle East. The EU is presently stuck between a deepening strategic rift with its US ally and its inability to advance its independent interests and policies vis-à-vis Iran. It is now clear that Europe cannot protect its relations with Washington while also salvaging the Joint Comprehensive Plan of Action (JCPOA), or Iranian nuclear deal. Borrowing from an old Persian proverb, Europe cannot have both God and the sugar dates.
- Topic:
- Sanctions, Military Affairs, Trade, Transatlantic Relations, and Coronavirus
- Political Geography:
- Europe, Iran, Middle East, United States of America, European Union, and Gulf Nations
5. North Korea’s Trade System and Implications for Inter-Korean CEPA
- Author:
- Jang Ho Choi and Yoojeong Choi
- Publication Date:
- 02-2020
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- This study examines changes in trade-related legal systems in North Korea and ac-tual trade transactions, and analyzes them in accordance with international standards (the WTO regulatory framework). Through this process, we will draw up measures to im-prove North Koreas trade system to open up the external economy as well as signing of a Comprehensive Economic Partnership Ar-rangement (CEPA). The results of this study will contribute to understanding the main characteristics of trade-related laws and sys-tems within North Korea and suggest promis-ing directions for their improvement.
- Topic:
- Bilateral Relations, Partnerships, Economy, and Trade
- Political Geography:
- Asia, South Korea, and North Korea
6. An Analysis of Service Trade Regulation in ASEAN and Its Implications
- Author:
- Meeryung La
- Publication Date:
- 02-2020
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- The Korean government has been pursuing a New Southern Policy (NSP) focusing on the “3P” areas of cooperation ‒ People, Prosperity, and Peace. The NSP puts people at a center of policy, and emphasizes the enhancement of cultural conversation and people-to-people exchange between Korea and ASEAN. The majority of services trade, an area with a low level of cooperation between Korea and ASEAN, is inherently based on the exchange of people. Promoting services trade flows between Korea and ASEAN could contribute to achieving the vision of a People-centered community in the region. Also, when taking into account the fact that services are integral to the working of GVC, the government should pursue policies to promote services trade and to enhance cooperation with ASEAN in the services sector. To this end, we aim to identify the current status of service trade and service trade barriers between ASEAN and Korea. This report briefly covers ASEAN’s trade in services and the restrictiveness of service trade regulations in ASEAN, and then suggests policy recommendations based on the results.
- Topic:
- International Cooperation, Regulation, Economy, Economic Policy, and Trade
- Political Geography:
- Asia and South Korea
7. Analysis of Economic Cooperation between Kazakhstan and South Korea
- Author:
- Yessengali Oskenbayev
- Publication Date:
- 01-2020
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- This article investigates the potential direction of the Kazakh-Korean economic relationship. The two countries have become major partners in their economic relationship. It is important for Kazakhstan to establish economic relations with South Korea, to diversify its economy. Kazakhstan’s economy is strongly dominated by mineral resources extractive sectors, and the country’s rapid economic growth during the period from 2000 to 2007, and afterward due to oil price increases, was not well translated into substantial growth of non-extractive sectors. Kazakhstan could employ strategies applied by Korean policymakers to sustain business and entrepreneurship development.
- Topic:
- Development, Bilateral Relations, Economic growth, Economic Policy, Diversification, Trade, and Economic Cooperation
- Political Geography:
- Central Asia, Kazakhstan, Asia, and South Korea
8. Israel-Jordan Cooperation in 2019: Continued Deterioration
- Author:
- Yitzhak Gal
- Publication Date:
- 04-2020
- Content Type:
- Working Paper
- Institution:
- Mitvim: The Israeli Institute for Regional Foreign Policies
- Abstract:
- The year 2019 saw additional deterioration in Israel-Jordan relations to the point where ties can be described as “toxic”. Israel’s continued callous disregard of Jordanian sensitivities and interests on policy issues (such as al-Haram a-Sharif/Temple Mount) and economic issues (such as water), was further exacerbated by the particularly volatile issue of the Jordan Valley annexation. Strong security ties continued to provide the basis of the relationship, although they are conducted largely behind the scenes. Economic and civilian cooperation declined, except for the Israeli gas exports to Jordan, which are of strategic importance. Nonetheless, and despite Jordan’s frustration, anger and disappointment with Israel, new content can be infused into the relationship in order to rehabilitate it. Both states have a clear interest in cooperation.
- Topic:
- Diplomacy, Treaties and Agreements, Bilateral Relations, Peace, and Trade
- Political Geography:
- Middle East, Israel, and Jordan
9. The Intersection of Emergent Technologies and Geopolitics: Implications for Singapore
- Author:
- Muhammad Faizal and Bin Abdul Rahman
- Publication Date:
- 04-2020
- Content Type:
- Working Paper
- Institution:
- Centre for Non-Traditional Security Studies (NTS)
- Abstract:
- This paper examines how Singapore as a small state will have to navigate a more contested world from a policy-relevant angle. A primary driver of geopolitical contestation today stems from emergent or Fourth Industrial Revolution (4IR) technologies contributing to the redistribution of geopolitical power to the disadvantage of the established western-led international order. Even as Singapore embarks on numerous programmes to invest in and adopt 4IR technologies, it has to consider geopolitics besides technical specifications and budgetary issues. A small state will have to face trade-offs when it engages the competing big powers to preserve its neutrality and balance relations. It is difficult for small states to emulate each other’s strategies in balancing relations with the big powers given their varying levels of risk appetite and technological adoption, as well as their different geostrategic and geo-economic realities. Nevertheless, there are strategic steps that small states such as Singapore can take to defend its national interests better while investing in and adopting 4IR technologies.
- Topic:
- National Security, Science and Technology, Global Political Economy, and Trade
- Political Geography:
- Asia and Singapore
10. Algeria’s Borderlands: A Country Unto Themselves
- Author:
- Dalia Ghanem
- Publication Date:
- 05-2020
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- Smuggling goods across the border between Algeria and Tunisia has created a parallel economy for marginalized border populations. Law enforcement and smugglers alike must navigate these gray zones in state authority. In Algeria, state formation remains an evolving process, as evidenced by the situation in the country’s northeastern border regions. With Algerian officials in these areas permitting smuggling of petrol and certain other commodities over the border with Tunisia and smugglers weeding out security threats even as they go about their illicit trade, the two ostensibly adversarial parties complement each other. This unusual relationship furthers the intrusion of the state into citizens’ livelihoods even as it manipulates state authority.
- Topic:
- Law Enforcement, Economy, Borders, Trade, and Smuggling
- Political Geography:
- Algeria, North Africa, and Tunisia