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Author: Alen Mulabdic Publisher: ISBN: Category : European Union Languages : en Pages : 24
Book Description
This paper studies the impact of deep agreements on United Kingdom-European Union trade relations. A standard gravity model is applied to assess the effect that European Union membership had on the United Kingdom's trade. The paper uses new information on the content of trade agreements to build a measure of "depth" based on the number of provisions the agreements cover. The analysis relies on information on goods, services, and value-added trade from the World Input Output Database. Deep trade agreements are found to increase goods and services trade by 42 percent, and value-added trade by 14 percent on average. European Union membership had a particularly strong effect on United Kingdom's services and global value chain trade. Because of its membership, the United Kingdom's services trade more than doubled, and the country's backward and forward participation in global value chains increased by more than 30 percent each. The paper uses these estimates to evaluate the future of United Kingdom-European Union trade under different scenarios. The findings show that United Kingdom-European Union trade declines under all scenarios, ranging between 6 and 28 percent for trade in value added. This drop is sharper (particularly for services and global value chain trade) the lower is the depth of the future arrangement relative to the depth of the European Union agreement. As trade flows adjust slowly to changes in trade costs, these effects are expected to emerge over time. But the trade-off between the depth of trade agreements and trade intensity will delimit policy choices going forward.
Author: Alen Mulabdic Publisher: ISBN: Category : European Union Languages : en Pages : 24
Book Description
This paper studies the impact of deep agreements on United Kingdom-European Union trade relations. A standard gravity model is applied to assess the effect that European Union membership had on the United Kingdom's trade. The paper uses new information on the content of trade agreements to build a measure of "depth" based on the number of provisions the agreements cover. The analysis relies on information on goods, services, and value-added trade from the World Input Output Database. Deep trade agreements are found to increase goods and services trade by 42 percent, and value-added trade by 14 percent on average. European Union membership had a particularly strong effect on United Kingdom's services and global value chain trade. Because of its membership, the United Kingdom's services trade more than doubled, and the country's backward and forward participation in global value chains increased by more than 30 percent each. The paper uses these estimates to evaluate the future of United Kingdom-European Union trade under different scenarios. The findings show that United Kingdom-European Union trade declines under all scenarios, ranging between 6 and 28 percent for trade in value added. This drop is sharper (particularly for services and global value chain trade) the lower is the depth of the future arrangement relative to the depth of the European Union agreement. As trade flows adjust slowly to changes in trade costs, these effects are expected to emerge over time. But the trade-off between the depth of trade agreements and trade intensity will delimit policy choices going forward.
Author: Bernard M. Hoekman Publisher: World Bank Publications ISBN: Category : Bilateral Free Trade Agreement Languages : en Pages : 44
Book Description
Abstract: May 1999 - Preferential trade agreements that are limited to the elimination of tariffs for merchandise trade flows are of limited value at best and may be as easily welfare-reducing as welfare-enhancing. It is important that preferential trade agreements go beyond eliminating tariffs and quotas to eliminating regulatory and red tape costs and opening up service markets to foreign competition. Deep integration-explicit government actions to reduce the market-segmenting effect of domestic regulatory policies through coordination and cooperation-is becoming a major dimension of some regional integration agreements, led by the European Union. Health and safety regulations, competition laws, licensing and certification regimes, and administrative procedures such as customs clearance can affect trade (in ways analogous to nontariff barriers) even though their underlying intent may not be to discriminate against foreign suppliers of goods and services. Whether preferential trade agreements (PTAs) can be justified in a multilateral trading system depends on the extent to which formal intergovernmental agreements are technically necessary to achieve the deep integration needed to make markets more contestable. The more need for formal cooperation, the stronger the case for regional integration. Whether PTAs are justified regionally also depends on whether efforts to reduce market segmentation are applied on a nondiscriminatory basis. If innovations to reduce transaction or market access costs extend to both members and nonmembers of a PTA, regionalism as an instrument of trade and investment becomes more attractive. Using a standard competitive general equilibrium model of the Egyptian economy, Hoekman and Konan find that the static welfare impact of a deep free trade agreement is far greater than the impact that can be expected from a classic shallow agreement. Under some scenarios, welfare may increase by more than 10 percent of GDP, compared with close to zero under a shallow agreement. Given Egypt's highly diversified trading patterns, a shallow PTA with the European Union could be merely diversionary, leading to a small decline in welfare. Egypt already has duty-free access to the European Union for manufactures, so the loss in tariff revenues incurred would outweigh any new trade created. Large gains in welfare from the PTA are conditional on eliminating regulatory barriers and red tape-in which case welfare gains may be substantial: 4 to 20 percent growth in real GNP. This paper-a product of the Development Research Group-is part of a larger effort in the group to analyze regional integration agreements. The authors may be contacted at bhoekman@@worldbank.org or konan@@hawaii.edu.
Author: Nauro F. Campos Publisher: Springer ISBN: 3319554956 Category : Business & Economics Languages : en Pages : 302
Book Description
This book brings together contributions from leading scholars around the world on the most relevant and pressing economic themes surrounding the UK–EU relationship. With chapters spanning from the UK’s accession to the bloc to the aftermath of its decision to leave, the book explores key themes in UK economic growth and EU membership, international trade, foreign direct investment, financial markets and migration. Chapters interrogate the history of the relationship, the depth of foreign direct investment, and responses to the financial crisis. Considering both the history and future of UK and EU relations, the book is a relevant and timely volume that gives welcome context to a fast-changing relationship.
Author: Aaditya Mattoo Publisher: World Bank Publications ISBN: 1464815542 Category : Political Science Languages : en Pages : 768
Book Description
Deep trade agreements (DTAs) cover not just trade but additional policy areas, such as international flows of investment and labor and the protection of intellectual property rights and the environment. Their goal is integration beyond trade or deep integration. These agreements matter for economic development. Their rules influence how countries (and hence, the people and firms that live and operate within them) transact, invest, work, and ultimately, develop. Trade and investment regimes determine the extent of economic integration, competition rules affect economic efficiency, intellectual property rights matter for innovation, and environmental and labor rules contribute to environmental and social outcomes. This Handbook provides the tools and data needed to analyze these new dimensions of integration and to assess the content and consequences of DTAs. The Handbook and the accompanying database are the result of collaboration between experts in different policy areas from academia and other international organizations, including the International Trade Centre (ITC), Organisation for Economic Co-operation and Development (OECD), United Nations Conference on Trade and Development (UNCTAD), and World Trade Organization (WTO).
Author: Alberto Cavallo Publisher: International Monetary Fund ISBN: 1513518380 Category : Business & Economics Languages : en Pages : 37
Book Description
We use micro data collected at the border and at retailers to characterize the effects brought by recent changes in US trade policy - particularly the tariffs placed on imports from China - on importers, consumers, and exporters. We start by documenting that the tariffs were almost fully passed through to total prices paid by importers, suggesting the tariffs' incidence has fallen largely on the United States. Since we estimate the response of prices to exchange rates to be far more muted, the recent depreciation of the Chinese renminbi is unlikely to alter this conclusion. Next, using product-level data from several large multi-national retailers, we demonstrate that the impact of the tariffs on retail prices is more mixed. Some affected product categories have seen sharp price increases, but the difference between affected and unaffected products is generally quite modest, suggesting that retail margins have fallen. These retailers' imports increased after the initial announcement of possible tariffs, but before their full implementation, so the intermediate passthrough of tariffs to their prices may not persist. Finally, in contrast to the case of foreign exporters facing US tariffs, we show that US exporters lowered their prices on goods subjected to foreign retaliatory tariffs compared to exports of non-targeted goods.
Author: Friedemann Kainer Publisher: ISBN: 9783848751334 Category : Languages : en Pages : 410
Book Description
The exit of the United Kingdom from the EU represents the first large-scale reversal of European integration. It will, in particular, have an appreciable impact on the trade relations with the European continent. This edited volume brings together contributions from leading economists and legal scholars that raise crucial questions and challenges with respect to the Brexit negotiations. In doing so, the contributions do not only look at the withdrawal agreement but, beyond that, at the future trade relations between the UK and the EU after the entry into force of a possible withdrawal agreement. The authors are driven by the conviction that the future relationship between EU and UK shall allow the utmost possible degree of economic freedoms in the benefit of both sides, taking into account political restraints deriving from UK to meet the main objectives of the Brexit campaign and addressing the special circumstance of the Northern Irish peace process, and from the EU, preventing the emergence of incentives to destabilise the European integration. Against this background, the contributions develop realistic solutions which can serve as a reliable model for the negotiation process.
Author: Markus Gastinger Publisher: Taylor & Francis ISBN: 1003819435 Category : Political Science Languages : en Pages : 199
Book Description
EU Trade Agreements and European Integration studies 50 bilateral trade agreements negotiated by the European Commission from 1970–2008 and how they shaped European integration. The book argues that the Commission used these trade agreements, signed primarily with countries in Asia and Latin America, to advance European integration by ensuring that they became wider in scope and institutionally deeper by establishing ‘joint bodies’ – even in the face of resistance from member states in the Council of the European Union. Drawing upon principal–agent theory to explain Commission autonomy and Council control as well as extensive archival material and other sources across six in-depth case studies, it shows that the Commission primarily relied on asymmetric information to shape trade agreements in earlier negotiations. In later negotiations, the Commission harnessed its agenda-setting power to submit agreements that the Council could only accept or reject. Overall, the book argues that these 50 trade agreements significantly impacted European integration by increasing the Commission’s external action capability, transforming it into a truly global political actor – one trade agreement at a time. This book will be of interest to scholars and students of European Union Studies and EU policy making, practitioners involved in trade and external relations, and engaged citizens in Europe and abroad, particularly in India, which is prominently featured in the book.
Author: Sangeeta Khorana Publisher: Edward Elgar Publishing ISBN: 1785367471 Category : Business & Economics Languages : en Pages : 433
Book Description
The Handbook on the EU and International Trade presents a multidisciplinary overview of the major perspectives, actors and issues in contemporary EU trade relations. Changes in institutional dynamics, Brexit, the politicisation of trade, competing foreign policy agendas, and adaptation to trade patterns of value chains and the digital and knowledge economy are reshaping the European Union's trade policy. The authors tackle how these challenges frame the aims, processes and effectiveness of trade policy making in the context of the EU's trade relations with developed, developing and emerging states in the global economy.
Author: Alen Mulabdic
Author: Alen Mulabdic
Author: 
Author: Bernard M. Hoekman
Author: Nauro F. Campos
Author: Aaditya Mattoo
Author: Daniel Sheldon Hamilton
Author: Alberto Cavallo
Author: Friedemann Kainer
Author: Markus Gastinger
Author: Sangeeta Khorana