Trade Liberalization and Investment in a Multilateral Framework This paper explores trade policy and investment linkages in a multicountry framework. This is done under alternative steady-state closure rules linking trade to consumption, production, and investment, and emphasizing the general equilibrium nature of capital accumulation mechanisms. When policy shocks are capital friendly, induced...

The World Trade Organisation (WTO) which became operational on 1 January 1995 is the successor to the General Agreement on Tariffs and Trade (GATT). The WTO provides the legal framework for world trade, and it has been given extensive regulatory and supervisory powers. Whereas the GATT was solely concerned with trade liberalization based on tariff concessions, the WTO’s approach embraces discus...

Trade liberalization is being actively promoted as a key component of development strategies. Through greater efficiency in resource allocation, specialization in production, dissemination of knowledge and technological progress, and competition, trade liberalization should favor economic development and growth. How is this reflected in poverty? In theory, a more liberalized trade regime will m...

today trade is the basis of development of any societies that with its expansion, the industrial enterprises, takes advantage of its benefits and enhances their productivity. also they earn competitive advantage and further providing domestic needs, can capture the new markets. among these, the role of imports in trade is very important because the import of capital and intermediate inexpensive...

Much remains to be done before agricultural trade is as liberal as world trade in manufactures. But agriculture is distorted by more than agricultural policies. In developing countries especially, farming is discouraged not only by farm protection policies in high-income countries but also by those countries' own manufacturing policies and distortions to services markets. This paper explores th...

The services sector is the next frontier in trade liberalization, and progress in this area is likely to bring enormous economic gain to developed and developing economies. A major impediment to services trade liberaliza­ tion, however, is the lack of rigorous analytical work on its potential impact. Our aim in this paper is to propel the policy relevant research forward. Restrictions on servic...

The well-known question whether regional trade agreements (RTAs) and the multilateral trading system (MTS) are “strangers, friends, or foes” (Bhagwati and Panagariya, 1996) has gained new importance with the widespread proliferation of RTAs in recent years. Based on an extensive data set which covers most of world trade over the past 60 years and about 240 regional trade agreements, we analyze ...

The well-known question whether regional trade agreements (RTAs) and the multilateral trading system (MTS) are “strangers, friends, or foes” (Bhagwati and Panagariya, 1996) has gained new importance with the widespread proliferation of RTAs in recent years. Based on an extensive data set which covers most of world trade over the past 60 years and about 240 regional trade agreements, we analyze ...

M economists accept that, in the long run, open economies fare better in aggregate than do closed ones, and that relatively open policies contribute significantly to development. Many commentators fear, however, that in the shorter run, one of the steps towards openness—trade liberalization— harms poorer actors in the economy, and that, even in the longer run, successful open regimes may leave ...