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Globally, greater integration in international trade and global value chains (GVCs) has been linked to increased GDP per capita and productivity. Latin American and Caribbean (LAC) countries have displayed limited trade openness and weak integration into GVCs. Their trade is roughly one-third of GDP on average, compared with one-half in countries in Europe and Central Asia, as well as East Asia and the Pacific—and that share has not grown since 2000. Although the gaps between potential and actual GVC integration are the result of economic fundamentals—such as geography, market size, institutions, and factor endowments—policy choices matter as well. The region has untapped potential in trade and GVCs to grow in the wake of COVID-19 (coronavirus). Deep trade agreements are reciprocal agreements between countries that seek integration of goods, services, and factors’ markets, or deep integration. Drawing on new data and evidence, Deep Trade Agreements: Anchoring Global Value Chains in Latin America and the Caribbean shows that these agreements can drive policy reforms that can help the region overcome some of its disadvantageous fundamentals. Four areas of deep integration—trade facilitation, regulatory cooperation, services, and state support—are priorities to improve the participation of countries in the region in GVC: 1. Facilitating trade can reduce border delays and ease the challenges caused by the remoteness of some countries. 2. Improving regulatory cooperation can help create larger regional markets by reducing the costs of nontariff measures. 3. Opening the service economy can compensate for factor endowment scarcity and facilitate access to skills and technology. 4. Fostering competition and regulating state support and state-owned enterprises can improve the quality of economic institutions. These areas are increasingly important as global trade tensions persist and economies recover from the COVID-19 pandemic. In these times of uncertainty and upheaval, the policy commitments in deep trade agreements can create a more stable institutional environment to promote the ability of countries to participate in GVCs and to reap the benefits of integration. This work is a product of the regional studies program sponsored by the Latin America and the Caribbean Chief Economist’s Office.
Contents: (1) U.S. Preferential Trade Programs and the Caribbean Region: Background: Early Trade Preference Programs; Caribbean Basin (CB) Econ. Recovery Act of 1983: Special Access Program; CB Econ. Recovery Expansion Act of 1990; CB Trade Partnership Act and NAFTA Parity; CAFTA-DR and New Parity Issues; HOPE Act: New Trade Preferences for Haiti; (2) Trade Effects of Tariff Preferences; Imports by Duty: Effects of CBTPA: 2000-06; Effects of CAFTA-DR: 2006-08; Product Trends; Country Trends; (3) Trade Preference Programs: Econ. Perspectives; (4) U.S.-CB Trade Relations: Policy Options; Allow Trade Preference Programs to Expire; Reform Trade Preference Programs; Negotiate a Reciprocal FTA; (5) Outlook.
The Handbook offers an introduction to the key elements of Preferential Trade Agreements (PTAs), addressing the practical economic and legal aspects of the regulatory policies in PTAs.
Latin American and Caribbean Trade Agreements: Keys to a Prosperous Community of the Americas is the essential reference guide for companies trading with Latin America and the Caribbean or wishing to use a country in the region as an export platform. This work fills the void in academic texts that are used to teach courses on economic integration in the Western Hemisphere. It provides a road map for the Obama Administration to launch an ambitious project designed to encourage economic growth, promote energy security, and reduce harmful greenhouse gas emissions, while at the same time realistically meeting the development needs of Latin America and the Caribbean. Latin American and Caribbean Trade Agreements: Keys to a Prosperous Community of the Americas posits that the myopic focus of past United States administrations on free markets to spur economic development in the Western Hemisphere is not enough. A bolder and more ambitious project that also seeks to redress many of the deep-seated problems that have long plagued the region is required. The Community of the Americas proposed in this book rests upon the important work that has already been done at the sub-regional level in terms of economic and political reform, identifying infrastructure and human capital needs, and regulating migration. It provides a new and cohesive vision for U.S. policy in Latin America and the Caribbean.
This volume focuses on one of the most innovative deep integration constructs, The Pacific Alliance, which aims at expanding the frontiers of trade and investment governance in Latin America. It draws on a conference held at Externado University in Bogota, Colombia, in November 2015, bringing together leading scholars, practitioners and officers of public, regional and international organisations interested in a critical analysis of the Alliance, its distinctiveness and likely future directions. The volume features contributions from the multi-disciplinary lens of law, political science and economics. The Pacific Alliance, comprising Chile, Colombia, Mexico and Peru, aims through a participatory and consensual manner to promote the free circulation of goods, services, capital and persons among its members, and to secure deep economic integration through collaboration across a broader set of policy areas than typically obtains in more traditional preferential trade agreements. This volume is of interest to policy makers and staff of international organizations involved in trade and investment negotiations, international economic governance in general as well as faculty, researchers and graduate students of these topics and of international political economy and comparative regionalism.
As a rule, preferential trade agreements between countries in Latin America and the Caribbean will probably be far less meaningful than they are in Europe or even than they are in the Asia-Pacific region. But most Latin American countries would benefit from such an agreement with the United States. In the past decade a sea change has taken place in trade policies in Latin America: Within a few years, most of the region's economies have changed from restrictive to open policies. But unlike trade liberalization in Europe, most trade barriers in Latin America have been reduced unilaterally. Recently bilateral or multilateral agreements have been considered, especially preferential trade agreements within the region.Michaely evaluates the relevance and desirability of multilateral free trade agreements (such as NAFTA) for the Latin American continent and the Caribbean, with an emphasis on how they affect trade flows. Is a preferential trade agreement among some Latin American countries more or less likely to be meaningful than others - important in intensity of impact, or beneficial, or both? The evidence strongly suggests little likelihood that these agreements will succeed in Latin America. Paradoxically, the intense liberalization in recent years has made it less likely that such agreements would be beneficial - except possibly for agreements between some countries and Brazil, Mexico, or (to a lesser extent) Argentina.When the level of tariffs and nontariff barriers is already low, a preferential agreement is more likely to have an adverse impact than a beneficial one (although in any case only a slight impact). Between countries, the patterns of exports and imports are similar, suggesting a potential for trade diversion. Most countries would benefit from a preferential trade agreement with the United States, however. And U.S. agreements with blocks of Latin American countries are no more beneficial to those countries than are U.S. agreements with individual countries.This paper is a product of the Office of the Chief Economist, Latin America and the Caribbean Regional Office. The study was funded by the Bank`s Research Support Budget under research project Trade Creation and Trade Diversion in Latin America (RPO 679-38).
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).