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Trade liberalization is arguably a major issue in the conduct of commercial policy. As a component of it, the relationship between universal, multilateral trade liberalization and the conclusion of preferential trade agreements - that is, a process of liberalization which discriminates between trading partners - has been a focus of analysis and debate. This book is designed to enhance understanding of the salient elements of these issues. The book searches for answers to significant questions that have not been raised before, and elaborates those discussed earlier in the literature but not yet settled. Some parts of the book are purely analytical, while others focus on general principles and comprehension of concrete instances and developments. The book formulates a variety of new methods, including the construction of new instruments of measurement, to enable both ex-ante predictions and ex-post assessments of the impact of liberalization and trade preferences. The revised edition incorporates the outcome of two important studies, exploring the impact of liberalization on trade structure and the pattern of regional trade relationships. Sample Chapter(s). Chapter 1: Introduction (55 KB). Contents: Goods vs Factors: When Borders Open, Who Moves?; The Pattern of Removal of Trade Barriers; Preferential Trade Agreements vs Free Trade; Partners to a PTA: Implications of Varying Size; Small Economies: Trade Liberalization, Trade Preferences, and Growth; Preferential Agreements and Past Trade Patterns; The Impact of Liberalization on Trade Structure; Ex-Ante Assessment of a Preferential Agreement: Methods; Ex-Ante Assessment of a Preferential Agreement: An Application to Latin America; Assessing the Bias in Trade Expansion Following a Preferential Agreement; Proximity, Partnership to Trade Preferences, and the Impact of Liberalization; Proximity: The

"This paper briefly reviews new indices of trade restrictiveness and trade facilitation that have been developed at the World Bank. The paper also compares the trade impact of different types of trade restrictions applied at the border with the effects of domestic policies that affect trade costs. Based on a gravity regression framework, the analysis suggests that tariffs and non-tariff measures continue to be a significant source of trade restrictiveness for low-income countries despite preferential access programs. This is because the value of trade preferences is quite limited: a new measure of the relative preference margin developed in the paper reveals that this is very low for most country-pairs. Most countries with very good (duty-free) access to a market generally have competitors that have the same degree of access. The empirical analysis suggests that measures to improve logistics performance and facilitate trade are likely to have the greatest positive effects in expanding developing country trade, increasing the trade impacts of lowering remaining border barriers by a factor of two or more. "--World Bank web site

"This book examines the state of China's trade agreements with various regions of the world and the strategy and rationale behind them. In its campaign to sign free trade agreements, China is slowly moving from small, developing countries to more advanced economies. However, China's approach to preferential trade is inconsistent and not fully understood. This book outlines China's strategy and key factors influencing its policy in the pursuit of free trade agreements and offers considerations for the U.S. government. Moreover, the book provides an overview of U.S.-China commercial relations, including major trade disputes, and examines China's recent emergence as a major agricultural importer and its implications for global markets"--Preface

Cover -- Table of Contents -- Abstract -- I. Introduction -- II. Model, Data and Calibration -- A. A Multi-sector Trade Model -- B. Construction of Main Database -- C. Calibration of Elasticities of Substitution -- III. Scenarios and Results -- A. Scenario Definition -- B. Effects on the U.S -- C. Impact and Spillovers to Other Countries -- IV. The Role of the Elasticity of Substitution Between Domestic and Foreign Goods -- V. Concluding Remarks -- Appendix -- A. Implementing export tariffs as part of the U.S.-China transactional deal -- References.

Intro -- U.S. FREE TRADE AGREEMENTS AND TRADE POLICY -- U.S. FREE TRADE AGREEMENTS AND TRADE POLICY -- CONTENTS -- PREFACE -- Chapter 1 FREE TRADE AGREEMENTS: IMPACT ON U.S. TRADE AND IMPLICATIONS FOR U.S. TRADE POLICY -- SUMMARY -- WHAT ARE FREE TRADE AREAS? -- WHY COUNTRIES FORM FTAS -- FTAS IN THE CONTEXT OF U.S. TRADE POLICY -- OBAMA ADMINISTRATION POLICY AND RECENT DEVELOPMENTS -- ECONOMIC IMPACT OF FTAS -- FTAS AND THE WTO -- THE DEBATE OVER FTAS -- CONCLUSIONS AND IMPLICATIONS FOR CONGRESS -- End Notes -- Chapter 2 THE FUTURE OF U.S. TRADE POLICY: AN ANALYSIS OF ISSUES AND OPTIONS FOR THE 111TH CONGRESS -- SUMMARY -- THE CURRENT ECONOMIC AND POLITICAL CLIMATE FOR TRADE POLICY -- Political Factors -- Public Opinion -- Congressional Perspective -- Presidential Perspective -- Executive-Legislative Partnership/Tension -- Economic Factors -- Global Economic Downturn -- Emergence of Developing Countries -- Economic Integration and Global Production Networks -- Preferential Trade Arrangements -- Limitations on Trade Policymaking -- "Behind the Border" Trade Barriers -- Trade Deficits -- TRADE ISSUES -- Pending FTAs and FTA Negotiations -- The WTO and the DDA -- Renewal of Trade Promotion Authority -- Reauthorization and Review of Trade Preference Programs -- Trade Enforcement -- Foreign Direct Investment: Bilateral Investment Treaties and FTA Investment Chapters -- THE DEBATE OVER U.S. TRADE POLICY: WHERE DO WE GO FROM HERE? -- "Trade Liberalizers" -- "Fair Traders" -- "Trade Skeptics" -- THE DIRECTION OF FOREIGN TRADE POLICY AND ITS IMPLICATIONS -- End Notes -- Chapter 3 THE PROPOSED U.S.-PANAMA FREE TRADE AGREEMENT -- SUMMARY -- PANAMA'S CANAL AND ECONOMIC RELATIONS WITH THE UNITED STATES -- Early U.S.-Panama Economic Relations -- The Canal and U.S. Trade Policy -- PANAMANIAN TRADE RELATIONS

AbstractThis study investigates the effects of preferential trade agreements (PTA) on bilateral trade disputes. We construct a unique and comprehensive dataset on inter‐country trade disputes from 1995 to 2007. The dataset covers 110 countries and 1,162 bilateral country‐pair trade disputes. Using this dataset in a gravity‐type model of trade dispute analysis, we find that countries belonging to the same PTA tend to experience fewer trade conflicts among themselves than with non‐member countries. By studying various types of PTA with different dispute settlement mechanisms, we further find that the dispute‐reducing effect only comes from PTA with specific provisions on dispute settlement mechanisms. Moreover, the effect is stronger if those PTA explicitly stipulate that members can also resolve their disputes via the WTO Dispute Settlement Body. However, having PTA that do not address how members should resolve their disputes may lead to more dispute initiations than in cases without PTA.