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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

Exports from newly industrializing countries (NICs) have increased dramatically in recent years. Yet, in the importing countries -- the highly developed, "old" industrial countries -- the NICs' exports constitute an almost insignificant proportion of total imports of manufacturers. Four possible explanations of why these exports are particularly likely to face trade barriers are identified: (1) the factor content of the NICs' exports, ie, their relative intensity in unskilled & semiskilled labor; (2) the nature of the exported goods, consisting largely of final consumer goods rather than machinery & equipment; (3) the NICs' lack of retaliatory power; & (4) the context of a relatively stagnant world economy, suffering from high unemployment. 3 Tables, 4 References. Modified HA