Developments in International Trade Policy
The slowdown in global trade — on the one hand — is due to cyclical factors, such as weak aggregate demand and heightened uncertainty, but on the other hand, it is also due to structural shifts such as changes in the composition of global demand, the weakening of global value chains expansion and the slowdown in the pace of dismantling trade barriers between countries.
However, it should also be noted that trade in services has displayed greater resilience than merchandise trade in recent years and the growth in trade services has persistently performed better than merchandise trade since Similarly, the share of developing countries in global services export increased from 23 per cent in to 31 per cent in figure 1.
Remarkably, the share of south-south trade in total world exports doubled over the last 20 years, currently accounting for over 25 per cent of world trade.
International Trade Policies and Development
In the last couple of years, however, the rising trend of south-south trade has faltered figure 2 , reflecting the slowdown in economic growth in some large emerging economies. In terms of the regional pattern of trade, developed economies in Europe and North America are still playing a major role in international trade in both merchandise trade and services. There has also been an increase in merchandise trade within East Asia, partly due to an increased reliance on regional value chains figure 3.
At the same time, the share of intra-Europe and intra-North America trade in global merchandise trade is decreasing. In addition, since , the export share of LDCs has dropped to 0. On the contrary, export of services from LDCs has almost doubled from 0. In addition, most LDC exports are concentrated in a few products of low complexity and directed to a few trading partners figures 5a and 5b.
These factors make LDCs particularly vulnerable to exogenous economic shocks, such as commodity price volatility and slow growth in their trading partners. Note : Number of HS6 digit products provides the count of products exported from a country in a given year, counted at the 6-digit harmonised system HS level. A product is counted if it is exported to at least one destination in the selected year with a value of at least 10, USD. In , United States had the highest indicator with products, and Afghanistan had the lowest indicator with 5 products. In some cases, economies have also relied on export-led growth to expedite their structural transformation towards manufacturing production.
In the international cooperation agenda, trade has been among the main features in the last seven decades, with the aim of promoting economic integration of developing countries into the global economy through improved participation in international trade.
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More recently, the Agenda has put significant emphasis on the role that trade can play in promoting sustainable development in developing countries, in particular in the LDCs. The trade-related targets reflect the different aspects of trade, including the promotion of a universal, rules-based, open, non-discriminatory and equitable multilateral trading system; the promotion of regional integration; the removal of trade distortions and improvement of market access; the diffusion of technology and trade-related capacity building; as well as the elimination of illegal extraction and trade with protected species.
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While trade can be an effective tool in promoting sustainable development, higher level of trade alone does not necessarily translate into equitable development benefits for all, which is closely linked to SDG 10 of reduced inequalities. What was the contribu- tion of economic research to the sea change in thinking, policy prescriptions, and politicians' acceptance of the need for reform?
What sorts of economic research best informed the policy process? In a nutshell, how did we learn? In this paper, I first sketch the initial approach to trade policy in early development research and thought. Finally, the role of research and the sorts of research that proved most fruitful in guiding policy and changing the consensus is considered.
Trade policy and development (English) | The World Bank
Published: American Economic Review , Vol. Why Now?
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Harvard Business Review, 84 1 , 32— Foreign Affairs, 72 4 , 66— Catao, L. Journal of Applied Economics, 5 1 , 19— Cavusgil, S. Born global firms: A new international enterprise. New York: Business Expert Press. Defining business analytics and its impact on organizational decision-making. Market Vibe, Austin, TX. Cuardos, A. Openness in growth: Reexamining foreign direct investment, trade and output linkages in Latin America.
The Journal of Development Studies, 40 4 , — Davenport, T.