Free Trade Agreements and Globalisation PDF
Preview Free Trade Agreements and Globalisation
FREE TRADE AGREEMENTS AND GLOBALISATION In the Shadow of Brexit and Trump Arne Melchior Free Trade Agreements and Globalisation Arne Melchior Free Trade Agreements and Globalisation In the Shadow of Brexit and Trump Arne Melchior Norwegian Institute of International Affairs Oslo, Norway ISBN 978-3-319-92833-3 ISBN 978-3-319-92834-0 (eBook) https://doi.org/10.1007/978-3-319-92834-0 Library of Congress Control Number: 2018946237 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and trans- mission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: Sandema / Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland Acknowledgements Main parts of this book were written as contributions to the research project “Europe in transition—small states in an age of global shifts (EUNOR)”, funded by the Research Council of Norway (project no. 238017) during 2014–2017. The model presented in Chap. 6 and Appendix B was partly developed as part of the research project “Trade Integration, Geopolitics and the Economy of Russia (TIGER)”, funded by the Research Council of Norway during 2013–2016 (project no. 228244). I would like to gratefully acknowledge the financial support provided by the Research Council of Norway. I thank Natalia Turdyeva and other TIGER projects’ participants for useful feedback when the pre- liminary material was presented at a project workshop at Centre for Economic and Financial Research (CEFIR), Moscow (21 April 2016). I also thank Natalia Turdyeva and Roman Vakulchuk for guidance in accessing regional data for Russia and Kazakhstan, respectively, and Sergei Golovan for useful advice on aspects of MATLAB programming. Parts of the material included in the book were also presented at seminars during 2017 at the University of Oslo and at the Norwegian Institute of International Affairs, Oslo, Norway, and at the conference on “Trade and Integration in a Time of Anti-Globalisation” in Malmö, Sweden, on 25–27 October 2017. I thank the participants at these seminars and con- ferences for their valuable comments. Finally, I thank the anonymous referees of Palgrave Macmillan for their useful comments on the plan for v vi Acknowledgements the book as well as a preliminary version of it. I also thank Laura Pacey and Clara Heathcock at Palgrave Macmillan for their excellent follow-up as well as patience when the book deadline had to be postponed for unforeseen reasons. As usual, the responsibility for remaining errors, if any, stays with the author. Contents 1 Introduction and Overview 1 2 A Portrait of World Trade 19 3 The Global Landscape of FTAs 37 4 Tariffs: The Most and the Least Favoured Nations 49 5 Non-tariff Issues in FTAs 67 6 How Important Is Trade? Estimates from a World Trade Model 93 7 Trade, USA and the Rise of China: Pains and Gains 115 8 Global Versus Local Integration and Europe’s Options 131 9 Trade Policy Spillovers and Regulatory Cooperation 147 vii viii Contents A ppendix A: Data Tables 173 Appendix B: A World Trade Model with Commodities and Differentiated Goods 179 Appendix C: Tables Related to Numerical Model Simulations 211 Appendix D: Teaching Material: A Simple Model of Regional Trade Integration 265 Index 271 Abbreviations ACP Africa, Caribbean and Pacific countries AD Anti-dumping AfCFTA African Continental Free Trade Area AGOA African Growth and Opportunity Act (US trade preferences) ANZCERTA A ustralia-New Zealand Closer Economic Relations Trade Agreement BEA Bureau of Economic Analysis (US agency) BITs Bilateral Investment Treaties CBI Caribbean Basin Initiative (US trade preferences) CD Countervailing Duties (WTO measure against subsidies) CES Constant Elasticity of Substitution CGE Computable General Equilibrium COMTRADE United Nations Commodity Trade Statistics Database CTS Consolidated Tariff Schedules (of the WTO) DESTA Design of Trade Agreements database DSM Dispute Settlement Mechanism EAEU Eurasian Economic Union EBA Everything But Arms (EU trade preferences for LDCs) EEA European Economic Area EFTA European Free Trade Association EPA E conomic Partnership Agreements (EU trade agreements with ACP) FAO Food and Agriculture Organization ix x Abbreviations FATF Financial Action Task Force FMINCON C onstrained Non-linear Minimization Algorithm in MATLAB FSB Financial Stability Board FTA Free Trade Agreement GATS General Agreement on Trade in Services GATT General Agreement on Tariffs and Trade GDP Gross Domestic Product GSP Generalised System of Preferences GVC Global Value Chain HM Her Majesty IAIS International Association of Insurance Supervisors ICP International Comparison Program (mapping international price differences) ICT Information and Communication Technology IIT Intra-industry Trade ILO International Labour Organization IMF International Monetary Fund IOSCO International Organization of Securities Commissions IPR Intellectual Property Rights ISDS Investor-State Dispute Settlement ITU International Telecommunication Union LDCs Least Developed Countries MAI Multilateral Agreement on Investment MFN Most Favoured Nation MRA Mutual Recognition Agreement NAFTA North American Free Trade Agreement NQTM New Quantitative Trade Models NTM Non-tariff Measures OECD Organisation for Economic Co-operation and Development PPP Purchasing Power Parity PSAs P artial Scope Agreements (between developing countries, notified under WTO’s enabling clause) REACH R egistration, Evaluation, Authorisation of Chemicals (EU chemical regulation) RO Rules of Origin RTA Regional Trade Agreement SACU South African Customs Union
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