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Trade Barriers
Trade barriers are government-induced restrictions on international trade Trade
barriers are measures that governments or public authorities introduce to make imported
goods or services less competitive than locally produced goods and services. Not everything
that prevents or restricts trade can be characterised as a trade barrier.
A trade barrier may be linked to the very product or service that is traded, for example
technical requirements. A barrier can also be of an administrative nature, for example rules
and procedures in connection with the transaction. In a number of areas, special international
ground rules have been agreed, which limit the ways in which countries can regulate trade. It
means that some barriers are legal while others are illegal.
Most trade barriers work on the same principle: the imposition of some sort of cost on
trade that raises the price of the traded products. If two or more nations repeatedly use trade
barriers against each other, then a trade war results.
Economists generally agree that trade barriers are detrimental and decrease overall
economic efficiency, this can be explained by the theory of comparative advantage. In theory,
free trade involves the removal of all such barriers, except perhaps those considered
necessary for health or national security. In practice, however, even those countries
promoting free trade heavily subsidize certain industries, such as agriculture and steel.
Trade barriers are often criticized for the effect they have on the developing world.
Because rich-country players call most of the shots and set trade policies, goods such as crops
that developing countries are best at producing still face high barriers.
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Trade barriers such as taxes on food imports or subsidies for farmers in developed
economies lead to overproduction and dumping on world markets, thus lowering prices and
hurting poor-country farmers. Tariffs also tend to be anti-poor, with low rates for raw
commodities and high rates for labor-intensive processed goods. The Commitment to
Development Index measures the effect that rich country trade policies actually have on the
developing world.
Another negative aspect of trade barriers is that it would cause a limited choice of
products and would therefore force customers to pay higher prices and accept inferior quality.
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Customs duties
Customs procedures
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1. Tariff Barriers
2. Non-Tariff Barriers
Tariff Barriers
Tariff barriers are duties imposed on goods which effectively create an obstacle to
trade, although this is not necessarily the purpose of putting tariffs in place. Tariff barriers are
also sometimes known as import restraints, because they limit the amount of goods which can
be imported into a country. Many organizations which promote trade are concerned about
both tariff and non-tariff barriers to free trade, and a number of nations have agreed to
radically reduce their trade barriers to promote the exchange of goods across their borders.
A number of different types of duties can be levied when goods cross international
boundaries. With an ad valorem duty, for example, the importer must pay a fee which is
calculated as a percentage of the value of the goods being imported. Specific tariffs are set
amounts which are levied on products which are imported, regardless of values, while
environmental tariffs penalize nations with poor environmental records.
For importers, tariff barriers can make it difficult to bring goods into a country. The
importer may be forced to import less because the tariff barriers cannot be afforded
otherwise, and it may need to charge more for the goods to make importing worthwhile.
Tariffs are designed to force importers to do this to level the field between domestic
producers and importers, allowing costly domestic producers to compete with importers who
may be able to bring in goods at lower cost.
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A tariff-rate quota (TRQ) combines the idea of a tariff with that of a quota. The
typical TRQ will set a low tariff for imports of a fixed quantity and a higher tariff for any
imports that exceed that initial quantity. In a legal sense and at the WTO, countries are
allowed to combine the use of two tariffs in the form of a TRQ, even when they have agreed
not to use strict import quotas. In the United States, important TRQ schedules are set for beef,
sugar, peanuts, and many dairy products. In each case, the initial tariff rate is quite low, but
the over-quota tariff is prohibitive or close to prohibitive for most normal trade. Explicit
import quotas used to be quite common in agricultural trade. They allowed governments to
strictly limit the amount of imports of a commodity and thus to plan on a particular import
quantity in setting domestic commodity programs. Another common non-tariff barrier (NTB)
was the so-called voluntary export restraint (VER) under which exporting countries would
agree to limit shipments of a commodity to the importing country, although often only under
threat of some even more restrictive or onerous activity. In some cases, exporters were
willing to comply with a VER because they were able to capture economic benefits through
higher prices for their exports in the importing countrys market.
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Protective Tariff
A type of customs duty that serves as a barrier against penetration of the domestic market
by certain foreign goods and against passage of these goods through the country. Protective
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tariffs also serve to impede the export of domestic raw materials and semi-finished products.
They are intended to create optimal conditions for domestic industry.
In the formative period of capitalism, protective tariffs were used to protect developing
national industry from foreign competition. In the late 19th century, for example, the United
States instituted protective tariffs to limit the entry of British goods into the domestic market.
Protective tariffs are now used primarily to maintain high domestic price levels and to ensure
maximum profit for the monopolies. A modified form of protective tariff has been established
by international state-monopoly alliances, such as the European Economic Community
(Common Market), in the struggle to dominate the world capitalist market and capture
spheres of economic and political influence. This tariff policy has a negative effect on
European trade and hurts the developing countries of Africa and Asia.
Modern forms of protective tariffs are high anti-dumping and compensatory duties. They
are employed by importing countries as a supplement to conventional customs duties in cases
where the exporter sells goods on foreign markets at prices lower than those in effect on the
domestic market. The size of the antidumping duty is the difference between the price of the
article in its country of origin and the export price. The United States introduced this type of
duty in the 1920s and 1930s.
Prohibitive tariffs are a variety of protective tariff with very high rates, which can amount
to 30 percent and more of the price of the article and sometimes can even exceed the price of
the article. They appeared in the second half of the 19th century as a reaction to the abolition
of a ban on the export and import of certain articles and the introduction of the policy of free
trade. Prohibitive tariffs are common in many developed capitalist countries. For example,
during the 1960s about one-sixth of all the items on the US customs list had prohibitive
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tariffs. In the socialist countries, prohibitive tariffs account for a negligible share of customs
revenues.
Aggressive duties are one of the types of protective tariff that set very high rates for a
particular product or group of foreign goods. They are used by the United States, France, and
the members of the Common Market. Examples are the duties established by a law passed in
the United States in 1971, which restricts the import of textiles, stereo equipment, television
sets, automobiles, footwear, and other goods from Japan and the Common Market countries.
In their turn, the members of the Common Market have adopted single-schedule tariffs of the
aggressive type in trade with other countries. This has enabled the Common Market countries
to capture a significant part of the European Economic Community market and the markets of
numerous countries in Asia and Africa from foreign rivals, primarily the United States.
Aggressive duties are also used within the European Economic Community. In 1974, for
example, Italy implemented major protectionist measures, including the introduction of
aggressive protective tariffs, and sharply reduced the importation of automobiles, as well as
meat, butter, cheese, and other consumer goods, from the countries of the European
Economic Community, particularly the Federal Republic of Germany. This policy created
better conditions for the development of certain sectors of national industry but led to a new
rise in food prices and a drop in the standard of living of the working people. Prohibitive and
aggressive tariffs are used as a weapon of super protectionism to overcome tariff barriers and
capture markets in the developing and economically underdeveloped countries.
The socialist countries use protective tariffs to bolster sectors of their economies. For
example, in the first Customs Tariff of the Land of the Soviets (1922), protective tariffs were
applied to the products of sectors, such as the leather and cotton-textile industries, that were
being rebuilt after the devastation of the war years. In 1924 a new protective tariff was
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instituted. Protective duties were established for machinery and raw materials in the prewar
tariffs of the USSR of 1927, 1930, and 1932. In the new (1961) Customs Tariff of the USSR,
a large majority of the duties are no longer of the protective type.
Specific Duty
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A specific duty is a tariff levied on imports, defined in terms of a specific amount per
unit, such as cents per kilogram. By contrast, an ad valorem duty is a charge levied on
imports defined in terms of a fixed percentage of value.
Compound Duty
Compound duty is an import tax consisting of both ad valorem and specific duties. It is
calculated based on both the value of the goods as well as the weight, volume or number.
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Industries of the importing country would find market for their products as the
imported goods will be expensive.
Business for the ancillary industry, servicing, market intermediation etc. is also
protected.
Consumers
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Non-tariff Barriers
Non-tariff barriers to trade (NTBs) are trade barriers that restrict imports but are
not in the usual form of a tariff. Some common examples of NTB's are anti-dumping
measures and countervailing duties, which, although called non-tariff barriers, have the effect
of tariffs once they are enacted.
Their use has risen sharply after the WTO rules led to a very significant reduction in
tariff use. Some non-tariff trade barriers are expressly permitted in very limited
circumstances, when they are deemed necessary to protect health, safety, sanitation, or
depletable natural resources. In other forms, they are criticized as a means to evade free trade
rules such as those of the World Trade Organization (WTO), the European Union (EU), or
North American Free Trade Agreement (NAFTA) that restrict the use of tariffs.
Some of non-tariff barriers are not directly related to foreign economic regulations but
nevertheless have a significant impact on foreign-economic activity and foreign trade
between countries.
Countries use many mechanisms to restrict imports. A critical objective of the
Uruguay Round of GATT negotiations, shared by the U.S., was the elimination of non-tariff
barriers to trade in agricultural commodities (including quotas) and, where necessary, to
replace them with tariffs a process called tarrification. Tarrification of agricultural
commodities was largely achieved and viewed as a major success of the 1994 GATT
agreement. Thus, if the U.S. honors its GATT commitments, the utilization of new non-tariff
barriers to trade is not really an option for the 2002 Farm Bill.
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Quotas
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2.
3.
Valuation systems
2.
Antidumping practices
3.
Documentation requirements
Standards:
1.
Standard Disparities
2.
3.
2.
Export subsidies
3.
Countervailing duties
4.
Charges on imports:
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1.
2.
Administrative fees
3.
4.
5.
Border taxes
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Agreement on Tariffs and Trade and the Agreement on Import Licensing Procedures,
concluded under the GATT (GATT).
The most common instruments of direct regulation of imports (and sometimes export) are
licenses and quotas. Almost all industrialized countries apply these non-tariff methods. The
license system requires that a state (through specially authorized office) issues permits for
foreign trade transactions of import and export commodities included in the lists of licensed
merchandises. Product licensing can take many forms and procedures. The main types of
licenses are general license that permits unrestricted importation or exportation of goods
included in the lists for a certain period of time; and one-time license for a certain product
importer (exporter) to import (or export). One-time license indicates a quantity of goods, its
cost, its country of origin (or destination), and in some cases also customs point through
which import (or export) of goods should be carried out. The use of licensing systems as an
instrument for foreign trade regulation is based on a number of international level standards
agreements. In particular, these agreements include some provisions of the General
Agreement on Tariffs and Trade and the Agreement on Import Licensing Procedures,
concluded under the GATT (GATT).
Quotas
Licensing of foreign trade is closely related to quantitative restrictions quotas - on
imports and exports of certain goods. A quota is a limitation in value or in physical terms,
imposed on import and export of certain goods for a certain period of time. This category
includes global quotas in respect to specific countries, seasonal quotas, and so-called
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"voluntary" export restraints. Quantitative controls on foreign trade transactions carried out
through one-time license.
Quantitative restriction on imports and exports is a direct administrative form of
government regulation of foreign trade. Licenses and quotas limit the independence of
enterprises with a regard to entering foreign markets, narrowing the range of countries, which
may be entered into transaction for certain commodities, regulate the number and range of
goods permitted for import and export. However, the system of licensing and quota imports
and exports, establishing firm control over foreign trade in certain goods, in many cases turns
out to be more flexible and effective than economic instruments of foreign trade regulation.
This can be explained by the fact, that licensing and quota systems are an important
instrument of trade regulation of the vast majority of the world.
The consequence of this trade barrier is normally reflected in the consumers loss because
of higher prices and limited selection of goods as well as in the companies that employ the
imported materials in the production process, increasing their costs. An import quota can be
unilateral, levied by the country without negotiations with exporting country, and bilateral or
multilateral, when it is imposed after negotiations and agreement with exporting country. An
export quota is a restricted amount of goods that can leave the country. There are different
reasons for imposing of export quota by the country, which can be the guarantee of the supply
of the products that are in shortage in the domestic market, manipulation of the prices on the
international level, and the control of goods strategically important for the country. In some
cases, the importing countries request exporting countries to impose voluntary export
restraints.
In the past decade, a widespread practice of concluding agreements on the "voluntary"
export restrictions and the establishment of import minimum prices imposed by leading
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Western nations upon weaker in economic or political sense exporters. The specifics of these
types of restrictions is the establishment of unconventional techniques when the trade barriers
of importing country, are introduced at the border of the exporting and not importing country.
Thus, the agreement on "voluntary" export restraints is imposed on the exporter under the
threat of sanctions to limit the export of certain goods in the importing country. Similarly, the
establishment of minimum import prices should be strictly observed by the exporting firms in
contracts with the importers of the country that has set such prices. In the case of reduction of
export prices below the minimum level, the importing country imposes anti-dumping duty,
which could lead to withdrawal from the market. Voluntary" export agreements affect trade
in textiles, footwear, dairy products, consumer electronics, cars, machine tools, etc.
Problems arise when the quotas are distributed between countries because it is necessary
to ensure that products from one country are not diverted in violation of quotas set out in
second country. Import quotas are not necessarily designed to protect domestic producers. For
example, Japan, maintains quotas on many agricultural products it does not produce. Quotas
on imports is a leverage when negotiating the sales of Japanese exports, as well as avoiding
excessive dependence on any other country in respect of necessary food, supplies of which
may decrease in case of bad weather or political conditions.
Export quotas can be set in order to provide domestic consumers with sufficient stocks of
goods at low prices, to prevent the depletion of natural resources, as well as to increase export
prices by restricting supply to foreign markets. Such restrictions (through agreements on
various types of goods) allow producing countries to use quotas for such commodities as
coffee and oil; as the result, prices for these products increased in importing countries. A
quota can be a tariff rate quota, global quota, discriminating quota, and export quota.
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Embargo
Embargo is a specific type of quotas prohibiting the trade. As well as quotas, embargoes
may be imposed on imports or exports of particular goods, regardless of destination, in
respect of certain goods supplied to specific countries, or in respect of all goods shipped to
certain countries. Although the embargo is usually introduced for political purposes, the
consequences, in essence, could be economic.
Dumping
In economics, "dumping" is a kind of predatory pricing, especially in the context
of international trade. It occurs when manufacturers export a product to another country at a
price either below the price charged in its home market, or in quantities that cannot be
explained through normal market competition. A standard technical definition of dumping is
the act of charging a lower price for the like goods in a foreign market than one charge for the
same good in a domestic market for consumption in the home market of the exporter. This is
often referred to as selling at less than "normal value" on the same level of trade in the
ordinary course of trade. Under the World Trade Organization (WTO) Agreement, dumping is
condemned (but is not prohibited) if it causes or threatens to cause material injury to a
domestic industry in the importing country
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Standards
Standards take a special place among non-tariff barriers. Countries usually impose standards
on classification, labeling and testing of products in order to be able to sell domestic
products, but also to block sales of products of foreign manufacture. These standards are
sometimes entered under the pretext of protecting the safety and health of local populations.
Government procurement
Government procurement, also called public tendering or public procurement, is
the procurement of goods and services on
behalf
of
public
authority,
such
as
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Countervailing duties
Countervailing duties (CVDs), also known as anti-subsidy duties, are trade import
duties imposed under World Trade Organization (WTO) Rules to neutralize the negative
effects of subsidies. They are imposed after an investigation finds that a foreign country
subsidizes its exports, injuring domestic producers in the importing country.
Import deposits
Another example of foreign trade regulations is import deposits. Import deposits is a form
of deposit, which the importer must pay the bank for a definite period of time (non-interest
bearing deposit) in an amount equal to all or part of the cost of imported goods.
At the national level, administrative regulation of capital movements is carried out mainly
within a framework of bilateral agreements, which include a clear definition of the legal
regime, the procedure for the admission of investments and investors. It is determined by
mode (fair and equitable, national, most-favored-nation), order of nationalization and
compensation, transfer profits and capital repatriation and dispute resolution.
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Impact of NTBs:
It being less transparent, its difficult to identify and quantify its impact.
comparable price, in the ordinary course of trade for the like product when destined for
consumption in the exporting country.
When there are no sales of the like product in the ordinary course of trade in the
domestic market of the exporting country or when because of the particular market situation,
such sales do not permit a proper comparison, the margin of dumping shall be determined by
a comparison with cost of production in the country of origin plus a reasonable amount for
administrative, selling and any costs and for profits.
Tax Concession
Foreign exporters are discouraged by granting those concessions to home producers
which are denied to the former. Tax concession is a very common incentive provided to the
home producers. A tax holiday may be granted for a certain number of years. Such a
concession enables the domestic sellers charge a lower price and discourage foreign sellers.
Many countries have imposed the rule that some specified fraction of a final good be
produced domestically. Local content requirement may be prescribed either in physical terms
or in value terms. Under this rule a manufacturer is compelled to use local inputs even though
they may be costlier.
Many developing countries impose such a non-tariff barrier in order to protect the
domestic industries. Advanced countries including USA too have made use of this non-tariff
barrier.
Social Dumping
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In order to discourage low cost cheap labour products, many advanced countries do
not permit their under the pretext of social dumping.
Unfortunately social dumping as a barrier can be used to prevent many labour
intensive products where poor countries have a comparative advantage.
WTO provisions that require countries to treat imports a nd domestic products equivalently
and not to advantage products from one source over another, even in indirect ways.
Again, however, these issues will likely be dealt with through bilateral and
multilateral trade negotiations rather than through domestic Farm Bill policy initiatives.
value relative to the U.S. dollar, then a dollar is able to purchase more yen. A 10 percent
depreciation or devaluation of the yen, for example, would mean that the price of one U.S.
dollar increased to 110 yen. One effect of currency depreciation is to make all imports more
expensive in the country itself. If, for example, the yen depreciates by 10 percent from an
initial value of 100 yen per dollar, and the price of a ton of U.S. beef on world markets is
$2,000, then the price of that ton of beef in Japan would increase from 200,000 yen to
220,000 yen. A policy that deliberately lowers the exchange rate of a countrys currency will,
therefore, inhibit imports of agricultural commodities, as well as imports of all other
commodities. Thus, countries that pursue deliberate policies of undervaluing their currency in
international financial markets are not usually targeting agricultural imports.
Some countries have targeted specific types of imports through implementing
multiple exchange rate policy under which importers were required to pay different exchange
rates for foreign currency depending on the commodities they were importing. The objectives
of such programs have been to reduce balance of payments problems and to raise revenues
for the government. Multiple exchange rate programs were rare in the 1990s, and generally
have not been utilized by developed economies. Finally, exchange rate policies are usually
not sector-specific. In the United States, they are clearly under the purview of the Federal
Reserve Board and, as such, will not likely be a major issue for the 2002 Farm Bill.
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conditionalitys and advice to developing countries and the Washington Consensus of the
1990s.
Yanikkaya says that this strong bias in favor of trade liberalization was partly due to
the tragic failures of the import substitution strategies especially in the 1980s, and the
overstated expectations from trade liberalization. The World Bank- sponsored studies, by
Dollar and others, said they had found positive correlations between open economies and
faster growth across countries.
The first major challenge from academia came from Dani Rodrick, and followed by a
cross-country empirical analysis, using the same measures of openness across a range of
countries, which brought out that these studies had reached the conclusion of open economies
growing faster because they used different yardsticks for countries and over different timeperiods: But when the same yardsticks were used and over the same time-periods, the results
showed that fast growth had taken place in some of the countries with higher trade
restrictions (India and China), but which had adopted a measured approach to trade
liberalization (after creating capacity domestically, and calibrating liberalization measures).
Since then a number of studies have come out challenging the view that liberalization
of trade and investments is always a plus and there is growth in the long-run. These studies
have brought out that openness to external trade and trade liberalization are two different
concepts, and that the latter promoted growth (and brought in foreign direct investment and
associated technology) only under certain conditions, and when the host-country State played
an active role.
The Yanikkaya study notes that while there is a near consensus about the positive
correlation between trade flows and growth, the theoretical growth literature (which studied
growth effects of trade restrictions) came to the view that the effects were very complicated
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in the most general case, and mixed in how trade policies play a special role in economic
growth.
This, the author attributes to the way openness is described very differently in
various studies, making classification of countries on basis of openness a formidable task.
Hence, using different measures of openness produces differing results.
The Yanikkaya study looks at the growth effects on a large number of measures of
trade openness. Two broad measures of trade openness are used and studied: one is on effect
of various measures on trade volumes, which indicate a positive and significant association
between openness and growth, and is in line with conclusions of empirical and theoretical
growth literature.
However, the estimation results for various measures for trade barriers, contradicts the
conventional view on the growth effects of restrictions, and suggests an adverse association
between trade barriers and growth. The estimation results from most measures of trade
restrictions show a positive relationship between trade barriers and growth, a result driven by
developing countries.
These results are consistent with the predictions of theoretical growth literature,
namely, that under certain conditions, developing countries can actually benefit from trade
restrictions.
In a survey of the literature, the study finds that international trade theory (based on
static trade gains) provides little guidance to the effects of international trade on growth and
technical progress, the new trade theory argues that gains from trade can arise from several
fundamental sources differences in comparative advantage and economy-wide increasing
returns.
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While there are many studies about the effects of trade policies on growth - during the
failed import substitution strategies of the 1980s and the export-promotion policies - there is a
lack of clear definition of trade liberalization or openness.
The most difficult has been measuring openness. An ideal one would be an index
that includes all trade barriers distorting international trade, such as average tariff rates and
indices of non-trade barriers. Such an index, incorporating effects of both tariff and non-tariff
measures has been developed by J.E.Anderson and J.P.Neary. But it is not available for a
large number of economies. Other studies, like those by Dollar and, Sachs and Warner used
available data.
If the growth engine is driven by innovation and introduction of new products, then
developing countries should benefit more by trading with developed countries than with other
developing countries. However, the Yanikkaya study results do not support this, both
providing growth regressions positively and significantly.
The study finds that a developing country benefits through technology diffusion by
trading with a developed country, and since the US is the leader in technology, developing
countries benefit through this bilateral trade. Also, countries with higher population densities
tend to grow faster than those with lower densities.
In using measures of trade restrictions - several of whom it acknowledges are not free
from measurement errors - the study reaches some very different conclusions than
conventional trade theory suggests. Thus, it finds that trade barriers in the form of tariffs can
actually be beneficial for economic growth.
In the current context (of the Doha Round and the drive of Europe and the US to tear
down and harmonies developing country tariffs), this is a significant and telling result,
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providing support for the viewpoint of developing countries in these talks. The framework for
modalities for tariff liberalization in industrial products in the NAMA negotiations put
forward by the chairman (and WTO secretariat) is misguided and needs to be opposed and
jettisoned. When export taxes and total taxes on international trade are used as a measure of
trade restrictions, the study finds that save for fixed effect estimates, there is a significant
and positive association between trade barriers and growth. This is similar to the results for
average tariffs.
On non-tariff barriers, there are difficulties of estimation because of data limitations;
hence these are excluded in most empirical studies. But studies by J.Edwards (cited in the
Yanikkaya study) found such restrictions having an insignificant relationship with growth,
and came to the view that NTBs are poor indicators of trade orientation, since a broad
coverage of NTBs did not necessarily mean a higher distortion level.
Using several new measures of trade openness and restrictions now available, and
applying them on a framework model explained in details (but needs econometric knowledge
for the lay trade person to test and see), the Yanikkaya study, says that there is considerable
evidence for the hypothesis that trade restrictions can promote growth, especially in
developing countries, under certain conditions. The study makes clear that it has no intention
of establishing a simple and straightforward positive association between trade barriers and
growth, but rather to show that there is no such relationship between trade restrictions and
growth. Such a relationship depends mostly on the characteristics of a country. Restrictions
can benefit a country depending on whether it is developed or developing (a developed one
seems to lose), whether it is a big or small country, and whether it has comparative advantage
in sectors receiving protection.
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a balance of safeguarding their economics from the threats and also at the same time
preparing themselves to face the challenges.
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CONCLUSION
When export taxes and total taxes on international trade are used as a measure of trade
restrictions, the study finds that save for fixed effect estimates, there is a significant and
positive association between trade barriers and growth. This is similar to the results for
average tariffs. On non-tariff barriers, there are difficulties of estimation because of data
limitations; hence these are excluded in most empirical studies. Such restrictions having an
insignificant relationship with growth, and came to the view that NTBs are poor indicators of
trade orientation, since a broad coverage of NTBs did not necessarily mean a higher
distortion level.
Using several new measures of trade openness and restrictions now available, and
applying them on a framework model explained in details (but needs econometric knowledge
for the lay trade person to test and see), the Yanikkaya study, says that there is considerable
evidence for the hypothesis that trade restrictions can promote growth, especially in
developing countries, under certain conditions.
The study makes clear that it has no intention of establishing a simple and
straightforward positive association between trade barriers and growth, but rather to show
that there is no such relationship between trade restrictions and growth.
Such a relationship depends mostly on the characteristics of a country. Restrictions
can benefit a country depending on whether it is developed or developing (a developed one
seems to lose), whether it is a big or small country, and whether it has comparative advantage
in sectors receiving protection.
Bibliography
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BOOKS
Economics of Global Trade and Finance, Johnson and Mascarenhas
WEBSITES
www.wikipedia.org
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