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Address Presenting the Ninth Annual Report
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Year: 1954 Publisher: Washington, D.C. : The World Bank,

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Eugene R. Black, President of the International Bank for Reconstruction and Development, greeted two new member countries, Indonesia and Israel. He reviewed Bank lending operations, which continues to grow. He commented on the dangers of supplier credits in situations where long-term finance is more appropriate. He mentioned the technical and financial assistance extended by the Bank to development institutions in many countries, including the construction of electric power capacity.


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2013 Pilot External Sector Report
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Year: 2013 Publisher: Washington, D.C. : International Monetary Fund,

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The IMF's Second Pilot External Sector Report presents a multilaterally consistent assessment of the largest economies' external sector positions and policies for 2012-2013 H1. The report integrates the analysis from the Fund's bilateral and multilateral surveillance to provide a coherent assessment of exchange rates, current accounts, reserves, capital flows, and external balance sheets. The report takes into account feedback received on the previous report by placing a greater emphasis on capital flows and through further refinements to the EBA methodology. Together with the Spillover Report and Article IV consultations (with their heightened focus on spillovers), this Report is part of a continuous effort to ensure the Fund is in a good position to address the possible effects of spillovers from members' policies on global stability and monitor the stability of members' external sectors in a comprehensive manner.


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2013 Pilot External Sector Report
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ISBN: 1498382126 Year: 2013 Publisher: Washington, D.C. : International Monetary Fund,

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The IMF's Second Pilot External Sector Report presents a multilaterally consistent assessment of the largest economies' external sector positions and policies for 2012-2013 H1. The report integrates the analysis from the Fund's bilateral and multilateral surveillance to provide a coherent assessment of exchange rates, current accounts, reserves, capital flows, and external balance sheets. The report takes into account feedback received on the previous report by placing a greater emphasis on capital flows and through further refinements to the EBA methodology. Together with the Spillover Report and Article IV consultations (with their heightened focus on spillovers), this Report is part of a continuous effort to ensure the Fund is in a good position to address the possible effects of spillovers from members' policies on global stability and monitor the stability of members' external sectors in a comprehensive manner.


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Look Back to See What's Ahead : A Review of Mega-PTAs on Services and Investment that Will Shape Future Trade Agreements
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Year: 2020 Publisher: Washington, D.C. : The World Bank,

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This paper draws the attention to the chapter on trade in services and investment of these agreements and their country-specific sets of commitments. This comprehensive approach is necessary as the disciplines in the text of the agreement set out the rights and obligations for the parties, but it is only the individual country commitments that reveal the sectoral scope and actual content of these PTAs. Not only do agreements differ in how countries approach basic provisions such as national treatment (NT), market access (MA), most favored nation (MFN) treatment and others (see Box 1 for more details) but the actual country commitments reveal whether countries have liberalized certain sectors, and to which extent. Therefore the focus of this analysis is on the services as well as the investment chapters and commitments of these selected five 'mega-PTAs'. Overall the purpose of this paper is to shade light on the critical aspects of the trade in services and investment chapters of the five selected mega-PTAs by highlighting the novelties and in particular by analyzing the annexed commitments (Annex one and two) of each agreement.


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The Volatility of International Trade Flows in the 21st Century : Whose Fault Is It Anyway?
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Year: 2016 Publisher: Washington, D.C. : The World Bank,

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After investment, exports and imports are the most volatile components of aggregate demand within countries. Moreover, the volatility of growth and the volatility of trade flows tend to move together; they declined from the 1990s until 2009, followed by an increase since 2009. This paper explores the drivers of such movements in trade-flow volatility. The analysis decomposes trade growth into six components to study their contribution to the overall volatility of trade flows, and presents three findings. First, trade volatility is mostly explained by a factor common to all countries, country-specific factors, and changes in the gravity-related characteristics of a country's trading partners. Product composition and the identity of trading partners appear to be less important in explaining volatility. Second, the pre-2009 decline in volatility and the post-2009 increase in volatility appear to be driven by different factors. The former is mostly explained by a steady decline in the variance of country-specific factors. In contrast, the latter appears to be driven mainly by an increase in the volatility of factors common to all countries. Third, trade diversification is a likely force behind the steady decline in trade volatility driven by country-specific factors, especially in developing countries.


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Jamaica Customs Act : WTO Trade Facilitation Agreement Gap Analysis.
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Year: 2016 Publisher: Washington, D.C. : The World Bank,

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This paper reviews the alignment of the customs act of Jamaica to the World Trade Organization (WTO) Trade Facilitation Agreement (TFA) and recommends changes where gaps are identified. In part II of this paper, the customs act is reviewed against each of the TFA technical measures, in order given in the agreement. Part III of the paper is a conclusion and summarizes the gaps and proposals of part II.


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Are Customs Unions Economically Sensible in the Commonwealth of Independent States
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Year: 2004 Publisher: Washington, D.C. : The World Bank,

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The twelve members of the Commonwealth of Independent States established a Free Trade Area to help maintain trade among each other. More recently, Belarus, Kazakstan, the Kyrgyz Republic and Russia agreed, in principle, to establish a Customs Union (CU). The paper concludes that the dynamic effects of the CU (and Free Trade Area) are likely to be negative because it would tend to lock the countries into the old technology of the Soviet Union. The static effects are mixed but are adverse for countries that have liberal trade regimes compared to the common external tariff contemplated for the CU.


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The GATT's Starting Point : Tariff Levels Circa 1947
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Year: 2016 Publisher: Washington, D.C. : The World Bank,

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How high were import tariffs when GATT participants began negotiations to reduce them in 1947? Establishing this starting point is key to determining how successful the GATT has been in bringing down trade barriers. If the average tariff level was about 40 percent, as commonly reported, the implied early tariff reductions were substantial, but this number has never been verified. This paper examines the evidence on tariff levels in the late 1940s and early 1950s and finds that the average tariff level going into the first Geneva Round of 1947 was about 22 percent. It also find that tariffs fell by relatively more in the late 1940s and early 1950s for a core group of GATT participants (the United States, United Kingdom, Canada and Australia) than they did for many other important countries, including the set of other (non-core) GATT participants.


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Trade Policy and WTO Accession for Economic Development : Application to Russia and the CIS, Module 5. Patterns of Trade and Protection.
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Year: 2004 Publisher: Washington, D.C. : The World Bank,

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This module takes a bird eye view of the historical pattern of globalization, with special reference to trade flows and it examines the role played by Russia in this process. The module starts by describing the historical waves of globalization since 1870s and the latest patterns in the process of trade liberalization. It then looks at the geographical distribution of world trade flows, in absolute terms and with reference to the size of domestic economies. It then looks at the role of Russia. It examines the trends of Russia's share of world trade and of the share of trade over GDP since 1990. It then looks at the sectoral and geographical distribution of Russia's trade.


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Reforming Export Licenses in Myanmar : Recommendations for Ministry of Commerce
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Year: 2020 Publisher: Washington, D.C. : The World Bank,

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Myanmar is part of the World Trade Organization (WTO) and a signatory of ASEAN Free Trade Agreement (AFTA). These arrangements have a legal obligation which require members to align its overall trade and tariff policies according to the agreement or schedule of commitment. These steps are also necessary to ensure that members have equal access to market while safeguarding them against adverse risk to environment, social cohesion, and macroeconomic vulnerability. This note recommends that Ministry of Commerce to review and reduce the number of products requiring export licenses. First, the use of export licenses needs a practical justification. For example, it is not entirely clear why, despite high demand from regional markets, Myanmar restricts export of live farm animals. For agriculture products, it is not clear whether export license is an instrument to ensure compliance for quality (e.g., SPS) or to control export volume. In this case there is a strong case to not to impose restriction than necessary to achieve policy objective. The absence of a clear criteria can cost Myanmar to forego export potentials and job creation. This note also recommends Ministry of commerce to clarify underlying reasons for imposing export license on sensitive products. In many cases, trade of these products can have impact on health, the environment, social norm, and national security. In many cases market can create incentives to trade protected wild-life, endangered species, or lead to overexploitation of natural resources. Export of contaminated or disease affected products by one exporter can cost all exporters of similar products. Government, in this case, may consider license and registration regime to manage the risk from trade in sensitive products.

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