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International trade --- Developing Countries --- External trade --- Foreign commerce --- Foreign trade --- Global commerce --- Global trade --- Trade, International --- World trade --- Commerce --- International economic relations --- Non-traded goods --- Commerce. --- Commercial policy. --- Uruguay Round, 1987-1994 --- Uruguay Round --- Cycle d'Uruguay --- Gyros Ourougouaēs --- Gyros tēs Ourougouaēs --- Jawlat Ūrūjuwāy --- Multilateral Trade Negotiations, the Uruguay Round --- Negociaciones Comerciales Multilaterales, Ronda Uruguay --- Négociations commerciales multilatérales, Cycle d'Uruguay --- Putaran Uruguay --- Ronda Uruguay --- Rō̜p ʻUrukwai --- Uruguai Raundŭ --- Uruguay Round of MTNs --- Uruguay Round of Multilateral Trade Negotiations --- Uruguay Runde --- Urugwai Raundŭ --- Wu-la-kuei hui ho --- Developing countries

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This paper shows that real exchange rate undervaluation through the accumulation of foreign reserves may improve welfare in economies with learning-by-investing externalities that arise disproportionately from the tradable sector. In the presence of targeting problems or when policy choices are restricted by multilateral agreements, first-best policies such as subsidies to capital accumulation, or subsidies to tradable production are not feasible. A neo-mercantilist policy of foreign reserve accumulation "outsources" the targeting problem or overcomes the multilateral restrictions by providing loans to foreigners that can only be used to buy up domestic tradable goods. This raises the relative price of tradable versus non-tradable goods (i.e. undervalues the real exchange rate) at the static cost of temporarily reducing tradable absorption in the domestic economy. However, since the tradable sector generates greater learning-by-investing externalities, it leads to dynamic gains in the form of higher growth. The net welfare effects of reserve accumulation depend on the balance between the static losses from lower tradable absorption versus the dynamic gains from higher growth.

Access to Finance --- Comparative advantage --- Currencies and Exchange Rates --- Debt Markets --- Devaluation --- Economic Theory & Research --- Emerging Markets --- Equilibrium --- Externalities --- Finance and Financial Sector Development --- GDP --- Growth models --- Growth rate --- Human capital --- Macroeconomics --- Macroeconomics and Economic Growth --- Mercantilism --- Multilateral trade --- Net exports --- Open economy --- Organizational capital --- Private Sector Development --- Productivity --- Productivity growth --- Reserve --- Undervaluation --- Wages --- WTO

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The Doha Round must be concluded not because it will produce dramatic liberalization but because it will create greater security of market access. Its conclusion would strengthen, symbolically and substantively, the WTO's valuable role in restraining protectionism in the current downturn. What is on the table would constrain the scope for tariff protection in all goods, ban agricultural export subsidies in the industrial countries and sharply reduce the scope for distorting domestic support - by 70 per cent in the EU and 60 per cent in the US. Average farm tariffs that exporters face would fall to 12 per cent (from 14.5 per cent) and the tariffs on exports of manufactures to less than 2.5 per cent (from about 3 per cent). There are also environmental benefits to be captured, in particular disciplining the use of subsidies that encourage over-fishing and lowering tariffs on technologies that can help mitigate global warming. An agreement to facilitate trade by cutting red tape will further expand trade opportunities. Greater market access for the least-developed countries will result from the "duty free and quota free" proposal and their ability to take advantage of new opportunities will be enhanced by the Doha-related "aid for trade" initiative. Finally, concluding Doha would create space for multilateral cooperation on critical policy matters that lie outside the Doha Agenda, most urgently the trade policy implications of climate change mitigation.

Aggregate demand --- Agriculture --- Economic Theory and Research --- Elasticity --- Emerging Markets --- Exports --- Financial crises --- Free Trade --- GDP --- Income --- International Economics & Trade --- International Trade --- Inventories --- Law and Development --- LDCs --- Multilateral trade --- Natural resources --- Private Sector Development --- Protectionism --- Public Sector Development --- Real income --- Trade barriers --- Trade Law --- Trade negotiations --- Trade policies --- Trade policy --- Trade reforms --- WTO

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Can regionalism do what multilateralism has so far failed to do-promote greater openness of services markets? Although previous research has pointed to the wider and deeper legal commitments under regional agreements as proof that it can, no previous study has assessed the impact of such agreements on applied policies. This paper focuses on the Association of Southeast Asian Nations (ASEAN), where regional integration of services markets has been linked to thriving regional supply chains. Drawing on surveys conducted in 2008 and 2012 of applied policies in the key services sectors of ASEAN countries, the paper assesses the impact of the ASEAN Framework Agreement on Services (AFAS) and the ambitious ASEAN Economic Community Blueprint, which envisaged integrated services markets by 2015. The analysis finds that over this period, ASEAN did not integrate faster internally than vis-a-vis the rest of the world: policies applied to trade with other ASEAN countries were virtually the same as those applied to trade with rest of the world. Moreover, the recent commitments scheduled under AFAS did not produce significant liberalization and, in a few instances, services trade policy actually became more restrictive. The two exceptions are in areas that are not on the multilateral negotiating agenda: steps have been taken toward creating regional open skies in air transport, and a few mutual recognition agreements have been negotiated in professional services. These findings suggest that regional negotiations add the most value when they are focused on areas that are not being addressed multilaterally.

Banks and banking reform --- Communities & human settlements --- Finance and financial sector development --- Housing & human habitats --- International economics & trade --- Multilateral trade agreements --- Public sector corruption and anticorruption measures --- Public sector development --- Regional trade agreements --- Services trade barriers --- Services trade policy --- Trade & services --- Transport --- Transport economics policy and planning

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Despite the growing importance of commitments to foreign investors in services in regional trade agreements, there are no applied general equilibrium models in the literature that assess these regional impacts. This paper develops a 52 sector applied general equilibrium model of Tanzania with foreign direct investment, and uses that model to assess Tanzania's regional and multilateral trade options. The model incorporates the features of the modern theory of international trade that has shown empirically that trade and foreign direct investment can increase productivity, and trade and foreign direct investment with technologically advanced countries is especially valuable for that purpose. To assess the sensitivity of the results to parameter values, the model is executed 30,000 times, and the results are reported as confidence intervals of the sample distributions. The analysis finds that a 50 percent preferential reduction in the ad valorem equivalents of barriers in all business services by Tanzania with respect to its African regional partners would be slightly beneficial for Tanzania. But wider liberalization, with larger partners or multilaterally, it will yield much larger gains due to providing access to a much wider set of service providers. Finally, the results show that the largest gains in services would be derived from reduction of regulatory barriers that are geographically non-discriminatory.

Advanced Countries --- Banks & Banking Reform --- Barrier --- Economic Theory & Research --- Emerging Markets --- Environment --- Environmental Economics & Policies --- Equilibrium Models --- Finance and Financial Sector Development --- Foreign Investors --- International Trade --- Macroeconomics and Economic Growth --- Multilateral Trade --- Private Sector Development --- Productivity --- Regional Trade --- Regulatory Regime --- Transport --- Transport Economics Policy & Planning --- Welfare Gains