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This paper takes stock of the growing success of preferential trade agreements. It revisits what are the defining characteristics of modern preferential trade agreements, which are typically pursued for a diverse array of motives. In particular, the market access justification traditionally used to analyze the desirability and impact of preferential trade agreements misses increasingly important dimensions. The "Beyond Market Access" agenda of preferential trade agreements presents a new and broad set of deep regulatory and policy issues that differs in substance from the removal of tariff and quantitative barriers to trade. Issues related to preferences and discrimination, as well as the nature and implementation of commitments acquire a different meaning in deep preferential trade agreements. This change of paradigm presents significant opportunities and challenges for reform-minded developing countries to use preferential trade agreements to their own advantage.

Developing countries --- Economic development --- Emerging Markets --- Environment --- Environmental Economics & Policies --- Free Trade --- International Economics and Trade --- Law and Development --- Market Access --- Preferential access --- Preferential market access --- Preferential Trade Agreements --- Preferential treatment --- Private Sector Development --- Regulatory policies --- Tariff rate --- Trade and Regional Integration --- Trade barriers --- Trade Law

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With free trade areas (FTAs) under negotiation between Japan and the ASEAN Free Trade Area (AFTA) members and between the Republic of Korea and AFTA members, preferential market access will become more important in Asian regionalism. Protectionist pressures will likely increase through rules of origin, the natural outlet for these pressures. Based on the experience of the European Union and the United States with rules of origin, the authors argue that, should these FTAs follow in the footsteps of the EU and the U.S. and adopt similar rules of origin, trading partners in the region would incur unnecessary costs. Using EU trade under the Generalized System of Preferences with Africa, Caribbean, and Pacific partners, the authors estimate how the use of preferences would likely change if AFTA were to veer away from its current uniform rules of origin requiring a 40 percent local content rate. Depending on the sample used, a 10 percentage point reduction in the local value content requirement is estimated to increase the utilization rate of preferences by between 2.5 and 8.2 percentage points.

Agricultural Products --- Economic Theory and Research --- External Tariff --- Free Trade --- Free Trade Area --- Free Trade Areas --- International Economics & Trade --- International Trade and Trade Rules --- Law and Development --- Macroeconomics and Economic Growth --- Preferential Market Access --- Preferential Trade --- Preferential Trade Agreements --- Protectionist Pressures --- Public Sector Development --- Regional Integration --- Regional Trade --- Regionalism --- Rules of Origin --- Tariff Classification --- Tariff Reductions --- Tariff Revenue --- Trade and Regional Integration --- Trade Deflection --- Trade Law --- Trade Policy --- Volume of Trade --- World Trading System

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The authors estimate a VAR and compute generalized impulse response to analyze the joint dynamics of four key macroeconomic variables in the small open economy of Mauritius. Results suggest that nominal exchange rate and interest rate have limited ability to impact output growth over the medium-run. Large error bands hinder analysis of the inflation output trade-off, but evidence points to a weak relationship in the short run as well. These findings are used to shed some light into the policy response to the current worldwide economic slowdown affecting Mauritius.

Banking sector --- Capital base --- Currencies and Exchange Rates --- Debt Markets --- Economic Stabilization --- Economic Theory and Research --- Emerging Markets --- Exchange rates --- Exchange rRate --- Export performance --- Finance and Financial Sector Development --- Human capital --- Inflation --- Interest rate --- Interest rates --- International capital --- International capital markets --- Macroeconomic management --- Macroeconomic variables --- Macroeconomics and Economic Growth --- Monetary policy --- Open economy --- Policy response --- Preferential market access --- Private Sector Development --- Real exchange rate --- Trading

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Preferential trading arrangements (PTAs) play an increasingly prominent role in the global political economy, two notable examples being the European Union and the North American Free Trade Agreement. These agreements foster economic integration among member states by enhancing their access to one another's markets. Yet despite the importance of PTAs to international trade and world politics, until now little attention has been focused on why governments choose to join them and how governments design them. This book offers valuable new insights into the political economy of PTA formation. Many economists have argued that the roots of these agreements lie in the promise they hold for improving the welfare of member states. Others have posited that trade agreements are a response to global political conditions. Edward Mansfield and Helen Milner argue that domestic politics provide a crucial impetus to the decision by governments to enter trade pacts. Drawing on this argument, they explain why democracies are more likely to enter PTAs than nondemocratic regimes, and why as the number of veto players--interest groups with the power to block policy change--increases in a prospective member state, the likelihood of the state entering a trade agreement is reduced. The book provides a novel view of the political foundations of trade agreements.

Commercial treaties. --- International trade. --- External trade --- Foreign commerce --- Foreign trade --- Global commerce --- Global trade --- Trade, International --- World trade --- Trade agreements (Commerce) --- Commerce --- International economic relations --- Non-traded goods --- Competition, International --- Foreign trade regulation --- Treaties --- Reciprocity (Commerce) --- Commercial treaties --- International trade --- E-books --- Foreign trade policy --- European Union. --- North American Free Trade Agreement. --- balance of power. --- domestic political conditions. --- domestic politics. --- economic integration. --- global business cycle. --- global political economy. --- hegemony. --- international relations. --- international trade agreements. --- international trade. --- political economy. --- preferential market access. --- preferential trading arrangements. --- ratification. --- regime type. --- strategic interaction. --- trade barriers. --- trade relations. --- veto players.