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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.

International finance. --- Trade liberalization.

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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.

Trade Liberalization --- Trade Policy

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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.

Tariffs --- Trade Barriers --- Trade Liberalization --- Trade Policy

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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.

Gatt --- Tariffs --- Trade Agreements --- Trade Liberalization

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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.

Property Rights --- Trade Liberalization --- Trade Policy --- World Trade Organization