Front Matter

Front Matter

Author(s):
Peter Uimonen, Arvind Subramanian, Naheed Kirmani, Nur Calika, Michael Leidy, and Richard Harmsen
Published Date:
February 1995
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© 1994 International Monetary Fund

Charts and Cover Design: IMF Graphics Section

ISBN 9781557754578

ISSN 0258-7440

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(US$12.00 to full-time faculty members and students at universities and colleges)

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Contents

  • Volume I: Principal Issues
  • I. Overview
  • II. Trade Policy Developments, 1990-93
  • III. The Uruguay Round
  • IV. Post-Uruguay Round Agenda
  • V. Role of the Fund

The following symbols have been used throughout this paper:

  • … to indicate that data are not available;
  • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
  • - between years or months (e.g., 1991-92 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
  • / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.

“Billion” means a thousand million.

Minor discrepancies between constituent figures and totals are due to rounding.

The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

Preface

This is Volume II of a two-volume study that reviews major issues and developments in the trade area and their implications for the work of the International Monetary Fund. Volume I provides an overview of the principal issues and developments in the world trading system. Volume II presents more detailed background papers on selected trade and trade-related issues. The study focuses mainly on the period 1990–93 and reflects information available as of June 1994. It follows the pattern of the Fund staff surveys prepared in 1978, 1981, 1982, 1985, 1988, and 1992.1

The study was prepared in the Trade Policy Division of the Policy Development and Review Department (PDR) of the Fund. The principal authors of the study are Naheed Kirmani, Division Chief; Nur Calika, Senior Economist; Richard Harmsen, Michael Leidy, and Arvind Subramanian, Economists; and Peter Uimonen, Research Assistant; they provided major contributions to both volumes of the study. Uwe Corsepius, Economist in the Fund at the time of the preparation of the study, was a major contributor to the background paper on Fund programs in Volume II. Selected sections in some of the papers in both volumes were prepared by Ali Ibrahim and Clinton Shiells, Economists; and Manmohan Agarwal, Consultant. Michael Da Costa, Senior Economist, provided input to Volume I of the study. Selected sections of some of the papers in Volume II were prepared by Filippo Cartiglia, Economist; and Rosa Alonso i Terme, Summer Intern.

To obtain information and collect views for this paper, the staff held discussions with trade and economics officials in Beijing, Bonn, Brussels (the Commission of the European Communities), Canberra, Jakarta, London, Mexico City, New Delhi, Ottawa, Paris, Tokyo, and Washington. In addition, a staff team visited Geneva and Paris for discussions with officials at the GATT, ILO, UNCTAD, and the OECD, and consulted the World Bank in Washington. The staff team was assisted by the Fund Office in Europe and the Fund Office in Geneva in some of the discussions in Europe, and by the offices of the Fund resident representative in Beijing, Jakarta, and New Delhi.

The authors are indebted to Jack Boorman, Director, and Anoop Singh, Senior Advisor (PDR) for their guidance in preparation of the study. Acknowledgement is due to numerous colleagues both in the Fund and in other national and international agencies for their willingness to exchange views and provide information, and to Professor Jagdish Bhagwati for helpful comments. The authors are grateful to the editor, Juanita Roushdy of the External Relations Department, and to Joan Wise, Lourdes Alvero, and Suzanne King-Loken for secretarial assistance. The authors alone are responsible for the study; any opinions expressed are theirs and do not necessarily reflect the views of the Fund.

List of Abbreviations

ACP

Africa, Caribbean, and Pacific countries

AFTA

ASEAN Free Trade Agreement

AMA

Anti-Monopoly Act (of Japan)

ANZCERTA

Australia-New Zealand Closer Economic Relations Trade Agreement

APEC

Asia-Pacific Economic Cooperation Forum

ASEAN

Association of South East Asian Nations

CACM

Central American Common Market

CAP

Common Agricultural Policy

Caricom

Caribbean Community

CEPT

Common Effective Preferential Tariff Scheme

CBI

Cross-Border Initiative

CFA Franc

African Community Franc/African Cooperation Franc

CMEA

Council for Mutual Economic Assistance

Comesa

Common Market for Eastern and Southern Africa

CUSFTA

Canada-United States Free Trade Agreement

EC

European Community

ECU

European currency unit

EEA

European Economic Area

ECO

Economic Cooperation Organization

EFF

Extended Fund facility

EFTA

European Free Trade Association

EMS

European Monetary System

ERS

Export Retention Scheme

ESAF

Enhanced structural adjustment facility

EU

European Union

FDI

Foreign direct investment

FTA

Free trade area

GATS

General Agreement on Trade in Services

GATT

General Agreement on Tariffs and Trade

GDP

Gross domestic product

GSP

Generalized System of Preferences

IBRD

International Bank for Reconstruction and Development

IDA

International Development Association

IEAs

International environmental agreements

IMF

International Monetary Fund

IOC

Indian Ocean Commission

JFTC

Japan Fair Trade Commission

Mercosur

Southern Cone Common Market

MFA

Multifiber Arrangement

MFN

Most favored nation

MITI

Ministry of International Trade and Industry (of Japan)

MTN

Multilateral trade negotiations

NAFTA

North American Free Trade Agreement

NTB

Nontariff barrier

NTM

Nontariff measure

OECD

Organization for Economic Cooperation and Development

OGIL

Open General Import License Scheme

QR

Quantitative restriction

SAF

Structural adjustment facility

SAARC

South Asian Association for Regional Cooperation

S&D

Special and differential treatment

SII

Structural Impediments Initiative

TPRM

Trade Policy Review Mechanism

TRIMs

Trade-related investment measures

TRIPs

Trade-related intellectual property rights

TSB

Textile Surveillance Body

UDEAC

Central African Customs and Economic Union

UNCTAD

United Nations Conference on Trade and Development

USITC

United States International Trade Commission

VER

Voluntary export restraint

WTO

World Trade Organization

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