Front Matter

Front Matter

Author(s):
Arvind Subramanian, Richard Harmsen, Peter Uimonen, Naheed Kirmani, and Michael Leidy
Published Date:
February 1995
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    International Trade Policies

    The Uruguay Round and Beyond Volume I. Principal Issues

    Prepared by a Staff Team led by Naheed Kirmani

    Nur Calika

    Richard Harmsen

    Michael Leidy

    Arvind Subramanian

    Peter Uimonen

    INTERNATIONAL MONETARY FUND

    Washington, DC

    1994

    © 1994 International Monetary Fund

    Charts and Cover Design: IMF Graphics Section

    ISBN 9781557754691

    ISSN 0285-7440

    Price: US$20.00

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

    Please send orders to:

    International Monetary Fund, Publication Services

    700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

    Tel.: (202) 623-7430 Telefax: (202) 623-7201

    Contents

    The following symbols have been used throughout this paper:

    • … 10 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 study reviews major issues and developments in the trade area and their implications for the work of the International Monetary Fund. It is presented in two volumes. The first provides an overview of the principal issues and developments in the world trading system; the second 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. Acknowledgment 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

    APEC

    Asia-Pacific Economic Cooperation Forum

    ASEAN

    Association of South East Asian Nations

    CAP

    Common Agricultural Policy

    CMEA

    Council for Mutual Economic Assistance, former

    CUSFTA

    Canada-United States Free Trade Agreement

    ECO

    Economic Cooperation Organization

    ECU

    European currency unit

    EEA

    European Economic Area

    EFF

    Extended Fund facility

    EFTA

    European Free Trade Association

    EMS

    European Monetary System

    ESAF

    Enhanced structural adjustment facility

    EU

    European Union

    FDI

    Foreign direct investment

    GATT

    General Agreement on Tariffs and Trade

    GDP

    Gross domestic product

    GSP

    Generalized System of Preferences

    ILO

    International Labour Organization

    IMF

    International Monetary Fund

    ITO

    International Trade Organization

    MFA

    Multifiber Arrangement

    MFN

    Most favored nation

    MTN

    Multilateral trade negotiations

    NAFTA

    North American Free Trade Agreement

    NTB

    Nontariff barrier

    NTM

    Nontariff measure

    OECD

    Organization for Economic Cooperation and Development

    QR

    Quantitative restriction

    REER

    Real effective exchange rate

    SAF

    Structural adjustment facility

    TPRM

    Trade Policy Review Mechanism

    TRIMs

    Trade-related investment measures

    TRIPs

    Trade-related intellectual property rights

    UNCTAD

    United Nations Conference on Trade and Development

    USITC

    United States International Trade Commission

    VER

    Voluntary export restraint

    VIE

    Voluntary import expansion

    WTO

    World Trade Organization

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