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

    Price: US$20.00

    (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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