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Trade Liberalization Strategies: What Could South Eastern Europe Learn From Cefta and Bfta?
Author:
Antonis Adam null

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Mr. James McHugh
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Mr. Theodora Kosma null

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Series:
IMF Working Papers
Volume/Issue:
Volume 2003: Issue 239
Language:
English
Publication Date:
01 Dec 2003
DOI:
https://doi.org/10.5089/9781451875799.001
ISBN:
9781451875799
ISSN:
1018-5941
Pages:
32
Keywords:
WP; BFTA agreement; EU agreement; market share; CEFTA membership; EU accession process; Trade liberalization; gravity models; stability pact; CEFTA; BFTA; EU enlargement; EU membership; BFTA country; CEFTA exports to the EU; Customs unions; Exports; Trade agreements; Trade balance; Europe; Eastern Europe; Baltics
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper explores the effectiveness of the Central European Free Trade Area (CEFTA) and the Baltic Free Trade Area (BFTA). Estimates from a gravity model and bilateral trade data support the view that both CEFTA and BFTA helped expand regional trade and limit the emergence of a "hub-and-spoke" relationship between the CEECs and the European Union (EU). These empirical conclusions carry some important policy implications for the "second wave" of prospective EU members among Southeastern European Countries (SEECs). The paper argues that the SEECs should reconsider their bilateral approach to trade liberalization and move towards a multilateral free-trade area as exemplified by both the CEFTA and BFTA.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund