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Global value chains and deep integration
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Ana Margarida FERNANDES, Nadia ROCHA and Michele RUTA (eds), The economics of deep trade agreements, London : CEPR Press, 2021, pp. 49-54
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BACCINI, Leonardo, FIORINI, Matteo, HOEKMAN, Bernard M., ALTOMONTE, Carlo, COLANTONE, Italo, Global value chains and deep integration, in Ana Margarida FERNANDES, Nadia ROCHA and Michele RUTA (eds), The economics of deep trade agreements, London : CEPR Press, 2021, pp. 49-54 - https://hdl.handle.net/1814/74110
Abstract
The post-1990 period has seen a proliferation of preferential trade agreements (PTAs). Some 700 PTAs are currently in force, compared to a little more than 100 PTAs before 1990. Both developed and developing countries have been and are deeply involved in preferential trade liberalisation. While tariff reductions on a preferential basis are a central feature of all trade agreements, the inclusion of provisions that do not pertain directly to merchandise trade policies – e.g. provisions protecting foreign investment (FDI) and liberalising access to markets for services – has become increasingly common in PTAs. As a result, many PTAs regulate trade-related issues more extensively and more stringently than the WTO. Simply put, preferential liberalisation has become the main instrument of trade policy cooperation.