Is There a New Vision for Maghreb Economic Integation? Volume 2. Annex
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This report on the new vision for Magreb
economic integration argues that assessing the benefits from
regional integration can best be done in the context of the
broader issues of economic integration in the world economy
and more specifically with the main trading partner, the
European Union. Based on empirical evidence the paper finds
that there is limited potential for intraregional
merchandise trade integration in the Maghreb. The report
also alerts that benefits from deeper economic integration
are no means automatic. Several worldwide studies have
argued that weaknesses in the investment climate not only
hinder a country's imports and inward foreign direct
investment, they also deter exports from enterprises
operating in the domestic economy (World Bank, 2005).
Service liberalization requires complementary policies and
effective regulation, ranging from prudential regulation to
pro-competitive regulation in telecommunications. The
concluding message emerging from the analysis is that a
strategy focusing on service sector and investment climate
reforms aimed at facilitating market competition and
contestability would improve growth, trade and investment
performance in the Maghreb, bringing greater economic gains
than would be derived from merchandise trade liberalization
alone. The report is structured as follows. The first
chapter examines the prospects of regional integration based
on merchandise trade liberalization. It does so by
performing a detailed quantitative analysis of
Maghreb's trade and investment patterns and
performance. The chapter also assesses Maghreb
countries' trade and investment potential, drawing on
panel trade and investment gravity models. The second
chapter identifies policy barriers, relative performance and
progress made by Maghreb countries in investment climate and
service sector policy reforms. To allow for cross-country
comparability, the report draws on the methodology developed
by the European Central Bank for Reconstruction and
Development (EBRD) to construct policy reform indexes for
the Maghreb countries. The third chapter aims at estimating
the economic gains from deeper and wider integration. The
final section of the report summarizes the main conclusions
and policy implications drawn from the analysis.
Palabras clave
AGRICULTURE, ANDEAN PACT, AVERAGE TARIFF, AVERAGE TARIFF RATE, BILATERAL AGREEMENTS, BILATERAL TRADE, BILATERAL TRADE FLOWS, CD, CENTRAL AMERICAN, COMMODITY PRICES, COMMON MARKET, COMPARATIVE ADVANTAGE, COMPARATIVE DISADVANTAGE, COMPETITION POLICY, COMPETITIVE EFFECTS, COMPETITIVE POSITION, CONCESSIONS, CONSUMER PRICE, CONSUMER PRICE INFLATION, CONSUMERS, CONVERGENCE, CURRENCY, CURRENCY UNION, CURRENT ACCOUNT, CUSTOMS, CUSTOMS UNION, DEBT, DOMESTIC COMPETITION, DOMESTIC CONSUMERS, DOMESTIC MARKET, DOMESTIC MARKETS, EAST EUROPE, ECONOMIC COMMUNITY, ECONOMIC INTEGRATION, ECONOMIC RISK, ECONOMIES OF SCALE, EXCHANGE RATE STABILITY, EXPORT BARRIERS, EXPORT DATA, EXPORT DEMAND, EXPORT DIVERSIFICATION, EXPORT EARNINGS, EXPORT GROWTH, EXPORT PRODUCTS, EXPORT SECTOR, EXPORT VALUE, EXPORTERS, EXPORTING COUNTRY, EXPORTS, FINANCIAL INSTITUTIONS, FINANCIAL SECTOR, FINANCIAL SERVICES, FOREIGN COUNTRY, FOREIGN DEBT, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOSTERING MARKET, FREE TRADE, FREE TRADE ZONE, GDP, GDP PER CAPITA, GLOBAL EXPORTS, GRAVITY MODEL, GROSS DOMESTIC PRODUCT, GROSS FIXED CAPITAL FORMATION, GROWTH RATE, GROWTH RATES, HUMAN CAPITAL, IMPORT BARRIERS, IMPORT TARIFFS, IMPORTING COUNTRY, INDUSTRIAL ECONOMIES, INDUSTRIAL PRODUCTION, INDUSTRIALIZATION, INDUSTRY TRADE, INFLATION, INTELLECTUAL PROPERTY, INTELLECTUAL PROPERTY RIGHTS, INTEREST RATE, INTERNATIONAL TRADE, INTRAINDUSTRY TRADE, INTRAREGIONAL TRADE, INVESTMENT CLIMATE, INVESTMENT RATE, INVESTMENT RULES, LATIN AMERICAN, LEGAL STATUS, LIQUIDITY, LOCAL CURRENCY, MARKET ACCESS, MARKET CONCENTRATION, MARKET SHARE, MARKET SHARE CHANGES, MARKET SHARES, MARKET SIZE, MEASURE OF TRADE, MEMBER COUNTRIES, MERCHANDISE, MERCHANDISE EXPORTS, MERCHANDISE TRADE, MIDDLE EAST, NATIONAL TREATMENT, NATURAL MONOPOLIES, NORTH AFRICA, OPENNESS, PARTNER COUNTRIES, POLICY REFORMS, POLITICAL RISK, POSITIVE EFFECTS, PREFERENTIAL AGREEMENTS, PREFERENTIAL TRADING, PREFERENTIAL TRADING AGREEMENTS, PRICE CONTROL, PRICE LIBERALIZATION, PRIVATE SECTOR, PRIVATE SECTOR INVOLVEMENT, PROPERTY RIGHTS, PURCHASING, PURCHASING POWER, PURCHASING POWER PARITY, REAL EXCHANGE RATE, REAL GDP, REGIONAL AGREEMENTS, REGIONAL ARRANGEMENT, REGIONAL INTEGRATION, REGIONAL MARKET, REGIONAL TRADE, REGIONAL TRADE AGREEMENT, REGIONAL TRADE AGREEMENTS, SHARE OF WORLD EXPORTS, SPECIALIZATION, STANDARD ERRORS, SUB-SAHARAN AFRICA, TARIFF BARRIERS, TARIFF DATA, TARIFF LEVELS, TARIFF LINES, TARIFF RATE, TELECOMMUNICATIONS, TERMS OF TRADE, TERMS OF TRADE SHOCKS, THE GAMBIA, TRADE AGREEMENT, TRADE FLOW, TRADE FLOWS, TRADE INTENSITY, TRADE MORE, TRADE OPENNESS, TRADE RELATIONSHIP, TRADE SHARE, TRADING PARTNERS, TRANSITIONAL COUNTRIES, TRINIDAD AND TOBAGO, VALUE OF EXPORTS, WORLD ECONOMY, WORLD INVESTMENT, WORLD MARKET, WORLD TRADE, WTO