Alternative Approaches in Estimating the Economic Effects of Non-Tariff Measures: Results from Newly Quantified Measures
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This paper introduces a set of new estimates of NTM price gaps in a standard simulation model and studies the economic effects of their removal. The economic impact of removing the NTMs on footwear, wearing apparel, and processed foods are estimated and discussed using three different techniques (tariff equivalent, export tax equivalent and sand-in-the-wheels). For all of the considered sectors, NTM liberalization leads to a large increase in world trade, and an improved global welfare. Most of the gains from the elimination of NTMs accrue to the liberalizing regions.