from Part II - Assessing and Benchmarking Policy
Published online by Cambridge University Press: 25 October 2019
Many recent free trade agreements (FTAs) are deep or comprehensive agreements that contain a large number of provisions on non-tariff measures (NTMs). This contrasts with the traditional shallow trade agreements that focused mainly on tariff reductions. Therefore, one of the main tasks of trade economists asked to predict the welfare effects of deep FTAs is to translate the NTM provisions into overall welfare effects. This can be achieved in two steps. First, the particular NTM provisions need to be translated into trade cost reductions, and second, welfare effects of the trade cost reductions are calculated with a general equilibrium model.
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