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Trade liberalization is arguably a major issue in the conduct of commercial policy. As a component of it, the relationship between universal, multilateral trade liberalization and the conclusion of preferential trade agreements - that is, a process of liberalization which discriminates between trading partners - has been a focus of analysis and debate. This book is designed to enhance understanding of the salient elements of these issues. The book searches for answers to significant questions that have not been raised before, and elaborates those discussed earlier in the literature but not yet settled. Some parts of the book are purely analytical, while others focus on general principles and comprehension of concrete instances and developments. The book formulates a variety of new methods, including the construction of new instruments of measurement, to enable both ex-ante predictions and ex-post assessments of the impact of liberalization and trade preferences. The revised edition incorporates the outcome of two important studies, exploring the impact of liberalization on trade structure and the pattern of regional trade relationships

"This paper briefly reviews new indices of trade restrictiveness and trade facilitation that have been developed at the World Bank. The paper also compares the trade impact of different types of trade restrictions applied at the border with the effects of domestic policies that affect trade costs. Based on a gravity regression framework, the analysis suggests that tariffs and non-tariff measures continue to be a significant source of trade restrictiveness for low-income countries despite preferential access programs. This is because the value of trade preferences is quite limited: a new measure of the relative preference margin developed in the paper reveals that this is very low for most country-pairs. Most countries with very good (duty-free) access to a market generally have competitors that have the same degree of access. The empirical analysis suggests that measures to improve logistics performance and facilitate trade are likely to have the greatest positive effects in expanding developing country trade, increasing the trade impacts of lowering remaining border barriers by a factor of two or more. "--World Bank web site

"This book examines the state of China's trade agreements with various regions of the world and the strategy and rationale behind them. In its campaign to sign free trade agreements, China is slowly moving from small, developing countries to more advanced economies. However, China's approach to preferential trade is inconsistent and not fully understood. This book outlines China's strategy and key factors influencing its policy in the pursuit of free trade agreements and offers considerations for the U.S. government. Moreover, the book provides an overview of U.S.-China commercial relations, including major trade disputes, and examines China's recent emergence as a major agricultural importer and its implications for global markets"--Preface