DP1611 | Preferential Trade Liberalization in the North Atlantic

Publication Date

27/03/1997

JEL Code(s)

Keyword(s)

Programme Area(s)

Abstract

This study provides a quantitative assessment of the implications of preferential trade liberalization by the North Atlantic economies. Emphasis is placed on the pattern of production and trade in North America and Western Europe, the pattern of import protection, and the likely trade and income effects of trade liberalization. The potential benefits of preferential trade liberalization are also compared with the potential benefits of post-Uruguay Round most-favoured nation-based reductions in trade barriers. The numerical assessment highlights the impact both on the North Atlantic economies themselves, and on their important regional trading partners.