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External Tariff Liberalization in CARICOM: A Commodity-Level Analysis

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Author Info
Azim M. Sadikov
Abstract

This paper estimates the impact of the tariff liberalization in four largest CARICOM countries (Barbados, Guyana, Jamaica, and Trinidad and Tobago) on their trade flows. I trace changes in the product-line imports from CARICOM and non-CARICOM countries against time and commodity-level variation in external tariffs. I find that in each country the reduction of the external tariff, which eroded preferences enjoyed by member imports, increased the ratio of imports from non-member countries to imports from member countries. In Trinidad and Tobago, the higher ratio was largely the result of non-member imports crowding out member imports. In the three other countries, the ratio increased mainly because of higher non-member imports; there is little evidence that tariff reductions had an impact on member imports. Findings suggest that in Trinidad and Tobago liberalization of the external tariff reversed some of the trade diversion effects of CARICOM.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/33.

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Length: 33 pages
Date of creation: 05 Feb 2008
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Handle: RePEc:imf:imfwpa:08/33

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Keywords: Trade liberalization ; Barbados ; Guyana ; Jamaica ; Trinidad and Tobago ; Tariffs ; Imports ;

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  2. Patrick J. Kehoe & Timothy J. Kehoe, 1994. "Capturing NAFTA's impact with applied general equilibrium models," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 17-34. [Downloadable!]
  3. Baldwin, Richard E. & Venables, Anthony J., 1995. "Regional economic integration," Handbook of International Economics, in: G. M. Grossman & K. Rogoff (ed.), Handbook of International Economics, edition 1, volume 3, chapter 31, pages 1597-1644 Elsevier. [Downloadable!] (restricted)
  4. Anne O. Krueger, 1999. "Trade Creation and Trade Diversion Under NAFTA," NBER Working Papers 7429, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Won Chang & L. Alan Winters, 2002. "How Regional Blocs Affect Excluded Countries: The Price Effects of MERCOSUR," American Economic Review, American Economic Association, vol. 92(4), pages 889-904, September. [Downloadable!]
  6. Jeffrey A. Frankel and Shang-Jin Wei., 1995. "European Integration and the Regionalization of World Trade and Currencies: The Economics and the Politics," Center for International and Development Economics Research (CIDER) Working Papers C95-053, University of California at Berkeley.
  7. David M. Gould, 1998. "Has NAFTA changed North American trade?," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q 1, pages 12-23. [Downloadable!]
  8. Anne O. Krueger, 2000. "NAFTA's Effects: A Preliminary Assessment," The World Economy, Blackwell Publishing, vol. 23(6), pages 761-775, 06. [Downloadable!] (restricted)
  9. Chandima Mendis & Philippe Egoumé-Bossogo, 2002. "Trade and Integration in the Caribbean," IMF Working Papers 02/148, International Monetary Fund.
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