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  • Author: Charles Elkins
  • Publication Date: 04-2020
  • Content Type: Working Paper
  • Institution: EastWest Institute
  • Abstract: On January 20-21, 2020, the EastWest Institute (EWI) held its first meeting in Berlin as part of its new Algeria-Morocco Business Dialogue, an initiative aiming to address the impediments to greater cross-border trade. By convening sector-specific meetings between local business people from both countries, the project aims to produce a concrete set of feasible recommendations to encourage greater bilateral trade. The inaugural January meeting brought together small to medium-sized business leaders from the agricultural sector to consider boosting greater trade on a micro level, as well as discuss the shortcomings and challenges of each countries’ agricultural and trade policy.
  • Topic: Agriculture, International Trade and Finance, Regional Cooperation, Trade
  • Political Geography: Africa, Algeria, Morocco
  • Author: Daniel F. Runde, Romina Bandura
  • Publication Date: 04-2019
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: While other countries have ramped up their economic engagement with Africa via trade, investments, and private sector financing, the United States has remained, for the most part, disengaged. Though decades-long U.S. government initiatives in Africa are indicative of longstanding relations, the reality is that these initiatives have not been enough for the United States to compete in the changing development landscape. On December 13, 2018, the Trump administration launched the Prosper Africa initiative, which seeks to open markets for American businesses, grow Africa’s middle class, promote youth employment opportunities, improve the business climate, and enable the United States to compete with China and other nations who have business interests in Africa. This short report discusses some of the challenges and opportunities for U.S. engagement with the continent and presents a series of recommendations for the policymakers driving the Prosper Africa initiative forward.
  • Topic: International Cooperation, International Trade and Finance, Hegemony, Economic Cooperation
  • Political Geography: Africa, North America, United States of America
  • Author: Andrew Walter
  • Publication Date: 11-2019
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: This special report explores the role of emerging-country members in the Basel process, a key aspect of global financial standard setting. It argues that this process has been significantly more politically resilient than adjacent aspects of global economic governance, in part because major emerging countries have perceived continuing “intra-club” benefits from participation within it. Most important among these are learning benefits for key actors within these countries, including incumbent political leaders. Although some emerging countries perceive growing influence over the international financial standard-setting process, many implicitly accept limited influence in return for learning benefits, which are valuable because of the complexity of contemporary financial systems and the sustained policy challenges it creates for advanced and emerging countries alike. The importance of learning benefits also differentiates the Basel process from other international economic organizations in which agenda control and influence over outcomes are more important for emerging-country governments. This helps to explain the relative resilience of the Basel process in the context of continued influence asymmetries and the wider fragmentation of global economic governance. The report also considers some reforms that could further improve the position of emerging countries in the process and bolster its perceived legitimacy among them.
  • Topic: International Trade and Finance, Financial Markets, Global Political Economy, Emerging States
  • Political Geography: Africa, Europe, Asia, South America, Australia, North America, Global Focus
  • Author: Pamela Anne Bayona, Vincent Martin Beyer, Olayinka Oladeji
  • Publication Date: 01-2018
  • Content Type: Working Paper
  • Institution: Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
  • Abstract: Trade-Restrictive Measures (TRM) are an area of huge concern to importers and exporters in African Union Least Developed Countries (AU LDCs) located in Sub-Saharan Africa. This report identifies and analyses discriminatory government policies that adversely affect AU LDCs over the period 2009 to 2017 by using the Global Trade Alert database, a database that collects information on trade-discriminatory measures implemented by countries worldwide. The research by the students shows that the most frequently encountered TRM types are import tariff measures, tax-based export incentives, trade finance measures, public procurement localisation and export taxes. However, the Global Trade Alert excludes Technical Barriers to Trade and Sanitary and Phytosanitary measures that are formally justifiable as serving public interests, but are typically the most commonly cited as the biggest obstacles to trade. The report also provides policy recommendations and negotiation positions to the AU LDC Countries to move from a defensive trade agenda to an offensive one.
  • Topic: Development, Economics, International Trade and Finance, Developing World, Global Political Economy, Free Trade
  • Political Geography: Africa, African Union
  • Author: B.I.B. Kargbo
  • Publication Date: 01-2018
  • Content Type: Working Paper
  • Institution: African Economic Research Consortium (AERC)
  • Abstract: The Sierra Leone economy is a net importer with a chronic negative balance of trade. Imports as a percentage of GDP averaged 40.8% between 2001 and 2010. Imports of food, mineral fuels and lubricants accounted for 50.8% of the total value of imports within the same period. Also, the value of the leone depreciated from Le 920.75 in 1996 to Le 4,000 in 2010 while inflation averaged 12.6% for the same period. As a result of the interplay of these forces, fuel prices are most times adjusted upwards to compensate for the depreciation of the leone against the dollar or to match up with increases in the world price of crude oil. This study determines the effects of monetary environment as well as exchange rate movement and petroleum prices on domestic prices in Sierra Leone by estimating a hybrid model of inflation in which inflation responds to its own lags, lags of other variables, and a set of error-correction terms that represent short run disequilibria from the money market, external sector and output that feed into the inflation process.The empirical results from the parsimonious model show that petroleum product prices and exchange rate, as well as monetary factors determine inflation in Sierra Leone.What is also significant from the findings is that the contribution of petroleum prices to domestic price formation is unfounded in the long run, meaning that it is only a short-run phenomenon. The results also support the view that a fair portion of fluctuations in domestic prices is driven by its own shocks.
  • Topic: Development, Economics, International Trade and Finance, Monetary Policy, Economic Growth, Inflation
  • Political Geography: Africa, Sierra Leone
  • Author: Caesar Cheelo, Thulani Banda
  • Publication Date: 06-2017
  • Content Type: Working Paper
  • Institution: Zambia Institute for Policy Analysis and Research (ZIPAR)
  • Abstract: International trade and investment are primary drivers of globalization, international trade and development. In 2014, Zambia’s trade openness – in terms of total monetary flows on all export and import transactions combined – was estimated at 79.6% of GDP while the total (cumulative) stock on inward FDI was 66.5% of GDP. The recent economic headwinds in Zambia and abroad motivated this review of the country’s external position relative to the rest of the world. This paper highlights the changes in the balance of payments (BOP), a key tool for monitoring Zambia’s economic performance vis-à-vis the rest of the world. The balance of payments shows the Zambia’s financial transactions with other countries in the world, recoding the flows of money into and out of the economy through a number of payments accounts. Checking the economy’s balance of payments position offers useful insights about its external sector’s health. In a sense, the monetary flows through the balance of payments reflect Zambia’s net dependency on the rest of the world. The context of the analysis in the paper is the economic malaise of 2015. The paper thus demonstrates that the economic debacle of 2015 is not an unfamiliar experience for Zambia. It draws on the country’s economic recent history, identifying parallels between the past and the present. It seeks to offer guidance to policy-makers, towards fostering foster effective and reliable responses to the external balance challenges. Particularly, the paper analyses the fundamental elements of Zambia’s balance of payments, describing their recent behaviour and highlighting some of the main drivers of imbalances in the different payments accounts. It recommends measures for correcting some of the imbalance in the balance of payments, seeking to contribute to the improvement of the external sector’s performance.
  • Topic: Economics, International Trade and Finance, Trade
  • Political Geography: Africa, Zambia
  • Author: Onelie B. Nkuna
  • Publication Date: 06-2017
  • Content Type: Working Paper
  • Institution: African Economic Research Consortium (AERC)
  • Abstract: This paper looks at intra-SADC (Southern African Development Community) Foreign Direct Investment (FDI) and focuses on Mauritius and South Africa’s outward FDI. Data from 1999 to 2010 are collated and qualitative analyses conducted. The study reveals that Mauritius’ outward FDI was mainly in the service sector and largely went to Madagascar, Seychelles and Mozambique, which were also the country’s main trading partners, except for Botswana. Meanwhile, South African investments were mainly in Mauritius, Tanzania and Mozambique, while the country’s main trading partners were Botswana, Zambia, Zimbabwe, Swaziland and Angola. The study also found the following to be potential drivers of Mauritian and South African outward investments, and hence intra-SADC FDI flows: geographical proximity, market access, liberalized markets, stable macroeconomic and political environment, natural resource availability, and policy and institutional framework. Graphical analyses and simple correlations reveal that trade and FDI are positively correlated for Mauritius and South Africa’s outward investment, suggestive of a complementarity relationship.
  • Topic: Economics, International Political Economy, International Trade and Finance, Regional Cooperation, Foreign Direct Investment, Regional Integration
  • Political Geography: Africa, South Africa, Mauritius
  • Author: Merran Mulse
  • Publication Date: 11-2016
  • Content Type: Working Paper
  • Institution: The Kolleg-Forschergruppe (KFG)
  • Abstract: Regional powers are not always benevolent leaders when it comes to the building of regional institutions. While powerful states – particularly the “new” rising powers – may have a vested interest in regionalism as a means of projecting influence, regional powers may behave as coercive or benevolent leaders, or alternatively display an absence of leadership altogether. The drivers of varying regional power behavior can be attributed to their competing concerns regarding (economic) power, functional efficiency, international legitimacy, and neopatrimonial networks. This paper explores the varying behavior of Nigeria and South Africa in relation to the institutionalization of free trade areas and regional courts within their respective regions. Nigeria has displayed little leadership in ECOWAS trade integration due to domestic opposition; however, a newly-democratic Nigeria’s search for international legitimacy drove the establishment of the ECOWAS Court of Justice. Likewise, South Africa’s search for legitimacy drove its support for the SADC Tribunal, but the competing demands of different audiences led it to abandon this support. South Africa has also displayed leadership in relation to the SADC Free Trade Area; however, its neighbors perceive it as a self-interested, almost coercive actor. The findings suggest that the motivations for regional powers’ behavior vary across time and policy sectors, and that inconsistent behavior is driven by a change in the priority granted to different drivers.
  • Topic: International Trade and Finance, Regional Cooperation, Leadership, Legitimacy, Institutionalism
  • Political Geography: Africa, South Africa, Nigeria
  • Author: Tang Xiaoyang
  • Publication Date: 08-2014
  • Content Type: Working Paper
  • Institution: Carnegie Endowment for International Peace
  • Abstract: Asian investors' impact on Africa's cotton, textile, and apparel sectors may have profound consequences for the continent's industrialization and development. As southeast African countries seek to industrialize and build indigenous cotton-textile-apparel value chains, the interactions between Asian—particularly Chinese—investors and African companies become more and more complex. Indeed, Asian investors present both a challenge to and an opportunity for local industries, and southeast African countries need a clear vision and tailored policies to make the most of the opportunities. Asian investors' impact on Africa's cotton, textile, and apparel sectors may have profound consequences for the continent's industrialization and development. As southeast African countries seek to industrialize and build indigenous cotton-textile-apparel value chains, the interactions between Asian-particularly Chinese-investors and African companies become more and more complex. Indeed, Asian investors present both a challenge to and an opportunity for local industries, and southeast African countries need a clear vision and tailored policies to make the most of the opportunities.
  • Topic: Economics, International Trade and Finance
  • Political Geography: Africa, Asia
  • Author: Richard Downie, Jennifer G. Cooke
  • Publication Date: 02-2014
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: Africa's changing economic landscape is prompting a shift in how U.S. policymakers view the continent. High growth rates, new technologies, and a rapidly expanding consumer class are driving greater global competition for investment and access to potential export markets, and the United States is recognizing that it will need to step up its game to remain relevant and influential in an increasingly crowded and competitive environment. This will mean placing a stronger emphasis on strengthening trade and investment ties and encouraging U.S. companies to take fuller advantage of expanding opportunities. Playing up these opportunities will not only serve long-term U.S. commercial interests in Africa but will serve U.S. development and diplomatic objectives as well. U.S. investments, done right, can have long-term development impacts in Africa, through technology and knowledge transfer, training, systems development, and partnerships. And a new, more optimistic engagement with Africa's citizens and entrepreneurs will have strong resonance with the continent's up-and-coming generation, creating links based on enduring mutual interest.
  • Topic: Diplomacy, Economics, International Trade and Finance, Markets, Foreign Direct Investment
  • Political Geography: Africa, United States