Trade and trade finance developments in 14 developing countries post September 2008 - a World Bank survey

In the aftermath of the Lehman Brothers collapse in September 2008, drop in the supply of trade finance, a critical engine for trade transactions, has become an acute concern for the development community. Banks were increasing pricing on trade finance transactions to cover increased funding costs and higher credit risks, and trade was dropping drastically in most countries, with global trade projected to decline in 2009 for the first time in decades. Yet, little was known about the real impact of the crisis on developing country’s capacity to export. The World Bank has commissioned a firm and bank survey on trade and trade finance developments in developing countries during the first quarter of 2009 to collect field information. In total, 425 firms and 78 banks were surveyed in 14 developing countries across five regions. This paper summarizes the findings of the survey as well as discusses the type of policies governments and international organizations put in place to mitigate the impact of the crisis. In sum, the survey findings confirmed that the global financial crisis has constrained trade finance for exporters and importers in developing countries. But the impact varied by the firm size, sectoral activity, and countries’ integration into the global economy. In particular, SMEs were particularly affected, and export diversification was made more difficult, especially in low income countries. Nevertheless, drop in demand has emerged as the top concern of firms at the time when the survey was conducted in March-April 2009.Banks&Banking Reform,Access to Finance,Debt Markets,Emerging Markets,Economic Theory&Research

Trade Policy and Export Performance in Morocco

Morocco’s trade policy is at a cross-roads. Historically, the country has had a very restrictive import regime that generated substantial transfers to domestic producers. In terms of the simple average of most-favored nation tariffs, Morocco is one of the ten most highly protected markets in the world. Yet, with the signing of the Euro-Med Agreement with the European Union and its implementation since 2000, a decision for the gradual opening of the domestic market through preferential trade liberalization was taken. This choice was subsequently reaffirmed through the conclusion of further free trade agreements with the United States and Turkey. The resulting shift in trade policy paradigms promises to create new opportunities for export-led economic growth and employment generation, while requiring adjustment of domestic producers to the new, more competitive economic environment and additional policy reforms to complement the market opening strategy.Trade, tariffs, services, logistics, export diversification, regional integration, world markets

Taking Stock of Trade Protectionism Since 2008

Following the onset of the financial crisis in September 2008 and the subsequent “Great Trade Collapse” (Baldwin 2009), many countries actively used trade policy instruments as part of their response to the global recession. Governments pursued a mix of trade liberalization, trade promotion, and trade restrictions. The choice of trade policy has varied, with limited use of tariff hikes or antidumping and safeguard actions. Sector-specific support to industries dominated initial responses to the crisis, and there has been increasing resort to nontariff measures. Recent research suggests that vertical specialization—the growth in global supply chains—has played a significant role in limiting the use of traditional protectionist instruments. Pressures on governments to support domestic economic activity may increase, given current gloomy economic prospects and more binding macroeconomic policy constraints, and the number of protectionist measures has recently risen. Open trade cannot be taken for granted, thus the need for monitoring persists.trade, protectionism, financial crisis, trade policy, recession, trade liberalization, trade promotion, trade restrictions, WTO, Doha

Trade Policy and Export Performance in Morocco

Morocco’s trade policy is at a cross-roads. Historically, the country has had a very restrictive import regime that generated substantial transfers to domestic producers. In terms of the simple average of most-favored nation tariffs, Morocco is one of the ten most highly protected markets in the world. Yet, with the signing of the Euro-Med Agreement with the European Union and its implementation since 2000, a decision for the gradual opening of the domestic market through preferential trade liberalization was taken. This choice was subsequently reaffirmed through the conclusion of further free trade agreements with the United States and Turkey. The resulting shift in trade policy paradigms promises to create new opportunities for export-led economic growth and employment generation, while requiring adjustment of domestic producers to the new, more competitive economic environment and additional policy reforms to complement the market opening strategy

Trade Policy and Export Performance in Morocco

Morocco’s trade policy is at a cross-roads. Historically, the country has had a very restrictive import regime that generated substantial transfers to domestic producers. In terms of the simple average of most-favored nation tariffs, Morocco is one of the ten most highly protected markets in the world. Yet, with the signing of the Euro-Med Agreement with the European Union and its implementation since 2000, a decision for the gradual opening of the domestic market through preferential trade liberalization was taken. This choice was subsequently reaffirmed through the conclusion of further free trade agreements with the United States and Turkey. The resulting shift in trade policy paradigms promises to create new opportunities for export-led economic growth and employment generation, while requiring adjustment of domestic producers to the new, more competitive economic environment and additional policy reforms to complement the market opening strategy

Pulse ElectroChemical Machining (PECM) of nickel based superalloys used for aeronautical parts with high thermomechanical demands : understanding of physicochemical phenomena and optimization of the process

L’usinage électrochimique impulsionnel (Pulse Electro Chemical Machining PECM) est un procédé d’usinage non conventionnel (sans outils coupants) de pièces métalliques à géométrie complexe et nécessitant des précisions élevées. Cette technique repose sur l’oxydation anodique du métal et se distingue par l’imposition d’un fort courant impulsionnel. Le courant est synchronisé à un mouvement de translation rectiligne et oscillant de la cathode. L’électrolyte est continuellement renouvelé permettant l’évacuation des résidus du métal usiné. Le PECM permet de travailler avec des distances inter-électrodes très faibles (de 0,01 à 0,2 mm) lui assurant une bonne précision dimensionnelle. L’objectif principal de la thèse est de comprendre les phénomènes physico-chimiques liés à la dissolution anodique de superalliages base nickel (René 65 et Inconel 718) dans l’électrolyte usuel NaNO3. Face à la complexité de la microstructure des matériaux étudiés, les différentes phases constituantes ont été synthétisées et étudiées séparément. Il s’avère que les produits de dissolution insolubles formés lors de l’anodisation sont principalement constitués d’oxydes de Ni et de Nb (pour l’Inconel 718) et d’oxydes de Ni, Ti et de W (pour René 65), mais aussi des précipités γ’’ (Ni3Nb), γ’ (Ni3Ti) ainsi que des carbures de W, de Nb de Cr. Quant aux éléments dissous en solution, ce sont principalement les éléments constituants de la matrice austénitique. Ainsi les différentes analyses mettent en avant que le mécanisme de dissolution des deux superalliages résulte d’une dissolution préférentielle des matrices austénitiques, accompagnée de formation d’oxydes et de déchaussement des précipités. Afin d’assurer une dissolution homogène des différentes phases des matériaux, des milieux alternatifs ont été mis au point notamment par ajouts d’agents complexants. Le développement d’un dispositif expérimental de simulation des conditions du PECM en laboratoire a permis d’établir le rendement de dissolution de l’alliage en fonction de différentes densités de courants en milieux usuel et alternatifs. Enfin, une transposition de l’étude de ces milieux alternatifs a été réalisée sur machine PECM. Une méthodologie de plan d’expérience a été utilisée pour l’alliage René 65 afin de comparer l’efficacité d’un électrolyte alternatif à l’électrolyte usuel NaNO3. Ces essais à l’échelle pilote ont été étendus à l’alliage Inconel 718. Il en ressort que la formulation de bains spécifiques à chaque alliage permet de diminuer à la fois la production de boues d’hydroxydes métalliques et de limiter la formation de couches anodiques à la surface des pièces.Pulse Electro Chemical Machining PECM is an unconventional machining process (with no cutting tools) of complex shapes requiring high precision. This technology is based on the anodic oxidation of the metal and is distinguished by pulsed current synchronized to an oscillation of the cathode with a rectilinear translational movement. The electrolyte is continuously renewed allowing the evacuation of sludge of the dissolved metal. The PECM involves low inter-electrode gap (from 0.01 to 0.2 mm) which ensures high dimensional accuracy. The aim of the thesis is to understand the physico-chemical phenomena related to the anodic dissolution of nickel-based superalloys (René 65 and Inconel 718) in the usual electrolyte NaNO3. Because of the complexity of the microstructure of the studied superalloys, the different phases were synthesized and studied separately. It appears that the insoluble dissolution products formed during anodization are mainly composed of Ni and Nb oxides (for Inconel 718) and Ti and W oxides (for René 65), but also γ '' (Ni3Nb), γ '(Ni3Ti) phases as well as carbides of W, of Nb of Cr. Consequently, the dissolved elements in solution are mainly made of the major elements of the austenitic matrix. In order to ensure a homogeneous dissolution of the different phases, alternative media have been developed, in particular by adding chelating agents. An experimental device for simulating PECM conditions in the laboratory allowed to establish the dissolution efficiency of the alloy as a function of different current densities in usual and alternative environments. Finally, the use of these alternative media was tested on the PECM machine. An experimental design methodology was used for the René 65 to compare the efficiency of the alternative electrolyte with the usual one with optimized operating parameters. These pilot scale tests have been extended to Inconel 718 alloy. It appears that the use of specific electrolyte makes it possible both to reduce the production of metal hydroxide sludge and to limit the formation of anodic surface layers

China's emerging regional trade policy

Purpose – The purpose of this paper is to provide a timely review and analysis of China's regional trade agreements, its motivations, and its economic implications for Association of Southeast Asian Nations (ASEAN)-China Free Trade Agreement (ACFTA) member countries and other trading partners. Design/methodology/approach – The paper uses the SMART model of the World Integrated Trade Solution to quantify the economic implications of the ACFTA on merchandise trade flows among member countries and other trading partners. Then, for comparative purposes, the impact of two possible paths beyond the ACFTA is simulated: an East Asia Free Trade Agreement (EAFTA) and the possible Doha Round multilateral trade liberalization. Findings – The paper finds that, if regional and bilateral trade arrangement (RTA) were only concentrated in tariff reductions, the impact on trade flows would be quite limited. China's trade liberalization will bring the similar impacts to ASEAN in three of the scenarios modeled. Japan and Korea would get more market access to China if an EAFTA were to become reality. Only in a multilateral liberalization would all RTA member countries and the rest of the world benefit. Research limitations/implications – Three limitations are noteworthy. First, these types of models capture only static gains from trade. Second, the simulations do not include services liberalization, which could readily provide benefits in several multiples of merchandise trade, and third, it is assumed that full removal of all border barriers at once, in a multilateral scenario, would be of illuminating heuristic value but is unlikely to occur in reality. Originality/value – The paper demonstrates the wisdom of China's simultaneous pursuit of unilateral, regional and multilateral liberalization – because the wider the trading group involved in the liberalization, the more China and its partners will benefit. The tariff reductions in RTAs will have limited effects on expanding merchandise trade, especially when compared with comprehensive and multilateral liberalization agreements.China, Economic performance, Free trade, South East Asia, Trade, Trade associations

Non-tariff measures: Regional cooperation and competitiveness through regulatory governance

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