Static Effects Sample Clauses

Static Effects. The direct impact of trade liberalisation on economic growth may be described as the “static” effects. These include the gains derived from: • Lowered tariff and non-tariff barriers in export markets which generate higher export returns and volumes. • Domestic tariff liberalisation which generates efficiency gains from a better allocation of resources (“allocative efficiency”), cheaper consumption and competitive effects. Where improved market access under FTAs enables exporters to achieve net increases in the value of their exports, this may translate directly into higher GDP, job growth and income. Moreover, the opportunity for local companies to increase market size through greater exports can increase productivity and efficiency through economies of scale. This may be achieved, for example, by the introduction of new processing technologies to service the larger market. Output and productivity levels rise when resources shift to more efficient sectors of the economy as tariffs reduce. In a previously tariff-protected sector, imports will be cheaper and can be expected to expand their share of the market. Domestically-focused firms with higher cost structures as a consequence of tariff protection will respond by increasing their efficiency, reducing output sufficiently to reduce their costs or shifting resources into more competitive production. Over time, these processes will lead to greater specialisation and increased comparative advantage. These effects are primarily driven through simple tariff removal, suggesting that countries that liberalise the most are likely over time to benefit the most. At the same time, there are likely to be phases of adjustment and transition that affect sectors in different ways. The extent to which domestic prices change as a consequence of FTAs depends on the size of the distortions being removed. It is also dependent on the degree of competition already prevailing in the domestic market. In general, lower tariffs will result in lower domestic prices. Producers gain access to intermediate goods, thus making their finished products more competitive in the domestic and export markets. When an economy liberalises under preferential trade agreements, the gains may be reduced or even reversed due to the phenomenon of trade diversion. This describes situations where imports are sourced from FTA partners due to the margin of preference they enjoy over more efficient producers. Where FTA partners are already internationally c...
Sample 1
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