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Trade liberalisation and competitiveness of emerging market economies

  • Authors: Çakir, Mustafa
  • Date: 2009-03-11T08:46:15Z
  • Subjects: Trade liberalisation , Free trade , International trade , Economic development
  • Type: Mini-Dissertation
  • Identifier: uj:8216 , http://hdl.handle.net/10210/2275
  • Description: MCom , In this study, the aim is to provide answers for the following questions: whether there is any positive relationship between trade liberalisation and competitiveness of emerging economies. How terms of trade affect economic growth in emerging market economies? Finally, do the emerging market economies benefit from free trade in terms of accelerated growth or they are actually harmed? There are two models used in this study to answer the above questions; the first model is the growth model and the second one is the per capita growth model. The first model determines the effects of terms of trade on the overall economic growth, and the second one determines the share of such effect on the population at large. In both models, panel data analysis is applied for eighteen emerging market economies. Based on the economic theory and the results from all the models, terms of trade does prove to have a positive effect on economic growth and standard of living. It is also found that trade liberalisation does improve economic growth which in turn leads to competitiveness. The findings indicate that there is convergence amongst the developing economies. This means that the countries are growing together and emerging economies can be expected to catch up with advanced economies.
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The politics of global trade: why do some developing countries trade more yet earn less?

  • Authors: Curtin, Camilla
  • Date: 2010-05-24T09:06:21Z
  • Subjects: World Trade Organization , Developing countries , International trade , Foreign trade regulation , Poverty
  • Type: Thesis
  • Identifier: uj:6817 , http://hdl.handle.net/10210/3251
  • Description: M.A. , International markets have expanded through the global reduction of protectionist policies, such as tariffs and quotas, which has in turn expanded international trade between states. The reduction of trade barriers and the implementation of trade liberalisation have caused the international trade structure to change; resources are shifting away from traditional industries and into new ones resulting in new trade opportunities and trade-offs. However, the gains from increased international trade have been unequal; some states, mainly the industrialised, developed nations and the East Asian economies, have reaped the benefits from an increasingly integrated trading system. Numerous developing countries have actively reduced their barriers to international trade and have attempted to integrate their economies into the international trading system. Nevertheless, many of these developing countries are highly impoverished and uncompetitive in the global economy. Within this context, it is the purpose of this dissertation to determine with greater clarity why certain developing countries have significantly decreased their barriers to international trade but have not benefited, both politically and economically, from these actions. In other words, why have certain developing countries, such as those in Latin America, the Middle East, North Africa, South Asia and Africa, increased their trade liberalisation but not benefited from this increased openness. Additionally, why have other developing states, such as the East Asian economies, become key competitors within the global economy? In short, this study investigates why some developing countries trade more yet earn less. The examination of developing countries within the international trading system is presented in a theoretical perspective constructed with a focus on the three classic international relations theories, namely realism, liberalism and structuralism. Each of these theories is employed descriptively as well as prescriptively as tools to evaluate the nature of the international trading system as well as the positioning of developing countries within the trading regime. Applying these prisms of reality, certain developing countries’ position in the global economy are assessed and evaluated through an examination of the WTO and developing countries, the implementation of import substitution policies and export-led industrialisation strategies by various developing countries and the international trends that have caused various developing countries to be uncompetitive in the global trading regime.
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The impact of exchange rate volatility on emerging market exports : a comparative study

  • Authors: Khosa, Matimba Johannes
  • Date: 2013-05-01
  • Subjects: Exchange rate volatility , Generalised Autoregressive Conditional Heteroscedasticity , Foreign exchange rates , International economic relations , International trade
  • Type: Thesis
  • Identifier: http://ujcontent.uj.ac.za8080/10210/370718 , uj:7476 , http://hdl.handle.net/10210/8334
  • Description: M.Com. (Economic Development and Policy Issues) , This research analyses the effect of exchange rate volatility on exports using a sample of nine emerging countries – Argentina, Brazil, India, Indonesia, Mexico, Malaysia, Poland, South Africa and Thailand – between 1995 and 2010. The study uses panel data models, with a standard exports equation with exports performance determined by exchange rate volatility, the level of exchange rate, demand conditions in major countries as well as terms of trade. Exchange rate volatility is measured by Generalised Autoregressive Conditional Heteroscedasticity (GARCH) and conventional standard deviation in order to determine if the instrument of volatility used influences the nature of the relationship between exchange rate volatility and exports. The results show that exchange rate volatility has a significant negative effect on the performance of exports regardless of the measure of volatility used. The Pedroni residual cointegration method was used to test for panel cointegration to determine if there is a long-run relationship among the variables, and the test showed that a long-run relationship does exists. Generally, the study concludes that policy mix that will reduce exchange rate volatility (such as managed exchange rate regimes) and relatively competitive exchange rates are essential for emerging markets in order to sustain their exports performance.
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Die optimalisering van 'n uitvoerdistribusiekanaal aan die hand van die geintegreerde logistieke bestuursbenadering : 'n gevallestudie

  • Authors: Nel, Lukas Johannes
  • Date: 2014-02-05
  • Subjects: Exports , Logistics - Management , International trade , Strategic planning - Case studies
  • Type: Thesis
  • Identifier: uj:3644 , http://hdl.handle.net/10210/9029
  • Description: M.Com. (Business Management) , In articles, research papers and books, the concept of managing logistics as an intergral part of total business - an interconnected pipeline of information, activities and materials from source to final destination - has been widely touted as an idea whose time has come. Integrated logistics management, provides senior executives with the tool to supervise and manage the logistics activities as an intergrated system that spans traditional organisational lines. This study provides an overview of logistics with emphasis on the intergrated logistics management concept and how to administer it. It concludes with a case study, using the concept to optimize an export logistics chain.
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Aspects of the international political economics of regional trade : comparative perspectives from Sub-Saharan Africa

  • Authors: Baur, Daniela
  • Date: 2014-04-15
  • Subjects: International trade , Africa, Southern-Economic conditions , Africa, Sub-Saharan-Foreign economic relations , African cooperation
  • Type: Thesis
  • Identifier: uj:10668 , http://hdl.handle.net/10210/10185
  • Description: M.A. (Political Studies) , Sub-Saharan African governments have long expressed their support for increased intra-African trade, but official statistics show that this type of trade. remains Iess than 5% of the total. The continued emphasis on establishing supranational organisations to direct regional trade Iiberalisation through. phased tariff reductions is symptomatic of the strategies dominating most. deliberations on regional integration. Despite the continuing proliferation of multilateral treaties, protocols and resolutions concerned with promoting regional trade, intra-African exchange has stagnated. Recorded barter in Africa's major sub-regional communities has not significantly increased between the late 1970's and today (Barad, 1990: 102). The reason for this absence of progress in the promotion of intra-African trade is most clearly expressed in the fact that Sub-Saharan Africa is experiencing its worst economic crisis to date. According to Williams (1993: 5-6) this crisis is manifested in foreign .debt, poverty and trade.deficits. These conditions are the result of the following: deteriorating terms of external trade, the rise in debt-servicing obligations relative to both export earnings and gross domestic product, climatic conditions such as drought, civil wars and regional disputes, the lack of infrastructure and the overvaluation of African currencies, government and privatesector corruption, and the inability of African states to respond to the oil crisis of 1979-1980. Naldi (1989: 2) adds the neglect of the agricultural sector, unfeasible . industrial programmes, and wasteful prestige projects as factors contributing to the economic crisis. African states have of necessity turned to the industrial nations of the First World for their image and development, since these communities have the technology and finances fundamental to development. This may be themain reason that 95% of all African trade occurs outside the African continent However, African leaders. have long recognised the need for closer regional ties as a way of overcoming the fragmentation of the continent, one of the major constraints on economic development. Ndulo (1992: 17) claims that the economic integration of Africa was the centr8llheme of the 1980 Lagos ?Ian of Action and numerous other high-level statements and reports on African policy and development strategy. Economic integration is perceived by many African states as the ultimate type of regional economic collaboration, and as a promising vehicle for enhancing economic and social development, This idea is reinforced by the relative success of integration in Western Europe and through the United States-Canadian Free Trade Agreement.
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An assessment of the mutual agreement procedure as an international tax treaty dispute resolution remedy

  • Authors: Froneman, Wilco Du Plessis
  • Date: 2014-10-07
  • Subjects: Double taxation - Treaties , International trade
  • Type: Thesis
  • Identifier: uj:12510 , http://hdl.handle.net/10210/12304
  • Description: M.Com. (South African and International Taxation) , International tax treaties are unique bilateral negotiations effectively breaking down the barriers of international trade while aiming to eliminate double taxation and prevent fiscal evasion. The implementation of these negotiated tax treaties is a matter of domestic law, once concluded a contracting state is free to use domestic legislation to tax the income allocated through the these tax treaties. There is however, no external enforcement of these agreements and as a result disputes occur. The remedy proposed by both the OECD MTC and the UN MTC is what we know as MAP. MAP is a non-binding, non-compulsory dispute resolution mechanism developed in the early 20th century. Even though many jurisdictions remain of the view the MAP is a successful method of dispute resolution, others feel that it has significant shortcomings as outlined by the JWG established by the OECD in 2003. As a result of the work done by the JWG and in an attempt to address some of the insufficiencies of the MAP the OECD introduced additional articles to the MTC including guidelines on non-binding arbitration. The UN subsequently introduced similar guidelines in its MTC. The introduction of mandatory arbitration into both these MTCs is the most significant development in the resolution of international tax disputes. However, the increased complexity and volume of international trade undoubtedly results in tax implications that are not currently addressed in tax treaties or conventions. Differences in the interpretation of the underlying facts of those trade transactions may lead to a host of international tax disputes, often resulting in juridical double taxation. With MAP being the only remedy available, this study aims to determine whether or not the MAP in its current form, is an effective international dispute resolution mechanism or whether further developments are still required.
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The impact of exchange rate volatility on international trade between South Africa, China and USA : the case of the manufacturing sector

  • Authors: Dube, Sandile Sean
  • Date: 2014-10-07
  • Subjects: South Africa - Commerce - China , South Africa - Commerce - United States , China - Commerce - South Africa , United States - Commerce - South Africa , International trade , Foreign exchange rates - South Africa
  • Type: Thesis
  • Identifier: uj:12508 , http://hdl.handle.net/10210/12302
  • Description: M.Com. (Financial Economics) , The main objective of this mini dissertation is to examine the effect of exchange rate volatility on international trade. The finding of this mini dissertation is however that the impact of exchange rate volatility on international trade could be either positive or negative depending on various reasons that will be discussed when the arguments of the theorists that have either found a positive, negative and sometimes indeterminate effect of exchange rate volatility on international trade are discussed. The focus of this mini dissertation will be on the manufacturing trade between the Republic of South Africa with the United States and China. The need for an analysis of exchange rate volatility on international trade arises from the fact that firstly no consensus has been reached on the true effect of exchange rate volatility on international trade and secondly knowledge of what the true effect of exchange rate volatility is on international trade could assist in drafting the appropriate policies at government level. The finding of this mini dissertation represents a challenge for policy recommendations as it reflects the fact that various industries, sectors and subsectors of the economy of the Republic of South Africa are impacted differently by the volatility of the Rand/Yuan and Rand/Dollar exchange rates, respectively, therefore any policy that is drawn up to improve international trade needs to be done on an individual basis for each industry, sector and subsector respectively taking into account the various dynamics and characteristics of each. Firstly in the literature review a detailed discussion of both sides of the exchange rate volatility debate will be outlined. It would be shown why there is a lack of consensus when it comes to the issue of what effect exchange rate volatility has on international trade. On the one hand the argument of those suggest that exchange rate volatility hampers international trade or has a negative effect on international trade, such as Sekantsi, (2008); Onafowora and Owoye, (2008); Chit, (2010); Vergil, (2008); Arize et al, (2000); Arize and Malindretos, (2002); Klaasen, (2004) and Doganlar, (2002), will be reviewed. The argument of those that say that in fact exchange rate volatility has no impact on international trade, such as Raddatz, (2008); Frankel, (2007); Arize and Malindretos, (2002); Arize et al, (2000); Klaasen, (2004); Chowdhury, (1993) and Hassan and Sukar, (1999), will also be reviewed. This discussion and the results that arise from exploring this debate have very important implications on the recommendations that are passed on to government to be considered when drafting policies, such as the New Growth Path (NGP). Secondly when the background of the manufacturing industry in South Africa is discussed, all the initiatives and policies such as the NGP that government has planned and put in place in order to rejuvenate the manufacturing industry will be outlined. The impact of exchange rate volatility on international trade has a direct impact on these policies. Recommendations regarding how best enhance the policies to rejuvenate the manufacturing industry cannot be possibly made when consensus about the impact of exchange rate volatility has not be reached. For this reason it was it imperative that the true impact of exchange rate volatility on international trade be made clear.
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Export readiness of enterprises supported by government’s incentive scheme

  • Authors: April, Zuko
  • Date: 2014-10-20
  • Subjects: Electronic commerce , International trade , Exports - Management
  • Type: Thesis
  • Identifier: uj:12624 , http://hdl.handle.net/10210/12444
  • Description: M.Com. (Business Management) , This study set out to explore the factors that facilitate the export readiness of emerging exporters who benefit from the Export Marketing and Investment Assistance (EMIA) scheme at the Department of Trade and Industry (dti). I hypothesised that management commitment, management skills, financial resources; technical knowledge, capacity to manufacture and international marketing intelligence have a positive relationship with export readiness. I used a questionnaire based on the work of Van Elden (2003) to collect data from emerging exporters. I tested the reliability of each scale showing Cronbach alpha values ranging from 072 to 0.86. A regression analysis confirmed that all six factors were significantly correlated to export readiness. I recommend that the dti view more carefully whether the beneficiaries of EMIA have the capacity indicated by the six factors before spending resources on such beneficiaries. EMIA staff should recommend interventions based on these six factors to those applicants who are unsuccessful.
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Documentary collections as a method of payment in international sale transactions

An investigation into South African's readiness to implement the Agreement on Technical Barriers to Trade

'n Ekonomiese analise van die aard, omvang en bydrae van invoerbelasting in die Suid-Afrikaanse ekonomie

  • Authors: Bruwer, Matthys Johannes
  • Date: 2015-08-24
  • Subjects: Taxation - South Africa , International trade
  • Type: Thesis
  • Identifier: uj:13944 , http://hdl.handle.net/10210/14304
  • Description: M.Comm. , The objective with this study was to analyse the South African import tax structure and by doing so to highlight the shortcomings of the system. Taxation is the main source of revenue for all levels of government. Import taxation as an income and fiscal policy instrument is used by government to protect local industries against foreign competition, to stimulate local industrial development and to protect the balance of payments against an uncontrolled flight of foreign exchange ...
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A critical assessment of the requirements for documentary compliance in the law of letters of credit

A legal analysis of article 16 of the UCP 600

The impact of trade liberalisation on employment dynamics in the South African agriculture sector : 1989–2014

  • Authors: Bothma, Halen J.
  • Date: 2016
  • Subjects: International trade , Agriculture - South Africa , Agricultural laborers - South Africa
  • Language: English
  • Type: Masters (Thesis)
  • Identifier: http://ujcontent.uj.ac.za8080/10210/389851 , http://hdl.handle.net/10210/215610 , uj:21438
  • Description: Abstract: The South African agricultural sector went through a period of rapid and extensive deregulation and trade liberalisation starting in the 1980s, coinciding with the democratic transition. Employment in agricultural throughout this period has been shown to follow a steady negative trend, where the level of aggregate employment has declined by nearly half between 1970 and 2014. Using data for the agriculture sector on a number of different variables, the study aimed to determine whether trade liberalisation in agriculture has contributed in any meaningful way to this decline, or whether it is a number of factors in the sector itself as well as the general economic environment that are to blame. Using a Nerlovian modelling framework, where adjustment lags are assumed to play an important role in the dynamic adjustment process, it was found that the variables for trade liberalisation did not totally explain aggregate employment level declines in agriculture. However, trade liberalisation is only part of the story, as other variables are also seen to explain changes in employment. Therefore, changes in the dynamics of employment in South African agriculture between 1989 and 2014 have as much to do with history, uncertainty and preference as they do with changes in input productivity, prices and technology. , M.Com.
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Trade facilitation and export trade : an assessment of the COMESA Simplified Trade Regime (STR) at the Zambia/Malawi Border

  • Authors: Phiri, Christabel
  • Date: 2017
  • Subjects: Industrial policy , International trade , Foreign trade promotion
  • Language: English
  • Type: English
  • Identifier: http://hdl.handle.net/10210/271691 , uj:28901
  • Description: M.Phil. (Industrial Policy) , Abstract: Trade facilitation has become an important mechanism to create a better trading environment. By reducing barriers of trade and high transaction costs it has yielded significant positive results. The main aim of the research was to assess the impact of trade facilitation on export trade performance using the case of the Common Market for Eastern and Southern Africa Simplified Trade Regime (STR). An assessment of the role of STR as a trade facilitation measure on export performance between the Zambia and Malawi Border. The study used the qualitative methodology and data was gathered from various stakeholders including the cross border trader’s association, the farmers’ association, custom officials and government officials. The main findings were that the Simplified Trade Regime had made some positive contribution towards volumes of export trade but there was still low uptake of the Simplified Trade Regime which is discussed in detail in the paper. There is still limited data and analysis on the impact of small-scale cross-border export trade, the research provides more evidence and additional academic knowledge on the impact of trade facilitation on export performance. The paper makes recommendations on area for improvement in the implementation of the COMESA STR.
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The determinants of cross-border mergers and acquisitions in Africa

  • Authors: Rubushe, Nongcali
  • Date: 2019
  • Subjects: International business enterprises , Investments, Foreign , International trade
  • Language: English
  • Type: Masters (Thesis)
  • Identifier: http://hdl.handle.net/10210/422260 , uj:36026
  • Description: Abstract: Empirical studies have been undertaken to ascertain the determinants of cross-border mergers and acquisitions in developed nations and select emerging markets. There is a research gap in conducting similar studies to identify the determinants of cross-border mergers and acquisitions into Africa. The aim of this study was to explore the determinants of mergers and acquisitions (M&A) in Africa. The study sought to clarify whether or not the determinants of cross-border M&A in Africa would be consistent with findings in the financial and academic literature. A longitudinal (panel) study was used to determine the volumes of M&A activity against the variables: business regulations, employment regulations, inflation, corruption, gross domestic product (GDP), governance, human development and technological innovation. The findings indicated that there was a significant positive relationship with governance, GDP and innovation to the volume of M&A activity. The study also found a significant negative relationship between corruption, inflation and business regulations to the volume of M&A activity. Human development had a positive non-explanatory influence on M&A activity. The volume of employment regulations did not have a significant negative, explanatory influcne on M&A activity. .. , M.Com. (Finance)
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The impact of trade openness on economic growth in South Africa

  • Authors: Maliaga, Lufuno
  • Date: 2019
  • Subjects: Economic development - South Africa , International trade
  • Language: English
  • Type: Masters (Thesis)
  • Identifier: http://hdl.handle.net/10210/414819 , uj:35001
  • Description: Abstract: Trade openness is one of the leading discussions globally and it is increasingly becoming important for developing countries, such as is a case for South Africa. Trade openness is an important factor to enhance economic growth Guerrieri and Meliciani (2002). Although trade openness can be beneficial it is not necessarily the case for all the countries. It is clear that the successful outcome depends on the country specific factors such as strong institutional framework, size, and competitiveness. As a result, it is important for policymakers to focus on other factors that may influence the trade basket in order to ensure that trade openness will result in much needed economic growth. The purpose of this study is therefore to examine the impact of trade openness on economic growth in South Africa. The empirical analysis is conducted by using quarterly time series data from 1990Q1 – 2016Q4 obtained from the South African Reserve Bank (SARB) and the International Monetary Fund (IMF). The study follows a Vector Autoregression model (VAR) which contains the following: Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) tests for stationarity. The model is also taken through the Johansen cointegration test and Vector error correction model (VECM). VECM approach will be followed if cointegration amongst the variables has been established. The findings of the study are that all variables have a unit root. The cointegration model highlights the long run equilibrium relationship between dependent and independent variables. The empirical results for the Johansen cointegration test reject the null hypothesis of no cointegration. This suggests the presence of a long term relationship among all the variables. The study reveals that imports and import tax are negatively related to economic growth whilst exports and foreign direct investment are positively related to economic growth. The conclusion drawn from this work is that there is a correlation amongst economic growth and its independent variable. This is because all the variable was found to be statistically significant in the long-run. These results, therefore, suggest that the promotion of policies that support trade openness is beneficial for the South African economy. , M.Com. (Development Economics)
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Unification of international sales law in the SADC region : the role and significance of the CISG

  • Authors: Simelane, Mbalenhle Pearl
  • Date: 2019
  • Subjects: Commercial law - International trade , International trade , Law - International unification , International economic integration
  • Language: English
  • Type: Masters (Thesis)
  • Identifier: http://hdl.handle.net/10210/413892 , uj:34886
  • Description: Abstract: The United Nations Commission on International Trade Law (UNCITRAL) is one of the most prominent legal bodies in international commerce. In 1980, the final draft of the United Nations Convention on Contracts for the International Sale of Goods (CISG or the Convention) was approved by the United Nations (UN) General Assembly and came into operation on 1 January 1988. Generally, the diversity of laws is an impediment to international and regional trade. Traders are discouraged from entering into international sales contracts due to the dissimilarities of legal systems. However, the CISG seeks to unify laws relating to the international sale of goods, whilst codifying the existing rules of international trade. The main objectives of the Southern African Development Community (SADC) are to achieve development and economic growth through regional integration.1 The legal integration and unification of sales law has a significant role to play in regional integration. Hence, SADC would do away with difficulties that affect interregional and intra-regional trade by impeding economic growth by making use of widely accepted trade laws, such as the Convention. International trade promotes both economic development and social upliftment. Moreover, democracy, political stability and human rights must be respected to foster sustainable economic growth and development in Southern Africa. 2 With advantages such as accessibility, flexibility, indorsing party autonomy, simplicity, and uniform interpretation, the paper revisits the call for the unification of laws on the sale of goods in SADC and considers the role and significance of the CISG in the region. , LL.M. (Commercial Law)
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International trade and migration linkages between Africa and its trading partners

  • Authors: Barry, Mody Iliassa
  • Date: 2020
  • Subjects: International trade
  • Language: English
  • Type: Masters (Thesis)
  • Identifier: http://hdl.handle.net/10210/485084 , uj:44080
  • Description: Abstract: This study investigates the relationship between trade and migration between Africa and its trading partners. There are two key hypotheses to be tested (i) the extent to which migration induces trade between Africa and its trading partners, (ii) whether migration impacts more on exports than on imports. This study builds on existing empirical studies on the immigration-trade nexus by estimating an amended gravity model, accounting for Multilateral Trade Resistance terms, distance, contiguity, common language, trading partners’ access to the ocean (landlocked exporters and importers), and addresses the issue of zero trade flows and heteroscedasticity by using the Poisson Pseudo-Maximum Likelihood. Panel data on migrant stock and trade flows is employed to investigate the extent to which migration impacts trade on a set of 52 African countries and 116 trading partners. Employing the Poisson Pseudo-Maximum Likelihood to estimate the Gravity Model on trade, the empirical results prove that migration (sending and receiving migrants) has a positive impact on all our trade components (import, export, and total trade). A 1% increase in sending migrants (Immigrant_ij) increases imports, exports, and total trade by 0.103 %, 0.14%, and 0.114% respectively. At the same time, a 1% increase in receiving migrants (Immigrant_ji) induces imports, exports, and total trade by 0.067%, 0.09%, and 0.084% respectively. As in many other studies, the findings of this study clearly demonstrate that migration between Africa and its trading partners enhances trade with a greater impact on exports than on both imports and total trade. , M.Com. (Development Economics)
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The impact of trade openness on economic growth in Burkina Faso

  • Authors: Sawadogo, Ouendemalguede
  • Date: 2021
  • Subjects: Economic development - Burkina Faso , International trade
  • Language: English
  • Type: Masters (Thesis)
  • Identifier: http://hdl.handle.net/10210/485463 , uj:44127
  • Description: Abstract: This study uses Nonlinear Autoregressive Distributed Lag (NARDL) cointegration model to investigate the relationship between trade openness and economic growth in Burkina Faso over the period 1965 to 2017. This study highlights the asymmetric effects of trade openness on economic growth. Both theory and empirical investigations on the link between trade openness and economic growth show conflicting results. Theoretical work has not found consensus on the impact of trade openness on economic growth. From the empirical literature, the results of each study strongly depend on the method of investigation, the assumptions made as well as the country under investigation. The empirical results from this study show that there are differences in the short term and long-term effects of trade openness on economic growth. While an increase in trade openness enhances economic growth in the long run in Burkina Faso, in the short run, the increase in trade openness hinders economic growth. This study recommended that policymakers in Burkina Faso should undertake measures to reduce tariff and non-tariff barriers that constitute obstacles to the development of foreign trade. Moreover, the State should continue to modernise and simplify customs procedures and revitalise programmes promoting foreign trade. Efforts should be deployed to increase the development of the financial sector to mobilize national savings to support investment opportunities in the country. Finally, authorities and policymakers should direct FDI towards the manufacturing sector as the manufacturing sector offers huge opportunities for economic growth through technology upgrading and scale economies. , M.Phil. (Industrial Policy)
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