Trade

Depuis 2010, environ, on sait que la Méditerranée orientale est une nouvelle province gazière. Des ressources gazières ont en effet été découvertes au large de quatre pays ou territoires, l’Égypte, Israël, Chypre et Gaza. Deux d’entre eux sont devenus producteurs et exportateurs de gaz naturel, l’Égypte et Israël. Au large de Gaza, le champ gazier de Gaza Marine n’a jamais été développé et il est très peu probable qu’il le soit prochainement en raison des très fortes tensions entre ...

Since around 2010, it has been known that the Eastern Mediterranean is a new gas province. Gas resources have indeed been discovered offshore four countries or territories: Egypt, Israel, Cyprus and Gaza. Two of them have become producers and exporters of natural gas, Egypt and Israel. Off the coast of Gaza, the Gaza Marine gas field has never been developed, and it is highly unlikely to be developed anytime soon given the very high tensions between the State of Israel and Hamas. By ...

The African Union Summit of February 2026 instructed the African Continental Free Trade Area (AfCFTA) Council of Ministers to negotiate a Protocol on Industrial Policy and Development. This work, handled without adequate preparation, is likely to reproduce the weaknesses it is meant to remedy. This paper is a conceptual mapping exercise, written to raise the preparatory questions before drafting begins, rather than to prescribe outcomes.It proceeds in five sections:1. It works towar ...

Various competing cross-border payment networks have become vehicles for geopolitical competition. As tensions have risen, many countries want to secure access to cross-border payment systems by joining with like-minded countries to form interoperable networks, either via tokenization or Instant Payment Systems (IPSs). Three major projects are under development, serving the strategic interests of the US, China and the Rest of the World—corresponding to the three trading spheres taki ...

Le déclenchement de la Guerre en Iran et le blocage du détroit d’Ormuz ont eu des conséquences majeures sur un grand nombre de marchés mondiaux de matières premières. Si l’attention médiatique s’est logiquement portée sur le pétrole et le gaz naturel, ainsi que sur l’aluminium, en raison de la forte dépendance de l’offre de ce métal aux prix de l’énergie, le soufre, comme l’hélium, l’éthylène, le propylène ou l’urée, a également été pris dans les rets de ce conflit. Loin d’être une ...

This paper was originally published as a chapter in the ISPI report The Pursuit of Smart Mobility in Urban Nodes: Trends and Innovation for Citizens and Freight. Agglomeration economies have historically supported industrialisation and global integration by concentrating firms, labour and infrastructure in dynamic urban cores. However, these same forces have also generated persistent patterns of territorial polarisation. Drawing on New Economic Geography, this chapter interpret ...

This Paper was originally published on cgdev.org. Escalatory attacks on multilateral rules and institutions in this era of raw power politics have plunged international politics into uncharted territory. Traditional alliances have been fractured and new partnerships between unlikely bedfellows are emerging. No longer in transition, the post-World War II world order is in rupture. This paper examines international cooperation under these conditions and argues that a new "flexi-l ...

Predictions of American decline have become increasingly prevalent. The United States has run persistent trade deficits for decades, but its public debt now exceeds its annual economic output. Meanwhile, and new centers of industrial and technological power continue to emerge across Asia. Yet despite these developments, no country has so far replaced the United States as the main organizing power of the international economy. Conventional explanations explain this in terms of U.S. m ...

Recent crises in the Middle East, particularly attacks targeting commercial vessels in the Red Sea and tensions surrounding the Strait of Hormuz, have highlighted the vulnerability of the main strategic corridors of global trade. Rather than fundamentally disrupting the organization of trade flows, these crises are accelerating an ongoing transformation driven by the search for more resilient connectivity chains, the diversification of trade routes, and the development of logistics ...

Les crises récentes au Moyen-Orient, notamment les attaques ciblant les navires commerciaux en mer Rouge et les tensions autour du détroit d'Ormuz, ont mis en évidence la vulnérabilité des principaux corridors stratégiques du commerce mondial. Plus qu'un bouleversement de l'organisation des échanges, elles accélèrent une transformation déjà engagée, fondée sur la recherche de chaînes de connectivité plus résilientes, la diversification des itinéraires commerciaux et le développement ...

The renewed instability in the Middle East has exposed Africa's continued vulnerability to external energy shocks. Shipping disruptions through the Strait of Hormuz, the maritime chokepoint through which roughly one-fifth of global oil and LNG supplies transit, have once again demonstrated that African fuel security remains highly dependent on geopolitical developments beyond the continent. While many African economies have traditionally relied on refined petroleum imports from Gulf ...

La géographie mondiale des hydrocarbures n'est évidemment pas figée. De nouveaux producteurs de pétrole et/ou de gaz naturel apparaissent suite à des découvertes, le plus souvent réalisées par des compagnies pétrolières internationales. On pense notamment au Mozambique, qui produit et exporte du gaz naturel liquéfié (GNL) depuis la fin 2022, au Sénégal, qui est un producteur de pétrole offshore depuis la mi-2024, et au Sénégal et à la Mauritanie, qui sont devenus conjointement expor ...

This paper addresses the persistent challenge of resource dependence in the world's poorest countries, focusing on the ten poorest African nations where natural- resource rents average 14% of income. It argues that four decades of conventional policy advice, which treated resource dependence primarily as a revenue management problem, have failed to help these countries. While stabilization funds and permanent-income frameworks aim to smooth consumption, they do not answer the fundam ...

This policy paper explores how China’s economic development model—rooted in pragmatism, long-term planning, and civilizational renewal—has become its most compelling soft power asset, particularly in the eyes of the Global South. While critically engaging with Joseph Nye’s original conception of soft power as a primarily cultural and normative force, the paper argues that China’s ability to transform itself from an impoverished postimperial state into the world’s largest trading nat ...

This Opinion was originally published in Project Syndicate and republished by The Edge Malaysia, DT Next, and The Japan Times. Data from a period in which both China and India pursued deliberate industrial policies show that neither country's development route is accessible to other countries. At best, their experience can alert policymakers to structural limitations and coordination problems that will require their own homegrown solutions.RABAT—What is the most reliable develo ...

En un siècle, le cours de l’once d’or est passé de 20 dollars à 5 300 dollars au premier trimestre 2026. Cette étude, consacrée à l’analyse de cette envolée, comporte deux parties.La première privilégie une approche historique. Elle retrace tout d’abord le changement de statut du précieux métal jaune, monétisable jusqu’en 1971 puis démonétisé par la suite. Elle rappelle ensuite que cette évolution, loin d’être linéaire, est ponctuée de phases de forte hausse, de stagnation et d ...

The term “K-shaped recovery” was introduced to describe the economic recovery from the recession triggered by the Covid-19 pandemic. It refers to the uneven and divergent growth pattern between leading industries or sectors (the upper arm of the letter K—mainly the high-technology sector) and laggards, or the rest of the economy (the lower arm—the traditional industries). Since then the term has become popular in portraying divergent growth patterns within and between countries, esp ...

Thanks to the AI investment boom, the U.S. economy has performed well at the macroeconomic level. However, it is on an unsustainable fiscal and debt path. Mr. Trump’s fiscal policy in his second term has aggravated this trajectory. In turn, Mr. Trump’s tariff-based trade policy has failed to address what he sees as U.S. economic problems associated with the trade balance. Besides explaining why this has been the case, and what its implications are for the U.S. economy and the r ...

On “marinetraffic.com”, thousands of triangles fill a map of the world’s ports and oceans, each representing the active location and destination of a ship, reported the “McGill International Review” (April 16, 2026) adding,” suspicious tankers are plentiful among them.” One of these vessels, marked by a red triangle, appears, zoomed, as “Monique”, a twenty-year-old vessel, aka Tokyo, Phuket and Elysia. Its old age and the frequent name change, suspects reporter Julnar Alzuki, “indic ...

This paper provides a structural assessment of India’s services-led development trajectory, and its integration into global value chains (GVCs) between 2012 and 2022. Applying an analytical framework that categorizes services into knowledge (KS), enabling (ES), and local (LS) sectors, the study utilizes sixteen OECD indicators to move beyond the narrative of India as a ‘services champion’ and reveal a more complex economic reality. The analysis identifies three central structur ...

Available soon on livremoi. The 2026 edition of the Annual Report on the African Economy examines the issue of the valorization of Africa’s natural resources, particularly its mineral wealth. While the continent holds some of the world’s largest known reserves of a wide range of minerals and metals, the objective is not merely to catalogue these resources, but rather to explore the conditions under which natural resource endowments can be transformed into drivers of Africa’s in ...

For much of the post-war period, the Global South was framed as an object of history, defined by dependency, constrained by structural asymmetries, and confined to the margins of global decision-making. That narrative, once empirically grounded, is now no longer adequate. A profound yet uneven transformation is underway. The Global South is no longer only reacting; it is increasingly shaping rules, institutions, and narratives.This Policy Brief argues that the Global South is thus t ...

Cet essai analyse la guerre Iran–États-Unis–Israël de 2026 comme un révélateur de la transformation profonde de l’ordre international. À travers le prisme du droit de la mer, du détroit d’Ormuz, des alliances fragmentées, des câbles sous-marins et des flux énergétiques, il montre que le pouvoir mondial se déplace progressivement du contrôle des territoires vers la maîtrise des infrastructures de circulation. Loin de disparaître, la mondialisation entre dans une phase de connectivité ...

Ce Policy Paper a également été publiée en anglais et en espagnol par Le Grand Continent Le Maroc offre un exemple éclairant parmi les pays à revenu intermédiaire, dans un contexte marqué par une fragmentation croissante de l’environnement international, une croissance mondiale atone et un ralentissement de la convergence. Depuis 2022, sa trajectoire se distingue par une certaine robustesse, avec un rythme d’expansion supérieur à celui des autres économies de même catégorie. Dé ...

This Policy Paper has also been published in French and Spanish by Le Grand Continent Morocco offers a compelling example of how a middle-income economy can navigate a more fragmented global environment, characterized by weak growth and slower convergence. Since 2022, economic activity has remained relatively strong, with growth exceeding that of many comparable economies. Non-agricultural growth has averaged 4.4% since 2022, around 1.3 percentage points above its historical av ...

Este Policy Paper también ha sido publicado en inglés y francés por Le Grand Continent La economía marroquí constituye un caso ilustrativo entre las economías de renta media, en un contexto marcado por una creciente fragmentación del entorno internacional, un crecimiento mundial anémico y una desaceleración de la convergencia. Desde 2022, su trayectoria se caracteriza por una relativa solidez, con un crecimiento superior a la media de las economías de la misma categoría. Superi ...

Africa today remains far from food secure. Chronic malnutrition, widespread anemia among women of childbearing age, stunting and wasting among young children, pervasive underemployment in both rural and urban areas, and a youth bulge frustrated by high unemployment are key features of a continent that is seriously off track with respect to the SDG deadline: only 6% of SDGs have been implemented (Mo Ibrahim Forum, 2025).Despite this dismal progress, Africa can still achieve “The Afri ...

L’Afrique atlantique émerge aujourd’hui comme un espace de réflexion stratégique majeur. Longtemps envisagée sous l’angle de sa fragmentation ou de sa marginalité relative dans les grands récits géopolitiques, cette façade maritime tend désormais à être appréhendée comme un ensemble en devenir, structuré par des dynamiques géopolitiques, économiques et sécuritaires de plus en plus intenses. C’est dans cette perspective qu’a été initié le Africa Maritime Symposium (AMS), dont la ...

Global imbalances are back—and this time the risks look different. The 2008 financial crisis showed how persistent current-account deficits and surpluses between major economies can fuel financial instability and trigger sudden, severe reversals of capital flows. After almost two decades, many thought that episode had been resolved. It had not. New imbalances have built up, with a familiar cast: China, Germany, Japan, and oil exporters running large surpluses, and the United States ...

This article draws in part on perspectives shared by members of the Rihla Initiative for Green Economic Growth, whose regional insights helped inform the sections on how the costs of the war are being felt across the Global South. The war on Iran and in the Gulf has made it impossible to treat the Strait of Hormuz as a regional issue. The disruption around the Strait has moved through the world economy in concrete ways, from higher fuel bills and pressure on food and fertilizer ...

This essay argues that the current debate about the future of the international monetary system is not really about Gulf currencies, oil pricing, or de-dollarization in the narrow technical sense. It is about something deeper and more important: whether institutional trust can survive when geopolitical certainty is eroding.The Gulf monarchies—Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman—increasingly exist in a world where the United States no longer looks ...

The global energy system has entered a period of acute structural stress following the strikes by the United States and Israel on Iran in late February 2026, and the subsequent disruption of flows through the Strait of Hormuz. According to the International Energy Agency, the resulting shock marks the most severe disruption to global energy markets since the 1970s oil crises, with systemic characteristics comparable to the combined effects of those crises and the 2022 Russia-Ukraine ...

The energy shock caused by the war between the United States and Israel and Iran has highlighted the need for Africa to refine more of its own crude oil. Africa is a net hydrocarbon exporter, but remains stuck in the old colonial economic model: it mostly exports raw materials and imports refined products. Africa exports about 2.6 billion barrels of crude oil every year, and imports about 1.4 billion barrels of refined products. This is a problem for two reasons. First, Africa ...

Driven by its mission to reflect on and analyze the major geopolitical, economic, and societal transformations shaping the contemporary world, and with a view to contributing to knowledge-sharing and disseminating the main outcomes of its research program, the Policy Center for the New South regularly publishes collective volumes addressing issues of particular importance to Morocco, Africa, and the broader Global/New South. In this spirit, the Center has recently released two volum ...

This Paper was originally published on tandfonline.com This paper examines how reductions in transportation costs reshape regional economic and environmental outcomes in Morocco. We simulate a reduction in delivered (purchasers’) costs via a transport-margin efficiency improvement – implemented as a margin-saving technical change in the transport sector – within a province-level Spatial Computable General Equilibrium (SCGE) framework. Simulating a 1% decline in transport costs, ...

The Organisation for Economic Co-operation and Development estimates that Africa loses as much as USD 60 billion each year in illicit financial flows (IFFs). Undoubtedly, the IFFs strip substantial amounts of resources from African countries, and the immediate impact is a reduction in national expenditure and investment. This translates into inadequate public services, including hospitals, schools, national security, and transport infrastructure. It also contributes t ...

The commercial and geopolitical interdependence between China and Latin America makes any U.S. claim to promote a "decoupling" between them impractical. Digital technologies and critical minerals will be in the crosshairs of the North American National Security Strategy  ...

Climate policy is increasingly reshaping the conditions under which firms participate in international markets. As some jurisdictions introduce carbon border adjustments, lifecycle emissions standards, and supply-chain traceability requirements, market access is starting to be made conditional on verifiable characteristics of production processes, such as carbon intensity, embedded emissions, and input sourcing, rather than solely on product characteristics or prices. This paper exa ...

World trade was more resilient than expected during 2025. Its growth probably resulted from the way the rest of the world reacted to the U.S. tariffs. Other factors also had an impact, including moves by exporters to the U.S. in the first half of 2025 to get ahead of the tariffs, and the boom in global tech capital expenditures driven by investment in artificial intelligence (AI).The trade pattern observed in 2025 and early 2026 could point to a new architecture of world trade. Ther ...

Trade agreements, in earlier eras, were instruments of exchange. In the present one, they have become instruments of order. The EU–Mercosur agreement, after more than two decades of negotiation, reaches a decisive moment—not merely as a framework for tariff reduction, but as a mechanism through which competing visions of economic organization are projected and contested. ...

We are now in the fifth week since the U.S. airstrike that killed top leaders of the Iranian regime, initiating a war involving the United States and Israel against the country. More than a month of mutual bombardments between Iran and Israel has ensued, extending to other Persian Gulf nations, U.S. military installations—and even Cyprus. From a global perspective, the impact has stemmed primarily from disruptions to regional production of goods and the blockade of the Strait of Hor ...

At the Atlantic Dialogues in December 2025, I argued that a period was underway in which trade and security could no longer be analytically or practically separated. Assessments have solidified in recent months regarding the emergence of a geoeconomic world order. Geoeconomics was a gradual transition from a purely geopolitical focus on military force, to an emphasis on economics to gain competitive advantage. It is no longer a transitional phase, but an emerging structural componen ...

The February 20 United States Supreme Court decision against President Donald Trump’s use of the U.S. International Emergency Economic Powers Act (IEEPA) to establish tariffs has led him to resort to other legal instruments. So-called U.S. reciprocal tariffs on countries set out in April 2025 were based on IEEPA, as were tariffs that allegedly punished countries for allowing fentanyl into the U.S. Trump tried to evade the constraints presented by other legal instruments that could f ...

There is a story told by Václav Havel, the Czech dissident writer who later became president after the fall of communism. In his essay The Power of the Powerless, Havel describes a shopkeeper who, every morning, places a sign in his window reading: “Workers of the world, unite!” He does not believe in it. Nor do the people around him. Yet the sign remains. ...

Divergent regulatory regimes for data, driven by different motivations, ranging from privacy protection in the European Union to information control in China, could eventually produce distinctively different, and possibly contradictory, bodies of data. Artificial-intelligence models trained on those datasets could produce differing and possibly even conflicting outputs. To the extent that AI outputs start to shape human perception and to influence decisions, in governments and ...

The U.S.–China technological rivalry has become a central axis of global economic and geopolitical competition. While the United States continues to lead in frontier innovation—most notably in advanced semiconductors and artificial intelligence (AI)—China has consolidated strengths in large-scale implementation, manufacturing capacity, and control over critical segments of global supply chains. These advantages are especially visible in clean energy technologies and in the processin ...

This article examines the quiet but profound implications of the erosion of U.S.-led hegemony for small and vulnerable states of the New South. While the post-1945 international order was never egalitarian, it offered predictability: power was organized through law, and sovereignty for weaker states rested less on justice than on procedural stability. Davos 2026 marked a turning point in the public acknowledgment of that system’s unraveling. Statements by leading Western figures rev ...

From the use of tariffs as a foreign policy instrument, to the weaponization of critical resources, and from targeted sanctions to attacks on critical infrastructure, economic security is at the forefront of international debates. The aggressive use of economic instruments for strategic purposes has become an explicit feature of international affairs, in a way not seen since the interwar period[1]. Beyond the weaponization of resources of all kinds, an increasing ‘monetization’ is u ...

This paper revisits Big Push industrialization theory in the context of open economies deeply integrated into global value chains (GVCs). While classical Big Push models emphasize demand complementarities and coordination failures in largely closed economies, many middle-income countries now industrialize through foreign-owned, import-intensive production networks. We develop an extended Big Push framework that incorporates GVC integration and import leakage, and show how these feat ...

This policy brief was originally published on : euromesco.net This paper examines the nexus between governance structures, digital transformation, sustainability, and port service efficiency through an international comparative lens, with a specific focus on the Tanger Med–Algeciras corridor in the strait of Gibraltar. Using global best practices—from Singapore to Busan and Kaohsiung—it explores how public-private coordination, digital innovation, and green transition policies ...

The U.S. military buildup in the Caribbean—the most significant since the Cuban Missile Crisis—comes at a moment when a new world order is taking shape, its contours still unclear, and in which the U.S. seeks to be more assertive in the Western Hemisphere. This disposition toward South America and the Caribbean was underscored by the recent publication of the new U.S. National Security Strategy, in which the Monroe Doctrine is explicitly invoked. This Policy Brief situates the devel ...

 Global GDP growth has proven resilient in 2025, despite the shocks caused by the trade policies implemented by United States President Donald Trump in the first year after his return to office. The gloomy projections offered by multilateral and private institutions in the first quarter of 2025 have given way to revised levels mostly in the 2.5% to 3% range for the year. ...

La modélisation classique de la croissance repose sur des outils – notamment la fonction de production agrégée et la comptabilité de la croissance – dont les incohérences logiques et les ambiguïtés épistémologiques sont connues depuis la Controverse de Cambridge et les travaux d’Anwar Shaikh. Pourtant, ces failles continuent d’alimenter des raisonnements fallacieux dans le débat économique et les discours institutionnels. Cet article montre que la nature tautologique de ces outils n ...

The meeting between Donald Trump and Xi Jinping in Busan, South Korea, was more than an exercise in diplomacy. It was an emblematic performance of a world in transformation. Behind the formalities, the cameras, and the studied smiles lay an unspoken recognition: the world is no longer unipolar. The era of American supremacy, sustained for decades through its economic reach, military presence, and ideological projection, is giving way to a more diffuse, multipolar reality. ...

Morocco has emerged as one of Africa's success stories, achieving significant progress in economic transformation and the green transition over the past 25 years. Continuing and deepening this transformation is essential to reach the country’s goal of becoming a high-income economy in the coming decades. Significant challenges include managing the risk of the middle-income trap, addressing demographic pressures, promoting inclusive growth, ensuring environmental sustainability, and ...

This blog was originaly published on orfonline.org. The maritime cities of the 21st century are not merely legacies of the industrial age. Rather, they are becoming platforms of global connectivity and engines of economic transformation. As global trade shifts toward digital platforms and multimodal logistics, the traditional harbour is transforming into a 'Blue City' - a modern coastal centre where trade finance, service industries, and skilled workers are considered as k ...

Conventional wisdom holds that the United States has undergone massive deindustrialization in recent decades, with the country's manufacturing sector supposedly withering as it lost ground to China. This narrative has fueled debates about industrial policy, economic nationalism, and the reshoring of manufacturing production. But what if this story is only partially true? What if, instead of disappearing, American industry simply changed its address?  ...

Global economic growth has been more resilient than expected, as the artificial intelligence-led growth seems to be compensating for the negative impacts of trade conflicts. Overstretched asset values and slowing jobs growth may be signaling that the balanced crossing of those two paths will be challenged. ...

Estimates based on last year’s U.S. imports, by Maia G. Crook (from JPMorgan) indicate that the average effective U.S. tariff rate is currently 16%, and is expected to rise to 20% by the end of 2025. This represents an increase from 13% mid-year and 2.3% in 2024 (Figure 1). Effective tariff rates are a measure of the degree of protection a tariff structure offers to the value added provided by each sector to a country’s final product, taking into account both the tax on final g ...

History offers ample instances in which the veneer of fairness in international relations has worn away, revealing with unsentimental clarity the crude mechanics of power. The contemporary global trade architecture, promoted for decades by the United States as a virtuous system of open markets, a rules-based order, and reciprocal gains, is merely the latest in a long lineage of such illusions. ...

The multilateral, rule-based trading system underpinned by the World Trade Organization (WTO) has been undermined by the unilateral imposition of U.S. tariffs. Crucially, the foundational principle of non-discrimination among WTO members has been abandoned. While many countries have attempted to negotiate with the U.S. to resolve tariff disputes, they have simultaneously sought to deepen trade ties with each other through plurilateral and regi ...

This Paper was originally published on springer.comBrazil went from a quite impressive economic performance during much of the twentieth century to a period of mediocre growth from 1980 onwards. This shift has positioned the country as a textbook case of the “middle-income trap”. This paper aims to demonstrate how certain transformations in the international economy since the 1980s—notably the globalization of firms and industries—combined with a set of domestic challenges, disrupte ...

An Executive Order issued on July 30 by President Donald Trump hiked United States tariffs on imports from Brazil by 40%, in addition to the 10% established on April 2—the so-called ‘Liberation Day’ when Trump set out ‘reciprocal tariffs’ on countries around the world.The decree came with a long list of exemptions for Brazilian exports. For a number of product lines, the 10% April 2 tariff will continue to apply. These include air transport equipment, orange juice, furniture, fuel, ...

This paper was originally published on The South African Institute of International Affairs (SAIIA) In the face of Africa’s development challenges and the mismatch between long-term needs and short-term pressures, ring-fencing development expenditures offers a viable solution to secure sustainable financing for growth. ...

This Paper was originally published on ilo.org A guide by the Mainstreaming Employment into Trade and Investment in the Southern Mediterranean (METI) Programme to advise policymakers on how to develop and implement trade, investment and employment.The PRG is a strategic framework designed to align trade and investment policies with employment goals in the Southern Mediterranean. The guide promotes practical solutions and supports policies that foster economic growth, empow ...

Available soon on livremoi. The 2025 edition of the African Economic Report continues in the spirit of previous versions. It presents a broad overview of the continent’s economic evolution and offers insights into Africa’s relationship with the rest of the world. In other words, it explores how Africa navigates the effects of global fragmentation within its regional spaces while pursuing its ambition of continental integration. ...

Developing countries have few options to deal with the ongoing tariff war amid unpredictable shifts in global supply chains. However, regional economic integration offers a strategic path of development in these uncertain and challenging times. Helped by geographical proximity and cultural familiarity, countries in a region can benefit greatly from promoting trade with one another, reaping the benefits of comparative advantages and economies of scale—if they are able to establish a ...

President Donald Trump's "Reciprocal Tariff" policy, announced on April 2, 2025 (dubbed "Liberation Day"), represents one of the most significant shifts in U.S. trade policy in nearly a century. Trump’s policy imposes a baseline 10% tariff on all imports and additional country-specific tariffs that range from 10% to 50% for countries designated as having "non-reciprocal trading practices" with the U.S. These specific tariffs are determined based on each country’s bilateral trade bal ...

Last week marked my twenty-third consecutive week attending the World Bank and IMF Spring Meetings in Washington, DC. While I no longer participate in the official sessions, I continue to be invited to the many side conventions and debates that surround them.A key moment is always the release of the IMF's World Economic Outlook report. This year, it drew particular attention due to curiosity about how the institution would project the impacts of the tariff war initiated by Trump’s s ...

The United States is at a critical juncture, facing a pivotal dilemma: preserving global leadership in a world it no longer fully controls. While it proclaims its primacy in the liberal international order, its actions tell a different story—one marked by tariffs, reshoring policies, and an open attempt to contain China’s rise. This strategy is driven less by long-term vision than domestic political calculus, underscoring the urgent need for strategic recalibration. ...

  Marcus Vinicius De Freitas Professor, China Foreign Affairs University Senior Fellow, Policy Center for the New South The Chinese government’s white paper, ‘China’s Position on Some Issues Concerning China-US Economic and Trade Relations,[1]’ issued on April 9, 2025, in response to the escalating tariffs imposed by President Donald Trump, is not just a diplomatic response to the escalating tensions with the United States. It is a meticulously crafted strategic document th ...

When President Donald Trump gave his State of the Union address to a joint session of the United States Congress on March 4, 2025, many of his announced tariffs went into effect. These included a 25% levy on most goods imports from Canada (10% on oil and gas) and Mexico (though Trump subsequently exempted Canadian and Mexican imports that satisfy USMCA rules of origin requirements); and 20% (doubling the 10% implemented in February) on all imports from China. A 25% tariff has been i ...

This Chapter was originally published on springer.comSo, this session really is about what's happened to global trade in the last couple of decades, of course, really since the global financial crisis, trade dependency has levelled off, peaking at around 60% in 2008, 2009.  ...

The road to decarbonizing the planet runs through the energy transition, which includes the shift from fossil-fueled cars to renewable energy vehicles. This automotive transition is unfolding as a true revolution in the industry. The evolution toward electric and hybrid vehicles has come in tandem with the ascent of Chinese producers. In the current context of geopolitical and technological rivalries, the automotive transition has been marked by an intense trade war, with implicati ...

This paper examines the implications of the U.S.-China trade war for developing countries, particularly in light of the 2024 U.S. presidential election. The study traces the origins and escalation of the trade conflict, analyzing its multiple impacts on global trade patterns and economic growth. While some developing countries have benefited from trade diversion and supply-chain shifts, others, especially resource-exporting nations and the least-developed countries, have faced signi ...

  This paper was originally published on t20brasil.org The resurgence of Neo protectionism as a reality is creating a pressing need to establish New Industrial Policies (NIPs) capable of striking a balance between Global Value Chains (GVC) managers' quest for efficiency and policy makers' need for more increasing resilience or national security in a turmoiled geopolitical landscape. Furthermore, although NIPs might pursue legitimate non-economic objectives, they are often cap ...

The 2024 Annual Report on the African Economy is dedicated to monetary and financial issues on the Continent. There are three reasons for this choice. African economies are exposed to macro-financial instabilities partly generated by global monetary and financial turbulence. The Continent’s currencies and financial systems are engaged in very different dynamics, where routine methods and daring, if not risky, practices coexist. The question of the architecture of the internationa ...

Carbon trading have long been touted as a silver bullet to channelise climate finance to African countries lacking the capital to support climate mitigation and adaptation efforts. The erstwhile ‘Kyoto Protocol’ and its successor ‘The Paris Agreement’, though much more comprehensive and wider in scope, both recognize the importance of carbon trading (a form of carbon pricing) in combatting climate change, and in the Paris Agreement the same is enshrined under Article 6 and its sub-c ...

President Biden's announcement of new tariffs on China, though not economically significant on its own, symbolizes the deepening decoupling of the U.S. and Chinese economies. These tariffs, supported by both major political parties, represent the latest step in a broader strategy that favors policy interventions over traditional free-market principles and aims to protect domestic workers, maintain technological leadership, and prioritize economic security. This policy brief discusse ...

As the African Continental Free Trade Area (AfCFTA) enters its fifth year, the rules of origin for trade in goods are still being finalised, but the institutional architecture is nearly complete with increased capacity, technical committees and new supporting instruments. Despite this progress in AfCFTA ‘policy supply’, meaningful trade under the AfCFTA is still to begin. For this to happen, there must be ‘policy demand’ from the private sector to use the agreement’s range of protoc ...

The issue of environmental degradation represents a significant global challenge. It manifests in various forms, including physical alterations such as air pollution, ozone depletion, climate change, marine pollution and biodiversity loss. These changes are proven to be linked to human activities, such as energy production and consumption, tourism and agriculture. Additionally, factors like population growth and health and safety concerns contribute to environmental decline. Is Gro ...

The writing of this Report started in november 2023 and benefited during six months from the quality of discussions in the Policy center. Paul Isbel, Professor at UM6P, was a relentless proofreader who generously brought his outstanding competence in economy and political economy. Stephen Gardner went beyond his role as linguistic proofreader and showed an admirable understanding of the substance at stake. Under the direct supervision of Professor Abdelaziz Aitali, the Economic Depa ...

Interview with Sara Mokaddem, Manager of the Monitoring and Strategic Analysis Unit at the Policy Center for the New South, conducted by our columnist Helmut Sorge.   Oil tankers, mega cruise ships, and giant container vessels that once moved through secure waterways—the lifelines of global trade—are now menaced by missile and drone attacks, carried out by Houthi forces in Yemen. Meanwhile, pirates are active off the shores of Somalia, and Singapore or Hong Kong flagged vesse ...

Greater female participation in the labor market and in international trade have been recognized as important drivers for economic growth and essential targets in the context of the United Nations Sustainable Development Goals (SDGs). However, achieving both targets simultaneously will be difficult, if not impossible, in most Middle East and North African (MENA) countries without additional policies to eliminate the remarkably high levels of gender inequality in the labor market. I ...

En octobre 2023, la Chine a organisé le 3ème forum de l'Initiative « Ceinture et Route ». Le choix de la date n’était pas anodin, étant donné qu’elle coïncidait avec la célébration du 10ème anniversaire de l'Initiative. Une initiative aux multiples composantes L’Initiative « Ceinture et Route », également connue sous l’acronyme BRI (Belt and Road Initiative), a été initialement conçue pour permettre à la Chine de renforcer ses liens commerciaux avec les Etats ...

La pandémie de la Covid-19 était venue contribuer au ralentissement de la cadence des investissements chinois dans le cadre de l’Initiative Ceinture et Route « Belt and Road Initiative (BRI) ». Entamée dès 2016, cette tendance à la baisse a été accentuée par les tensions géopolitiques et les problèmes internes qui ont affecté l'économie chinoise. Nonobstant ces contre-temps, la Chine a atteint l’un de ses plus grands objectifs : étendre son influence à travers le monde. À l’occasion ...

The debate on global value chains (GVCs) has emphasized countries’ contributions to value-added creation. From an intercountry perspective, a new body of research is addingto this debate by studying how subnational regions contribute to the indicators in specific countries. Proper assessment of economic contributions is essential for designing incentive policies. This paper analyzes the role played by the main trading partners of Moroccan regi ...

This paper was originally published on The South African Institute of International Affairs (SAIIA)Industrialisation is crucial for Africa to improve its standard of living, create productive jobs for its young work force and diversify its exports. ...

Multiple shocks faced by the global economy over the past three years have apparently shaken the conventional wisdom on gains from economic integration, and have sparked widespread calls for protectionist and nationalist policies. Is there already evidence of some ‘deglobalization’, or do the factors that underlie globalization remain strong enough despite the shocks? So far, there are no signs of an overall reversal in the long-term trend of greater global trade integration. Howev ...

The global economic environment has changed as the U.S.—and to a less confrontational degree, the European Union—have clearly established a context of technological rivalry with China. Hindering China’s progress in the sophistication of semiconductor production has become a centerpiece of current U.S. foreign policy. While the U.S. is clearly winning the semiconductor war, the picture is different when it comes to clean-energy technology. Both technology wars overlap with access to ...

Cette édition du Rapport économique de l’Afrique est construite autour d’une thématique d’une grande actualité : les conséquences des incertitudes et des risques aussi bien sanitaires que climatiques et sécuritaires sur les économies du continent. L’exercice est d’autant plus légitime que la recomposition de l’ordre mondial questionne la place du continent à l’échelle planétaire, sur les plans économique, social et environnemental. L’économie mondiale est confrontée à des défis glo ...

If we want to understand the implications for growth—particularly the costs—of moving towards a fractured trading system, we can use as a benchmark what happened during the period of what is usually called hyper-globalization or globalization 2.0. Here, I'll try to highlight the relevant aspects, to use them as a benchmark to shine a light on the costs of increasing fragmentation of the trading system. So, what was hyper-globalization or, as Professor Richard Baldwin from the Genev ...

À  l’approche du Sommet africain du climat (Africa Climate Summit), qui se tiendra à Nairobi du 4 au 6 septembre 2023, de très nombreuses organisations non gouvernementales (ONG) ont écrit au président du Kenya, William Ruto, pour lui faire part de leurs inquiétudes concernant l’ordre du jour de ce sommet. Selon ces ONG, les intérêts des entreprises et des pays occidentaux pourraient prendre le pas sur ceux de l’Afrique. Les vraies priorités sont notamment d’éliminer progressiv ...

Kim Ju-ae, supposed daughter of North Korean dictator Kim Jong-un, was introduced by her father for the first time to the world and 26.1 million citizens of the Democratic People’s Republic of Korea (DPRK) on November 19, 2022. Her first public appearance was unusual: at the launch of an intercontinental ballistic missile (ICBM) costing up to $10 million (Los Angeles Times, November 4, 2022). Unlike a DPRK spy satellite launched on May 30, 2023, which broke up in midair before reach ...

At the August 22-24 BRICS summit in Johannesburg, the leaders of Brazil, Russia, India, China and South Africa said they wanted to use more of their national currencies for cross-border payments, which are currently dominated by the U.S. dollar and other global convertible currencies. Like China and the other BRICS, several other countries have also sought to develop alternative external payment mechanisms. Pairs of countries have agreed to settle commercial and financial transactio ...

Industrial history was written on Monday, May 15, 2023. Mohammed VI, the king of Morocco, celebrated in the Royal Palace a car from Neo Motors, the first ‘Made in Morocco’ car brand, helping drive the nation towards economic prosperity and social stability. Neo Motors vehicles, financed and built by Moroccan entrepreneurs, will soon compete globally with German, Italian, Japanese and Korean cars. The ‘Neon’ (offered for an estimated 170,000 dirhams, or $15,000) will be assembled and ...

The COVID-19 pandemic and the war in Ukraine have reignited the debate on efficiency versus resilience in international trade and global value chains (GVCs). This policy brief[a] (i) explains the contrasting perspectives of the private sector (primarily seeking efficiency) and the public sector (aiming for resilience); (ii) demonstrates that GVCs are still flourishing, despite some mounting signals of a geo-fragmentation leading to greater reallocation of the GVCs; and (iii) provide ...

This policy brief was originally published on T20 India website   A decade of poor growth, increased poverty, and political instability followed the serious debt difficulties that emerged worldwide in the 1980s. There are concerns that the looming debt crisis could create similar challenges and result in even more severe consequences. However, the current economic climate differs in many ways from that of the 1980s, when international banks and Paris Club credi ...

Morocco has made important strides in reducing poverty in the last three decades, thanks in large part to trade and industrial policies aimed at durably inserting the country into world flows of goods, services, and cross-border investment. Since 1992, per capita incomes have tripled (in current US$), contributing to a threefold drop in the Kingdom’s poverty headcount. The country of 37 million features consistently as one of the better-performing and more stable economies in the No ...

The broad thrust of Morocco’s trade and industrial policies over the last thirty years has been to anchor Morocco into world flows of goods, services, and cross-border investment. Despite the challenges posed by the COVID-19 pandemic, rising international prices, and a complex geopolitical environment, Moroccans continue to derive significant benefits from their economy’s openness. These include improved consumer choice and welfare, the growing insertion of Moroccan firms into cross ...

Nallely Garza is a 2022 alumna of Atlantic Dialogues Emerging Leaders program. Learn more about her here. On March 1, Elon Musk, CEO of Tesla, confirmed during Tesla’s Investors Day the construction of its next Gigafactory in Monterrey, Mexico, which will represent an investment of 5 billion dollars and the creation of around 6,000 new jobs. The question is, “Why Mexico”? What are the factors that made Mexico win this investment against other countries? Mexico’s automo ...

This policy paper examines India’s growing engagement in North Africa, focusing on five countries: Morocco, Algeria, Tunisia, Libya, and Egypt. Despite lacking a distinct regional policy for North Africa, India has amplified its bilateral engagement with these countries, underpinned by a steadfast commitment to the principle of South-South cooperation. Through its strategic moves in North Africa, India has established a powerful southern-west axis for its foreign policy that stretch ...

Faced with the rise of cryptocurrencies, central banks are responding by launching their digital currencies. The purpose of this Policy Brief is to provide an update on the preparation of central bank digital currencies (CBDs) by monetary authorities, a process that concerns all emerging, developing, and more advanced countries. It is also about analyzing the conditions and some of the consequences (for banks, for financial inclusion, for the conduct of monetary policy...) of such a ...

In 2010, when I was one of the vice presidents at the World Bank, colleagues I and published a very upbeat book  about the possibility of emerging and developing economies replacing advanced countries as engines of global economic growth. While the latter would be grappling with the aftermath of the global financial crisis, the former, already growing at a faster pace in the previous decade and accounting for more than half of the annual increases in global GDP, had largely sho ...

Face à l’essor des cryptomonnaies, les banques centrales sont en train de réagir en lançant leurs propres monnaies numériques. L’objet de ce Policy Brief est de faire le point sur la préparation des monnaies numériques de banques centrales (MNBC) par les autorités monétaires, un processus qui concerne tous les pays, émergents, en développement, et plus avancés. Il s’agit aussi d’analyser les conditions et certaines des conséquences (pour les banques, pour l’inclusion fin ...

Background The African Union in 2018 agreed to implement the world’s second-largest free-trade area measured by number of countries, people, and geographical size, with the signing of the African Continental Free Trade Agreement (AfCFTA). This agreement will ultimately lead to a continent-wide free trade area consisting of 54 countries with 1.3 billion people and a combined GDP of $3.4 trillion[1]. This equates to about 19%-20% of the GDP of the European Union and China, which ...

There is a long tradition in transportation planning research in quantifying remoteness in the context of accessibility indicators. Considering an existing system’s network structure and its components’ performance, it is possible to assess the socio-economic impacts of changes in the physical characteristics of specific links that affect critical locations. Nonetheless, the connection between changes in accessibility and their socio-economic consequences frequently relies on using ...

If the recent peaceful transfer of power in Madagascar heralds a new trend, then the Malagasy people can dream big. For decades, the exercise of economic-cum-political power in the hands of a tiny elite has held the entire nation hostage. Today, the high poverty rate—around 80% (2021) stands in stark contrast to the natural resource abundance of this huge enormous island. There is hope, however, that with political stability, the Plan d’Émergence Madagascar (PEM) President Andry R ...

La succession des chocs pandémique, climatique et géopolitique a éprouvé les économies africaines. Les liens commerciaux et financiers avec le monde ne sont plus seulement considérés comme des moteurs de performance, mais aussi comme des sources potentielles de vulnérabilité. La défiance à l’égard de la mondialisation s’est accrue. Parce qu’elle est venue souligner la dépendance du continent, le dérèglement de ses rapports à la nature et sa vulnérabilité face aux tensions géopolitiq ...

Le Maroc a entamé la libéralisation de son commerce extérieur dès le début des années 80 du XXième siècle. Les négociations commerciales des Accords de libre-échange et les engagements contractés auprès de l’Organisation mondiale du commerce (OMC) ont constitué des moments forts dans le processus d’introduction de réformes plus substantielles au régime du commerce extérieur (engagements sur des horizons de démantèlement, établissement des listes, réforme des barr ...

Le 1er janvier 2021, les pays africains ont lancé la Zone de libre-échange continentale africaine (ZLECAf). Les caractéristiques actuelles des économies africaines mettent, en effet, en évidence un potentiel d'échanges plus intenses, complexes et diversifiés entre les pays du continent. Elles révèlent en même temps de nombreux handicaps tels que le faible niveau d'industrialisation ou de création de valeur régionale. Plusieurs études d'impact ont été menées sur les e ...

Rwanda is famous for its remarkable socio-economic performance after the ravages of the Genocide against the Tutsis and moderate Hutus in 1994. Under the leadership of President Paul Kagame, Rwanda has followed a state-led development model with stunning results. Despite these substantial accomplishments, Rwanda is still a low-income country with extensive poverty. Its agriculture is still of low productivity and highly vulnerable to climate change. Structural transformation has we ...

Disruptions to global value chains (GVCs) – caused by conflicts, natural disasters, and accidents that close transport routes – and that affect specific regions or sectors, are not unusual. However, in recent years and amid the Covid-19 pandemic, they have become more frequent and severe. High profile, sizeable, and repeated disruptions raise pressing questions: Is the breakdown in many GVCs a temporary glitch, or a permanent phenomenon? Have GVCs become endemically more accident pr ...

L’invasion russe de l'Ukraine a incité l'Union Européenne, en coordination avec d’autres puissances mondiales, à monter en urgence une réponse coordonnée de sanctions sans précédent. La plus emblématique d'entre elles est l'embargo partiel contre le pétrole et autres produits raffinés russes, qui signifie en essence la transition du commerce pétrolier d’une logique économique vers une logique géopolitique. D'où la montée en flèche des cours du pétrole et d'autres matières premières. ...

Avant la pandémie Covid-19, le continent abritait les économies à la croissance la plus rapide du monde et plusieurs pays africains montraient les premiers signes de transformation structurelle et de progrès vers l’émergence économique. Plus de deux ans après la pandémie et les ondes de choc qui en ont résulté, deux questions cruciales se posent : dans quelle mesure le choc sanitaire Covid-19, exacerbé par la crise ukrainienne, a-t-il constitué un tournant dans le processus général ...

Sleepless nights and the tireless search for compromise allowed WTO members to agree on concrete deliverables during the WTO 12th Ministerial Conference held last June. Those results reinforce Multilateralism. And this is a significant gain given the multiplicity of global crises that surround us. The Outcome include 6 Agreements, Declarations and Ministerial Decisions that respond to some of today's challenges, notably on Fisheries and Ocean Sustainability as well as responses to P ...

IMF Managing Director Kristalina Georgieva’s message to the Davos meeting last week referred to the upside risks of “geoeconomic fragmentation”  due to the war in Ukraine. Considering the ongoing rivalry between the United States and China and the alliance between the latter and Russia, the narratives about a West-East division in the global economy have become louder with an end and reversal of globalization. After the 2008 global financial crisis, the belief that globalizati ...

The world food price index collected for the last 60 years by the United Nations Food and Agriculture Organization (FAO) hit its highest record in March, declining gently in April. Pandemic, war and death in Ukraine, and droughts in the last 2 years… Such a combination looks apocalyptical. Now it is adding global hunger risks, because of the food price crisis. The rise in global food prices started in mid-2020 because supply chain disruptions triggered food stockpiling. Mobility r ...

In addition to the deaths and destruction in Ukraine, the Russian invasion has caused several significant shocks to the global economy. In addition to the geopolitical consequences of the war, reinforcing the downward trend in trade globalization and financial integration, new rounds of disruptions to supply chains and higher commodity prices have already led to downward revisions in economic growth projections, accompanied by higher inflation. The commodity price shock, intensify ...

Last March, a proposal of dollarizing Argentina’s economy arrived at its Congress. We summarize here the potential consequences of such a route in case the bill succeeds in getting approval. First, we point out the broad implications of dollarizing an economy. Then, we set out some cases of Latin American experiences with dollarization. Finally, we address the case of Argentina. The main potential benefit of dollarization would be elimination of domestic inflation, but at a very hi ...

Global value chains (GVCs) are intended to fragment global production among several countries and companies. In this context, national economies have begun processes of insertion and specialization with both social and green objectives, because multinationals (MNEs) create significant negative externalities. Morocco has chosen to develop an integrated economy in global businesses. This country relies on a long-term political vision and some modern infrastructures. The government pro ...

The pros and the cons of regional market integration are well exemplified by the experience of Uruguay, a small, open economy in MERCOSUR, which is a highly protectionist trade bloc, dominated by Argentina and Brazil. With access to such large markets, Uruguay did raise its growth rate during the first decade of MERCOSUR, the 1990s. However, market integration as implemented in MERCOSUR was also problematic in that Uruguay suffered from the high protectionism of Argentina in the for ...

The contrast between Argentina’s rich natural resource endowment and its poor economic performance has been the focus of much socio-political and economic analysis. When it created MERCOSUR with its immediate neighbors, Brazil, Uruguay, and Paraguay in 1991, it had access to a trading bloc with a combined GDP of US$ 419 trillion (2019), making it the 5th largest economy in the world. Joining the MERCOSUR was a break from its protectionist past. But it did not last. Argentina greatl ...

The COVID-19 pandemic has had a huge impact on the global economy and has challenged the best minds to rethink how to design and implement an effective recovery. Countries in the wider Atlantic region have exhibited differential trajectories in traversing the pandemic. A number of countries in Europe succeeded in vaccinating most of their eligible populations, enabling life to return somewhat to normal. A smaller group of countries in Europe could manage infection rates even more ti ...

La guerre russo-ukrainienne aura des répercussions économiques et politiques dans les années à venir. Dans cette note, nous nous intéressons aux implications économiques de la guerre sur l’économie africaine à court et à long terme. Le conflit survient alors que l’Afrique s’efforce de mettre son économie sur la voie de la reprise, dans un contexte de pressions inflationnistes mondiales et de volatilité des marchés financiers et des matières premières. Alors que les exportateurs d’én ...

The Russian-Ukrainian war will have major economic and political repercussions. In this note, we focus on the war’s economic short and long term implications on the African economy. This conflict comes at very arduous context, where Africa is still struggling to set its economy on the recovery path, amid global inflationary pressures and highly uncertain context. While natural resources countries, especially energy exporters, are sensing opportunities from the crisis, other countrie ...

Le Sommet Union européenne (UE) - Union africaine (UA), qui s’est tenu à Bruxelles les 17 et 18 février 2022, entend marquer un tournant dans les relations entre les deux continents. L’agenda européen pour l’année 2022 met au centre de ses priorités les relations Europe - Afrique. Celles-ci sont aussi l'un des principaux axes défendus par la Présidence française du Conseil de l’Union européenne (PFUE) et le Président français Emmanuel Macron dans de son discours inaugur ...

Using education and elite configurations as the main variables of analysis, this Policy Paper aims to show how higher levels of popular sector incorporation during elite conflicts, namely in the process of formulating and implementing policies related to education reforms, can negatively affect the economic complexity of developing countries. To do so, it analyzes the experiences of Mauritius and Singapore and links foundational political economy theories, particularly developmental ...

The year began with simultaneous signs of a slowdown in global economic growth and a reorientation toward tightening of monetary policies in advanced economies. In its latest Global Economic Prospects released on January 11, the World Bank forecasts that, after a global growth surprisingly at 5.5% last year, it should moderate to somewhere around 4.1% and 3.2%. % in, respectively, 2022 and 2023. In addition to the effects of omicron at the start of the year, less fiscal support and ...

Feeble eyesight may hinder you from finding Puntland on a map, the unrecognized Federal member state in Somalia, Khaatumo State, Jubaland, or Somaliland, concerning the planet’s size just large enough to be covered by the shadow of a palm tree. Arab entities surrounded by sun and sand and the Gulf of Aden, Somaliland is surviving as a self-declared nation, located on the southern coast of the Gulf of Aden bordered by Djibouti to the northwest, Ethiopia to the south and west, Somalia ...

Après une longue période de prix atones, le café a vu ses cours se raffermir au cours de l’année 2020 et du premier trimestre 2021, avant de flamber durant l’été et l’automne. Il renouait alors avec des plus hauts niveaux depuis 2011, date de la fin du dernier « super-cycle des matières premières (2002-2011). Tandis que la demande progresse structurellement, l’offre s’est repliée, pénalisée par une conjonction de facteurs climatiques, géopolitiques et, bien évidemment, sanitaires en ...

We provide evidence on the direct and indirect effects of trade and infrastructure on women’s participation in the labor force. We use panel data from 91 developing and emerging economies, and examine the impacts of openness to international trade and three indicators of infrastructure (access to electricity, mobile phone subscriptions and internet use) on female labor force participation. Fixed-effects and instrumental variable fixed-effects estimates suggest that both trade and ac ...

Pourquoi ce thème ? Pourquoi, alors que nous traversons une pandémie sans précédent, l'auteur a-t-il décidé de comprendre les liens entre la Chine, l'espace arabo-africain et les nouvelles routes de la soie ? À cause du Covid-19, le monde se trouve à un tournant historique et stratégique du processus de mondialisation. Selon ses observations (comme homme politique), cette pandémie est bien plus qu'une crise sanitaire, c'est une crise globale qui a des impacts sociaux, économiques, ...

The African Continental Free Trade Area (AfCFTA) gives Mauritius the golden opportunity to access Africa’s vast market of 1.3 billion people, with an estimated GDP of $3.4 trillion. This opportunity could not have come at a better time, as Mauritius suffered a heavy blow from the COVID-19 pandemic in 2020. It also lost its preferential trade agreements on sugar and textiles in the 2000s, and has struggled with diminished export and productivity growth. To turn this opportunity into ...

South Africa’s economy is in crisis. Like much of the world, it has been battered by the COVID-19 pandemic when its economy has already been weakened by years of low growth, high unemployment and rising inequality after the global financial crisis of 2007-08. At this difficult juncture, the Africa Continental Free Trade Area (AfCFTA) offers it the opportunity of becoming a continental growth pole, not just a regional growth pole which it is already. This opportunity could not have c ...

Annoncé le 16 septembre dernier, l’arrêt définitif de l’enquête annuelle sur le climat des affaires est une erreur. Véritable référence pour l’analyse économique et entrepreneuriale dans 190 pays, c’est un instrument perfectible, mais indispensable. Dans la foulée d’une enquête indépendante menée par le cabinet d’avocats WilmerHale, qui pointait les pressions inopportunes exercées par la Chine et par d’autres pays lors de la préparation de son rapport annuel Doing Business, la ...

The first two decades of this millennium were marked by major political, economic and geopolitical disruptions. This has led many analysts to predict that the world economy is entering a phase of “deglobalization” – that is, a retreat from the globalization process. This policy brief discusses how “deglobalization” affects the role and relevance of international trade institutions and agreements. The basic message is that investing in the improvement of the rules-based multilateral ...

Face à la concurrence mondiale croissante, les Emirats arabes unis (EAU) ont pu constater le retard enregistré dans le domaine maritime dans les points stratégiques traditionnels au début du 21ème siècle. Pour autant, le pays détient une position importante sur la scène internationale en ce qui concerne le transport maritime. Grâce à la DP World, instrument diplomatique émirati, le lancement d’initiatives permettant au pays de regagner une place et une implantation dans différents p ...

Concerns are real, but the country fares as well as peers at similar levels of development China holds a paradox: Western policy-makers and many firms decry discriminatory business practices — concerns that have culminated in a trade war between the US and China — yet foreign direct investment (FDI) in China continues to thrive. In the first quarter of this year, FDI into China soared by 40% compared to the same period a year prior and, as reported by Unctad, the country overt ...

Le bilan des relations Europe/Méditerranée et Europe/Afrique invite aujourd’hui à un renouveau de ces partenariats. Un renouveau car il y a retrait partiel de l’Europe en ce qui concerne les questions de développement du voisinage Méditerranée-Afrique dans un temps où les partenariats actuels [de Barcelone et celui de Cotonou] s’emboitent dans la logique du commerce (libre-échange) et de l’aide financière. Le renouveau du partenariat Euro-méditerranée-Afrique devrait s’inscrire dans ...

We explore whether improved export sophistication increases women’s participation in wage employment. Using panel data from a large group of developing and emerging economies, and Fixed-effects and Generalized Method of Moments (GMM) estimators, we find that export sophistication has significant and mostly positive effects on women’s participation in paid employment in all regions, but these effects are nonlinear, since they become positive only after a threshold level of sophistica ...

L’Union européenne (UE) a annoncé le 14 juillet une proposition de taxe carbone à ses frontières, qui devrait renchérir les importations de produits fortement émetteurs (acier, aluminium, ciment, électricité et engrais). Cette même taxe est déjà appliquée au sein de l’UE, qui veut désormais l’imposer aux fabricants étrangers. En soi, le projet part d’une bonne intention. Il n’est pas motivé par le protectionnisme, mais par des préoccupations climatiques on ne peut plus justiíées. S ...

The BDA Currents: Where Diplomacy Meets Business, is the Brussels Diplomatic Academy’s annual report covering the wider geopolitical and other factors influencing and affecting the world of diplomacy, international relations and global business. The journal focuses on issues of topical interest around the centers of global power, influence and importance, including the continents of Europe and Africa, the Middle East, China, India & Asia, Russia and the Commonwealth of Independe ...

L'intégration régionale en Afrique est considérée comme une priorité par de nombreux responsables politiques et acteurs économiques du continent. Avec la signature de l'accord portant création de la ZLECAf par l'ensemble des pays africains, le défi consiste désormais à mettre en place un marché continental pour les biens et les services et à jeter les bases d'une union douanière continentale. Nombreux sont ceux qui, sur le continent, considèrent la ZLECAf comme un plan d'investissem ...

Regional integration in Africa is seen as a priority by many of the continent’s policymakers and economic stakeholders. With all Africa now signed up to the African Continental Free Trade Agreement (AfCFTA), the challenge now is to implement a continental market for goods and services and establish the foundations of a continental customs union. Many on the continent see the AfCFTA as an investment, economic-diversification, and job-creation blueprint that will shape the future of A ...

L’entrée en vigueur de l’accord instituant la Zone de libre-échange continentale africaine (ZLECAF) s’inscrit dans la continuité des aspirations anciennes pour intégrer les marchés africains et faire de cette intégration un vecteur de prospérité et de développement. Il s’agit, en effet, d’une étape dont la traversée est inévitable en vue d’aboutir aux aspirations annoncées par l’Agenda 2063. C’est une étape qui concrétise, dans sa première phase, un engagement en faveur de la l ...

According to this month’s OECD economic outlook, global GDP --- which took a huge hit from the pandemic and is still 3% below its level of a year ago – will not recover its pre-pandemic level until the end of 2021. In a downside scenario, the return could take almost a year longer. The OECD predictions, which imply high and protracted unemployment, are in line with the view of many other official and private organizations. The arrival of effective vaccines such as Pfizer-BioNTech wa ...

Le présent rapport a pour objet d’analyser les implications sur la croissance et le développement du Maroc de son insertion dans l’économie mondiale. Cette analyse est menée en comparant la dynamique économique observée après 1998 à celle qui l’a été avant. En effet, la période 1998-2018 est celle au cours de laquelle se sont manifestés les effets du choix acté et assumé politiquement de l’ouverture (ou du libre-échange, si on préfère). Pour avant, nous nous en tenons à la période 1 ...

Dès les premiers cas du Coronavirus relevés en Afrique, les prédictions les plus sombres ont été faites sur la catastrophe sanitaire à venir sur le continent, en raison d’un certain nombre de caractéristiques supposées favoriser la propagation de l’épidémie. Ces prévisions ont été démenties par la rapidité des ripostes des Etats et par divers autres facteurs. La progression de la Covid-19 en Afrique n’est pas le fait d’une dynamique unique mais plutôt de multiples profils de risques ...

After reaching a peak against other currencies in March this year, the dollar fell by almost 15% until the beginning of December. According to Bloomberg, asset portfolio managers have been assuming "short" positions against the dollar, that is, betting on its fall ahead. The dollar is expected to devalue against the euro, the yen, and the Chinese RMB in 2021. The peak last March, during the coronavirus financial shock, reflected the search for a safe haven in short-t ...

We estimate the contents of services value-added incorporated in goods exports in different countries in Latin America, exploring the local dimension of the results. We use inter-regional input–output analysis to trace and map domestic value-added embedded in those countries' exports. We add to the discussion of global value chains the internal, within-country geography of trade in value-added, since the set of locational preferences that help understanding the spatial patterns of n ...

This article has originally been published on OECD Development matter platform Many donor countries seem eager to see middle-income countries (MICs) “master out” and graduate to a non-client status in multilateral development institutions before fully achieving their development potential. We argue that such institutions can still significantly contribute to the sustainable development of MICs, while also seizing many benefits from this relationship (Middle income countries and mul ...

The pandemic is accelerating history, in the sense that it is leading to the speeding up of some recent trends. In the case of globalization, the pandemic will not reverse it, but it will reshape it. Here we take a bird’s eye view of global trade during the pandemic, relate it to previous trends, and guess how global value chain managers and government trade policymakers are likely to react. A Bird’s Eye View of Global Trade during the Pandemic World trade took a deep dive during ...

Les relations politiques entre la Chine et l’Australie se sont fortement dégradées avec, à la clé, la mise en œuvre de la part du géant asiatique de barrières tarifaires et non tarifaires. Si les produits agricoles (orge, bœuf, vin, homards) ont été les premières matières premières à être touchées, les exportations australiennes de gaz naturel liquéfié pourraient également être dans le viseur de Pékin. Canberra dispose, néanmoins, d’une carte maîtresse : son minerai de fer dont le s ...

Food security for all requires (i) sustained productivity growth and competitiveness, not only of agriculture but of the entire economy; (ii) a social safety net; and (iii) resilience in the face of periodic shocks. This is the central message of this review. Two popular concepts in food security for all are food self-sufficiency (FSS) and food sovereignty (FSY). While countries have pursued different policies to achieve FSS, the common element in their approaches is the misguided ...

Coup sur coup, deux accords géants sont venus marquer l’actualité internationale. L’un, est économique et sonne comme un coup de tonnerre : c’est le RCEP (Regional Comprehensive Economic Partnership), vaste accord commercial asiatique, signé le 15 novembre 2020. Cette date restera dans l’histoire comme ayant associé la Chine à un ensemble de pays asiatiques. Il inclut l’ASEAN (Association des Nations d’Asie du Sud-est, à l’initiative de la démarche) mais, aussi, le Japon et la Corée ...

En 2016, l’une des grandes promesses de campagne du candidat républicain Donald Trump était de mettre fin aux pratiques commerciales chinoises, jugées déloyales et responsables du déficit commercial américain. L’imposition d’importants droits de douane allait forcer le gouvernement chinois à négocier. Les pratiques dénoncées par Trump – sous-évaluation du yuan, transferts forcés de technologie, violations de la propriété intellectuelle, manque d’ouverture aux importations – s’inscr ...

We estimate the contents of services value-added incorporated in goods exports in different countries in Latin America, exploring the local dimension of the results. We use inter-regional input-output analysis to trace and map domestic value-added embedded in those countries’ exports. We add to the discussion of global value chains the internal, withincountry geography of trade in value-added, since the set of locational preferences that help understanding the spatial patterns of na ...

Avant l'ère coloniale, l'émission d'argent en Afrique de l'Ouest dépendait de la traite des esclaves. Avec l'avènement du régime colonial, les pièces d'argent ont été importées puis progressivement imposées comme outil de coercition. La trajectoire postcoloniale a été différente pour les anciennes colonies britanniques et françaises. Alors que les premières ont retrouvé leur souveraineté monétaire, les secondes ont conservé une union monétaire sous l’égide de la France. La propositi ...

Diversification is important because it is associated with economic growth and reduced volatility. Diversification of exports, which provide foreign exchange and enable imports of critical goods, services, and know-how, is crucial for developing countries. The question we address in this brief is how export diversification is affected by trade policies, including multilateral rules, regional trade agreements, and national measures. The record on diversification is poor across a larg ...

The “middle income trap” may well characterize the experience of Brazil and most of Latin America since the 1980s. Conversely, South Korea maintained its pace of evolution, reaching a high-income status. Such divergence of economic growth can be related to their distinctive performances of domestic accumulation of technological and organizational capabilities. Their different approaches to global value chains and trade globalization reinforced such discrepancy in domestic accumulati ...

The year 2020 is one of the most difficult years for the global automotive industry. The pandemic first appeared in a region of China known for its developed automotive sector. Initially, it was the South Asian manufacturers who first felt the impact of the shutdown in China before the pandemic shifted to Europe and the United States and before the disruption of value chains took on a global dimension. In Morocco, the sector has not remained immune to this turbulent context and its ...

We explore the effects of exporting manufactures, primary commodities, and food and agricultural products, and we examine the impact of importing capital and semi-capital goods, on structural transformation in a group of 21 sub-Saharan African countries that were covered by the inaugural African Transformation Report (ACET, 2014). The empirical results suggest that the import of capital and semi-capital goods can be a good predictor of structural transformation, while concentration ...

Unless trade wars end around the globe, the world is headed for the biggest recession in living memory. The crisis arising from the coronavirus will hit fragile economies in Africa, the Pacific, and the Caribbean the hardest. At such a time, the world should be dropping barriers but, instead, new barriers are being built. In the past month, U.S. President Donald Trump threatened retaliation against India unless it released supplies of hydroxychloroquine. Worse still, he got his way ...

The United States has suffered more COVID-19 casualties than any other country and continues to report large numbers of new cases and deaths, and – as evident recently in stock markets – investors remain extremely sensitive to the epidemic’s shifting trends. As every state reopens, including most recently the New York epicenter, the fates of the American economy and of the global economy depend on whether the United States has put the worst of the epidemic behind it, or whether it w ...

COVID-19 has delivered a powerful double punch to the chin of the global economy, combining a terrifying pandemic with a collapse in production because of the withdrawal into their homes of half the world’s workers. The uncertainty generated by the medical and economic shock is paralyzing consumers and investors, and the dispersion of short-term economic forecasts is far wider than at any time in modern history, about six times greater than during the Great Financial Crisis. The GD ...

Confronted with surging unemployment and miles long lines at food banks across the United States, most states have begun reopening the economy. Many of these states are seeing rising numbers of new cases and face a real risk of relapsing into an uncontrolled pandemic. To avoid this outcome, they must adopt a strategy that entails testing, tracing, and isolation of the infected, with priority given to groups and places where the medical impact – reducing infections and saving lives – ...

La Communauté économique des Etats de l’Afrique de l’Ouest (CEDEAO) est souvent présentée comme étant le système d’intégration régionale le plus dynamique du continent africain. Les Conférences des chefs d’Etat et de Gouvernement y sont régulières, les citoyens de la Communauté disposent d’un passeport commun et les discussions sur une monnaie unique sont à l’ordre du jour. Néanmoins, le modèle de la CEDEAO souffre de deux paradoxes majeurs. Les paradoxes africains Le premier pa ...

This paper aims at evaluating the virtual water content in trade in an intra-country perspective and discussing potential tradeoffs between the use of natural resources and value added creation. We develop a trade-based index that reveals the relative water use intensities associated with specific interregional and international trade flows. The index is calculated considering the measures of water and value added embedded in trade flows associated with each regional origin-destinat ...

Le processus de mondialisation, si solide soit-il, se trouve à l’épreuve d’une crise sanitaire mondiale inattendue et brutale. Cette réalité adresse au monde une question qui interpelle autant les décideurs, les managers que les chercheurs : Que pourraient être les effets du Covid-19 sur l’économie politique internationale ? Rupture, continuité ou inflexion ? Une des perspectives qu’il convient de surveiller est celle relative à l’inflexion du processus de la mondial ...

Depuis l'entrée en vigueur de l'Accord de libre-échange (ALE) entre le Maroc et l'Union européenne (UE), il y a près de deux décennies, les performances des exportations marocaines vers les marchés de l'UE ont été plutôt décevantes, tandis que le déficit commercial du Maroc avec l'UE a augmenté de manière significative. Cela a conduit de nombreux observateurs à percevoir l'accord d'un oeil critique. Cependant, les balances commerciales bilatérales ne sont pas toujours suffisantes po ...

The Mara Group, producer of the Mara smartphone, has set up manufacturing facilities in two key strategic countries, Rwanda and South Africa, with a total estimated investment of $100 million. On the back of political shifts in South Africa, President Cyril Ramaphosa embarked on an investment drive, announced in his state of the nation address in 2018. This was followed up with an investment conference, at which Ashish Thakkar, CEO of Mara Group, announced a $100 million investment ...

The Service sector is central to economic growth, trade and employment across the world. Trade in services has increased from 8.5 per cent of global GDP in 1995 to 13.1 per cent of GDP in 2017. However, Africa is taking less advantage of these opportunities than others. In this policy brief we highlight important misconceptions that may be holding back services exports in Africa. The potential for services sector growth and services exports from low levels in Africa is large. Polici ...

The United Nations Economic Commission for Latin America and the Caribbean (UN-ECLAC) defines regional integration as a “multidimensional process which may take the form of coordination, cooperation, convergence and deep integration initiatives and whose scope extends not only to economic and trade issues, but to political, social, cultural and environmental ones as well.” As an organizing principle, the concept of regional integration has been around for some time in various config ...

For a second, the uniformed officer looked threatening. He followed me. When I reached the stairs leading to my Transavia flight to Paris, he stepped in front of me, asking, “Sir, may I talk to you for a second?” Did he suspect I was smuggling precious Islamic art or some cannabis, the popular Kif? “When are you returning to Marrakech,” the customs officer inquired. “In four days”, I replied. “Perfect,” was his reaction. “May I ask you to buy in a French pharmacy the drugs mentioned ...

The Moroccan diaspora contributes in major ways to Morocco’s economic development. Moroccan migrants ease the country’s chronic unemployment and underemployment problems, send remittances, invest in the home country, and typically visit Morocco frequently as tourists. In addition to that migrants usually retain close links with Morocco, and help in less direct ways to forge trade and third-party investment links between Morocco and their host countries. Drawing on the relatively sma ...

Le 3 octobre 2016, la Turquie a déposé une plainte contre le Maroc devant l’Organisation Mondiale du Commerce (OMC) au sujet des mesures antidumping appliquées par le Maroc contre les exportations turques en Acier laminé à chaud.1 Suite à l’échec des consultations entre les deux pays, la Turquie a demandé, le 12 janvier 2017, l’établissement d’un groupe spécial pour examiner la conformité des mesures prises par le Maroc avec le droit de l’OMC. Demande qui marque le passage du litige ...

The main goal of this paper is to address an important question that arises from the interaction between increased participation in international trade, labor markets, and gender inequality; namely, the impact of trade liberalization on women’s access to wage employment in the non-agricultural sector. We empirically address this question by performing fixedeffects and GMM estimations on panel data from a large group of developing economies, and tracing the impact of trade on women’s ...

Once the traditional Western year-end celebrations are concluded, understanding some of the changes that will take place in this new decade of the 21st century become essential. The expression 20/20 is used in ophthalmology to reflect acuity in vision. Perhaps no time in recent history has required more acuity in long term vision and perspective regarding the significant changes to occur in the 21st century. There is no doubt: the 21st century will be the Asian century. The 20 ...

The hike in tariffs imposed by the United States against its major trading partners since early 2018 has been unprecedented in recent history. President Trump alluded to, among others, the goal of revitalizing jobs in the country’s manufacturing industry by protecting it from unfair trade practices of other countries, particularly China. However, according to a study by two Federal Reserve Bank staff – Aaron Flaaen and Justin Pierce – released last December 23, the effect ...

Lors du colloque autour du thème « Croissance économique au Maroc : théories, évidences et leçons des expériences récentes », organisé conjointement par le Haut-Commissariat au Plan (HCP) et le Policy Center for the New South et accueilli par le HCP en mai 2017 dans ses locaux à Rabat, des experts et praticiens de près de 30 institutions académiques et non académiques ont échangé et débattu de la croissance économique au Maroc dans un framework transverse alliant le théorique au pra ...

The Atlantic Current’s 6th edition provides overview, fresh insights, latest data, and broader analysis on the Atlantic space’s current challenges, as well as their implications for the South. Different chapters explore emerging trends and critical issues, such as the World Trade Organization reform, Brexit and the future of EU, the expansion of militancy in the Sahel and Coastal Africa, the role of cultural diplomacy and the deepening of Sino-African relations within a shifting an ...

China and the European Union have an extensive and growing economic relationship. The relationship is problematic because of the distortions caused by China’s state capitalist system and the diversity of interests within the EU’s incomplete federation. More can be done to capture the untapped trade and investment opportunities that exist between the parties. China’s size and dynamism, and its recent shift from an export-led to a domesticdemand- led growth model, mean that these oppo ...

The growth slowdown became evident in late 2017. World GDP at market exchange rates slowed from a seasonally adjusted annual rate of between 4 and 5% in the second half of 2017 to between 1.5% to 2% in the first half of 2019. The slowdown came as a big surprise and led to continuous revisions downwards of growth forecasts as shown yet again by the IMF’s World Economic Outlook issued last week. Nearly all observers and experts had expected the expansion of 2016/2017 to con ...

The Trump government has been imposing restrictions on access to technologies by Chinese telecommunications firms. Why and what are the consequences? The Federal Communications Commission is about to ban carriers from using government funds to buy equipment from Huawei and ZTE. Other government agencies are expected to take similar measures. This is just the latest episode of a gradual squeeze that the Trump government has been giving over China's telecommunications giant Huawei, ...

In this brief, we review the evidence on Morocco’s export concentration, discuss its causes, and then draw some policy implications. The main message is that Morocco needs to raise its game in some less familiar markets and move outside its comfort zone. This implies not only investments by private firms, greater efforts on export promotion by the government and professional associations, but also deeper changes within Morocco, including in its educational system. Over the past two ...

Africa, as a continent of economic opportunities, is attracting foreign players. In this context, India is emerging as an important partner, especially for Eastern and Southern Africa. The complexity of its geopolitical environment combined with internal specificities motivated the revival of interest for the continent. This paper draws on historical developments between India and African countries to provide the state of play of recent linkages. Those trends are better perceived th ...

The objective of this paper is to better understand the evolution of manufacturing employment across the world. Manufacturing value added has grown rapidly since 2000, at least matching world GDP growth, even after the global financial crisis, reflecting mainly rising demand for manufactures especially in developing countries. However, manufacturing employment increased at only a slow pace, both before and after the global financial crisis. Manufacturing employment growth provided o ...

يعرف المغرب فوارق كبيرة على مستوى الدخل، ففي سنة 2013 بلغت حصة الـ%10 آٔلغىن من الساكنة ما يقارب %32 من الدخل الوطين، 1أي ما يعادل 12 ضعفا لحصة الـ%10 آٔلفقر. إن أي اتساع مفرط في الفوارق من شأنه أن يؤثر سلبا على وتيرة النمو على المدى الطويل، ألنه عادة ما يقترن بضعف في استغالل الموارد البشرية. ومن هذا المنطلق تدفع هذه المقالة بطرح مفاده أنه، باستلهام التجارب الدولية، يمكن للحكومة المغربية أن تفعل اليشء الكثير للحد من الفوارق دون التفريط في تعزيز التنمية، بل وربما يمكنها أن ...

Africa is an economic region which holds great potential despite the risks associated with its development. Indeed, many experts agree that Africa is emerging as the new frontier for global growth. Boosted by its abundant natural resources, a young and vibrant population, strong urbanization, more stable macroeconomic conditions, more stringent economic policies, a constantly improving business climate and improving governance, Africa is on track for a structural transformation that ...

Despite some short-term benefits, trade deviation to the region shouldn’t be expected to last. Has the U.S. trade war with China been good for Latin America? An increase in Chinese demand for primary products from the region, as well as recent news of production transfers from China to Mexico, might give the impression that it has. But any positive short-term effects of the confrontation should also take into account its negative medium- and long-term impacts on the region and on gl ...

Thirty months into President Trump's radical trade policy, it is time to take stock. American firms tend to give the President the benefit of the doubt - that the aim is not protection (which most don't want) but opening up markets overseas, striking better trade deals, and reducing the nation's big trade deficit. So far, however, none of this has happened. Instead, there is virulent uncertainty, barriers against American firms are going up, Europe, Japan and China have struck impor ...

The co-author, Bertrand Bio-Mama, is an alumnus of the Emerging Leaders Program 2017. Les échanges commerciaux ont, depuis des siècles, été au cœur des enjeux économiques à travers le monde. L’histoire nous apprend, par exemple, qu’au XVIIIème siècle, la recherche de nouveaux marchés avait poussé l’Europe à aller à la conquête du monde. En effet, les échanges commerciaux représentent un instrument important, voire vital, pour la croissance de l’économie et le progrès social. De nos ...

Twenty years after negotiations began between Mercosur and the European Union (EU), a trade agreement between ministers was reached last Friday in Brussels. Its first phase, from 1999 to 2014, had among the motivations on the European side not to be left behind while the US then pursued a Free Trade Agreement for Latin America (FTAA). Symptomatically, such enthusiasm cooled after FTAA negotiations came to a halt and the United States embarked on bilateral agreements with some c ...

Quelle place l’Afrique occupe-t-elle dans le système de règlement des différends de l’Organisation Mondiale du Commerce ? Les règles et procédures régulant ce système profitent-elles aussi bien aux pays en développement qu’aux pays développés, ou restent-elles l’apanage de ces derniers ? Le continent africain a-t-il les moyens de faire fonctionner un tel système ? La place marginale qu’occupe l’Afrique dans le système est-elle due à des facteurs endogènes ou à des fac ...

After a long spell of slow growth in the wake of the global financial crisis, the global economy was gaining speed over 2016-2018, but this recovery is now in some danger. The likelihood of imminent recession is low but growth will be slow over 2019-2020, and growth next year presents many uncertainties. Growth is supported by the consumer for the time being, but business has become very nervous and something will have to give. There are significant and specific risks in the large e ...

From 2010 onwards, China has become a relevant foreign investor in Brazil, mainly through State-owned companies investing in infrastructure – particularly in the energy sector. In the first years of the current decade, Chinese investment has been widely welcomed in an environment characterized by declining investment rates and low economic growth. However, more recently, some concerns have been raised of an “excessive” dependence of China state companies in sectors perceived as stra ...

Empirical models of international commodity trade ows tend to show that exchange rate volatility has either no or negative impact on export volumes. This analysis has a number of limitations. In particular, it underestimates the role of physical traders and, consequently, the importance of future markets. In this context, this article aims to provide the theoretical underpinnings to demonstrate that these traders play a very particular role and that they have an influence on the rea ...

This article was originally published on Center for Macroeconomics and development's website Friday night, US President Donald Trump announced by Twitter that he would suspend the implementation of tariffs on Mexican imports, which would start with 5% on Monday, June 10, to reach 25% in October. A signed agreement between the two countries, also confirmed by Twitter by Mexico’s foreign minister Marcelo Ebrard, would have included Mexican government’s commitments to t ...

In a recent brief, titled” The Crisis in World Trade”, my co-authors and I conclude that whether we still have a rules-based system a few years from now depends on the answer to three questions: Can the WTO be revitalized? Is protectionism in the United States a temporary aberration? Will China reform and fit the liberal economic order? If the answer to these three questions is yes, the system will likely endure. If the answer is no, we will return to the power based non system ...

The world trading system has been remarkably successful in many respects but is presently under tremendous strain. The causes are deep-seated and require a strategic response. The future of the system depends critically on reinvigorating the WTO and policy change in the largest trading nations. Important measures are required to sustain the multilateral trading system, and urgent action is needed to avoid a scenario where the system fragments. The worst scenarios will disrupt global ...

On the eve of Britain’s exit from the European Union, the country is redefining its international approach. The United Kingdom has already taken action by becoming involved in new economic commitments, new trade agreements in Commonwealth countries but also from a diplomatic point of view in West Africa. While development aid remains a focal point of its intervention in Africa, it risks being undermined by the Brexit and its economic consequences. However, the United Kingdom is now ...

The trade tensions between the United States and China will cause only minor immediate damage to their giant economies. However, tariffs have important and diverse effects on individual sectors and cause heightened uncertainty. The main adverse effects on Sub-Saharan Africa will therefore be through global investor confidence, economic growth and commodity prices, and these effects could be severe if the dispute escalates further and endangers the rules-based trading system. The tra ...

Sur quelles contraintes faut-il anticiper lorsqu’on évoque la croissance de l’Afrique? Comment guider les décideurs politiques dans les priorités à définir pour piloter l’économie et arriver à bon port dans le monde qui vient? Le séminaire organisé le 11 avril à Paris par le PCNS et le Centre de développement de l’OCDE a apporté des éléments de réponse. La discussion s’est ouverte en prenant appui sur le rapport de référence publié en 2018 par l’Union africaine et l’OCDE ...

This policy brief (PB), prepared for the G-20 Working Group on Trade, aims to provide decision-makers with a succinct review of the state of the trading system, to point to likely scenarios, and to serve as a background to or reference for the other six PBs prepared by the T20 Task Force on Trade, Investment and Globalization. The brief argues that the world trading system has been remarkably successful in many respects but that the present strain reflects causes which are deep-seat ...

Imagining world trade without the WTO/GATT system. It was after all, the case through recorded history until around 1950. But today’s economies are far more globally integrated than in the past, and information technologies which facilitate communication and coordination are clearly pointing to even more integration in the future. Under a no-WTO scenario, this brief formulates seven predictions. The danger to the WTO is clear and present, and it is on four fronts. First is the fail ...

Ce papier examine la plainte initiée par la Turquie devant l’Organisation mondiale du commerce (OMC) contre le Maroc au sujet des droits antidumping appliqués aux produits d’acier laminés à chaud. La plainte de la Turquie constitue à la fois un précédent et une opportunité. Un précédant d’abord, car jamais le Maroc n’a été impliqué, ni en qualité de partie plaignante ni en qualité de partie défenderesse, dans une affaire devant le GATT ou l’OMC. Une opportunité ensuite, par ce que l ...

This paper examines Turkey's case against Morocco before the World Trade Organization (WTO), over anti-dumping duties on hot-rolled steel products. Turkey's complaint constitutes both a precedent and an opportunity. First, it is a precedent in that Morocco was previously never involved in a case before GATT or WTO, neither as a plaintiff nor as a defendant. Second, it is an opportunity as the evaluation of the legal process of the complaint enables an assessment of adequacy of Moroc ...

The trade war between China and the United States roils stock markets, and the World Trade Organization is at risk of extinction because major players ignore its rules. But the fierce controversy surrounding the Global Compact on Migration, a mild and non-binding document which several of the countries gathered in Marrakesh – including about one-third of EU members - refused to sign, shows that migration is even more radioactive than trade. As they face a backlash against globalizat ...

China’s Belt and Road Initiative (BRI) is an international trade and development strategy. Launched in 2013, it is one of the ways China asserts its role in world affairs and captures the opportunities of globalisation. The BRI has the potential to enhance development prospects across the world and in China, but that potential might not be realised because the BRI’s objectives are too broad and ill-defined, and its execution is too often non-transparent, lacking in due diligence and ...

- The trade agreements that the European Union has with North African countries – with Algeria, Egypt, Morocco and Tunisia – are often seen as having delivered disappointing results since they came into force during the 2000s. The four North African countries have seen insufficient growth in their exports to the EU, and have undergone only limited diversification. In the meantime, the EU’s exports to North Africa have grown quite rapidly. - Economic growth in North Africa has been ...

*The recommendations put forth below have been published, both print and online, in the Financial Times.  The leaders of the G20 will meet on 30 November and 1 December in Buenos Aires for their annual summit. They need to acknowledge that the last two years have been characterized by strong headwinds for the world economy. This time, however, it is not a mixture of poor macroeconomic policies and bad business decisions – as in 2008 when they met in Washing ...

Livelihoods of northern Niger’s population depended for centuries on trade and cross-border movement of licit goods with Libya. Historical trends of domestic and regional shocks demonstrated the ability of local communities to adapt and adjust to transformations caused by these shocks to survive. People moving through and living in the area have different motivations and reasons to cross to Libya and beyond, but economic drivers remain the key factor. The local economy has suffered ...

« Amérique latine, crises et sorties de crises », telle était la première des deux thématiques des 6èmes Dialogues stratégiques, organisés le 4 avril par HEC Paris (Centre de géopolitique) et OCP Policy Center. Un tableau mitigé a été dressé, avec des signes de reprise et une croissance supérieure à 2 % qui n’empêchent pas des situations de crise comme au Brésil, au Nicaragua ou au Vénézuela. Crise d’un modèle d’oligarchies anti-capitalistes Au Vénézuela, la corruption paraît si e ...

The agreement establishing the African Continental Free Trade Area (AfCFTA) is a framework to create a free trade area across the region, bringing together the 55 members of the African Union into a continental market with a cumulative Gross Domestic Product (GDP) exceeding US$2.2 trillion and a total population of over one billion people. When concluded and successfully implemented, it will become the largest free trade area in the world in terms of membership, opening up significa ...

The Brazilian economy pays a price in terms of productivity foregone because of its lack of trade openness. A trade opening process would bring an adjustment impact that could nonetheless be mitigated with public policies that facilitate labor mobility and job migration. Benefits from trade opening would also hinge on policy improvements in complementary areas, such as infrastructure investments, business environment and others. The Brazilian economy would benefit from opening trad ...

Depuis la fin de l’année 2017, le président Donald Trump mène plusieurs batailles commerciales, contre différents partenaires, sous prétextes de sauver des emplois industriels américains et de réduire le déficit commercial des États-Unis. S’il est difficile de se prononcer sur les effets des combats commerciaux amorcés par le président Trump, l’importance des opposants et des échanges pour l’économie mondiale en fait une source de risque pour la croissance, les emplois et les prix à ...

The IMF released last July 24 its latest assessments of the current account balances for the 30 largest economies in its External Sector Report 2018 (ESR). There was no major change in 2017 relative to previous years and the reconfiguration of surpluses and deficits that has prevailed since 2013 was essentially extended. However, there are reasons to expect more abrupt alterations ahead, as the U.S. fiscal easing under high employment conditions unfolds. Given the context ...

“A WAKE UP CALL FOR THE WORLD” For Simon Elin, chief executive of the British Recycling Association, it’s “a tough time” his industry and country are facing just now. He does not think about Brexit, Britain trying to leave the E.U., dreaming to return to glorious times as a world power, one day soon. His colleague Arnaud Brunet, head of the Bureau of International Recycling, predicted “catastrophic environmental problems.” An assessment the London Times shared: “The world ...

“This article has been originally published in 'Morocco in Focus 2018,' the magazine of the Moroccan Embassy in New Delhi, India on the occasion of the Morocco National Day 2018.” Introduction In an article published last year, the author stressed the role of partnership between Morocco and India for the inclusive growth of small farmers. There is no doubt that agriculture remains a major instrument for human development both in India and in Africa. Several international reports&n ...

Historians often offer different interpretations of the events that have shaped our destiny, yet, with respect to World War 2, the bloodiest conflict in history, they seem to concur on two points. First, that those yearning for peace underestimated the National Socialists’ determination to wage a war of conquest until it was far too late to deter them, and, second, that Nazi Germany failed to anticipate that Britain, the United States, and the Soviet Union – each of which it provok ...

The addition of a fourth US rate rise to the Federal Reserve’s 2018 dot-plot graph after the June meeting of the Federal Open Market Committee sparked a bout of portfolio outflows from emerging markets. This followed a fleeting upswing at the beginning of the month that fell short on reversing the unwinding of exposure and sell-off of assets in May (Chart 1). Country differentiation has been accentuated, with exchange rate devaluation pressures and capital outflows occurring more no ...

The spike in US bond yields since mid-April in tandem with the strengthening of the dollar sparked a retrenchment of capital flows to emerging markets (EM), accompanied by a sell-off of assets in some cases. Argentina and Turkey suffered from strong and potentially disruptive exchange rate depreciation pressures in May, with financial markets calming down only after bold domestic policy moves (interest rate hikes in both countries and, in the case of Argentina, a decision to seek a ...

Salutations Thank you for the invitation to address the 2018 Africa Think Tank Summit  in this memorable city of Rabat. I thank in particular, the OCP Policy Center and the Think Tank and Civil Societies Program of the University of Pennsylvania for hosting the Summit with the theme “Deepening Expertise and Enhancing Sustainability: Insight into Contemporary Challenges Facing African Think Tanks”. Rabat, Morocco has been the sprouting ground of numerous agenda-setti ...

Le partenariat Afrique Europe fait son chemin depuis l'adoption de la stratégie commune Afrique-UE et la négociation complexe des Accords de Partenariat Economiques. L’évaluation des volets commercial, financier et humain de ces relations multidimensionnelles fait ressortir la persistance de grands déséquilibres dans les échanges commerciaux de biens et services, des tensions dans la gestion de la mobilité humaine et des dysfonctionnements dans les mécanismes institutionnels de part ...

Technology and inequality, China's special status, macroeconomic imbalances, and WTO dysfunction, are the challenges confronted by the world trading system, and which lie at the root of resurgent protectionism. Are the trade tensions that have been stoked by Trump unique to him or the outcome of forces that preceded him and will outlast him? ...

This paper reports the results of an application using an interregional input-output matrix for Morocco together with regional information on water consumption by sectors. We develop a trade-based index that reveals the relative water use intensities associated with specific interregional and international trade flows. We estimate, for each flow associated with each origin-destination pair, measures of trade in value added and trade in water that are further used to calculate our in ...

The recently signed African Continental Free Trade Agreement represents a countercurrent to protectionist tendencies across the Atlantic and the Pacific, and may well move the economic integration of the African continent forward. Translating the vision into action, however, will call upon signatories to undertake deeper domestic reforms and to confront specific challenges related to the agreement itself. This brief explains why the agreement is important for Africa and identifies p ...

The launch of an oil futures contract on the Shanghai International Energy Exchange (INE) cannot be merely seen as a “technical” or secondary event, as it foreshadows what global commodities markets will become in a few years. The Shanghai Futures Exchange (SHFE) and the Dalian Commodity Exchange (DCE) have, indeed, seen their trading volumes increase significantly over the past decade thanks to steel and iron ore, which could suggest that the move is, in fact, not that unprecedente ...

Le lancement d’un contrat à terme pétrolier sur le Shanghai International Energy Exchange (INE) ne saurait être vu comme un évènement « technique » ou secondaire tant il préfigure ce que seront dans quelques années les marchés mondiaux de matières premières. Le Shanghai Futures Exchange (SHFE) et le Dalian Commodity Exchange (DCE) ont certes vu leurs volumes de trading augmenter considérablement sur la dernière décennie grâce à l’acier et au minerai de fer, ce qui pourrait laisser à ...

Depuis la création de l’OMC, l’économie mondiale a enregistré deux évolutions majeures : la mise en place des chaînes de valeur globales et la conclusion de méga-accords commerciaux régionaux (Accord transatlantique Europe-États-Unis, Accord de Partenariat Transpacifique entre l’Amérique du Nord et une dizaine de pays asiatiques, partenariat unique total entre l’ASEAN, la Chine, le Japon et la Corée du Sud, plus la partie océanique). Le commerce intra-régional n’est plus une simple ...

Ce mardi 21 Mars 2018, quarante-quatre chefs d’Etat et de gouvernement réunis à Kigali (Rwanda) signaient l’accord de création de la zone de libre échange continentale (Continental Free Trade Area, CFTA). Cet accord historique marque la volonté des Etats africains d’aller vers la mise en place à l’échelle du continent d’un marché commun où les échanges de biens et de services seraient libres et la circulation des capitaux et des personnes sans contraintes. Tels que précisés dans la ...

The irony facing many developing countries today is that increased food trade and the implications of globalization has created a situation where certain segments of the population are simply put, eating too much, while just in their proximity lies a more significant segment of the population who are suffering from the complete opposite, malnutrition. This policy brief aims at explaining this double sided sword. ...

President Trump’s proclamation that, because of national security concerns, he will apply a 25% tariff on all steel and a 10% tariff on all aluminium imports into the United States – except provisionally and dependent on NAFTA negotiations those from Canada and Mexico – affects, respectively 5.1 billion Euros and 1.1 billion Euros of EU exports. These are not trivial sums. However, the invocation of the national security exception in this case has implications that go far beyond nar ...

تعتبر 2018 بلا شك نقطة تحول في تطور الاقتصاد العالمي. أوروبا، بعد أن بدأت في الخروج من الأزمة في عام 2017 ، من المرجح أن تدخل مرحلة نمو قوي ومستدام بفضل الزيادة الهيكلية في الإنت°اج الصناعي، إضافة الى الانعكاسات الإيجابي°ة للمشروع الإصلاحي المؤيد لأوروبا موحدة الذي يحمله الثن°ائي الفرنسي الألماني. كما ان آسيا تستمر في تأكيد مكانتها كمحرك رئيسي للاقتصاد العالمي، حيث اصبحت ثلاثة بلدان من اسيا )الصين واليابان والهند( تنتمي لقائمة أكبر خمسة اقتصادات عالمية في عام 2018 . هذه التطورات تدف ...

L’agriculture africaine a connu dernièrement une croissance relativement élevée, quoique peu résiliente et tirée principalement par l’extensification. Malgré sa diversité, les niveaux de production restent insuffisants pour autonomiser le continent surtout pour ce qui est des produits alimentaires de base. En misant sur l’intégration, des marges de progrès se présentent aux pays africains pour améliorer l’écosystème de l’agriculture africaine et ses performances. Il s’agit de puiser ...

The second United Nations Sustainable Development Goal (SDG2) includes the goal to: “End hunger and achieve food security and improved nutrition” by 2030. While such an ambitious goal will clearly involve a wide range of policies and actors, this policy brief focuses on the role of trade policies in affecting food and nutrition security. Extensive and frequently contentious, debate swirls about whether trade in agricultural products is beneficial or detrimental for food security, pa ...

President Trump’s actions on trade have not quite matched his rhetoric, but the worst may be to come. Though the political opposition to his protectionism is formidable, so are his conviction and determination and he possesses a wide array of instruments to pursue his goals. The trade doctrine he has espoused makes for trade policy instability both at home and abroad. It may lead to a large deterioration in the operating environment of international business. America’s tradedependen ...

After many decades of expansion, incomes and standards of living have never been better in many parts of the world. Yet, global trade and the prospects of growth still seem uncertain, and protectionism seems to be on the rise. In developed countries, there is anxiety over the loss of the manufacturing jobs that once absorbed a large share of the labor force and created a middle class that formed the core of democracy. Most middle-income countries have not yet been able to make the t ...

Current technological developments in manufacturing are likely to lead to a partial reversal of the wave of fragmentation and global value chains that was at the core of the rise of North-South trade from 1990 onwards. At the same time, China – the main hub of the global-growth-cum-structural-change of that period - may attempt to extend the previous wave through its “One Belt, One Road” initiative. ...

Despite the threat posed by right-wing nationalism, left wing populism, and protectionism, this is not the end of globalization. The most likely scenario is a continuation of globalization at a rate like that of the last ten years and perhaps even acceleration as the world catches up on lost time in the wake of the financial crisis and its many aftershocks. However, in recent years a formidable resistance to globalization has arisen, and the risk of a sharp and temporary slowdown in ...

Despite fraught politics, the global outlook is strengthening. The next twelve months are likely to be characterized by moderate but steady growth across the world. However, the outlook becomes murkier as we move into the second half of 2018 and 2019. Significant upside in world economic growth is possible on account of building momentum against a background of low capacity utilization, but even greater downside is possible on account of inconsistent economic policy in the Unites St ...

Despite the sustained growth in the bilateral trade observed at the beginning of the Century, Moroccan – Brazilian economic relations are still going through what could be called the ‘shallow’ phase of relations between two middle-income countries. Trade is concentrated in a few products – those where both countries enjoy long lasting and natural comparative advantages – and face strong difficulties to diversify in terms of products and to upgrade towards more complex models of lin ...

The new Trump administration is openly protectionist. The President called for “America First” and for “Buy American, Hire American” in his inaugural speech and his subsequent actions dispelled any remaining doubt that he meant what he said during the election campaign. As promised, he has withdrawn from the Trans-Pacific Partnership, an agreement among twelve countries across three continents that took nearly 10 years to negotiate. He has threatened American companies that invest a ...

An analysis of trade relations between Morocco and sub-Saharan Africa indicates a growing volume of trade, reflecting a continuation of stimulated trade relations. A similar trend is observed in foreign direct investment (FDI), which has continued to grow in recent years, reflecting Morocco's determination to become a major player in the development of the African continent. This Policy Brief first presents trends in inter-regional trade between Morocco and sub-Saharan Africa, focus ...

This year, under the patronage of His Majesty King Mohammed VI, the OCP Policy Center (OCPPC) - in collaboration with the German Marshall Fund of the United States (GMFUS) - hosted and organized the fifth Atlantic Dialogues, gathering over 300 high-level international public- and private-sector leaders from the Atlantic Basin to discuss cross-regional issues ranging from economic and social development, security and trade, to migration, resources, and energy. This year’s e ...

Regional economic integration across the world accelerates growth and development by bringing a wide array of benefits associated with enhanced political cooperation, increased intra-regional trade, and job creation. Regions that are more integrated have proven to grow faster and have shown greater resilience in times of global economic downturns. As the world economy struggles to return to the high growth levels of a decade ago, stimulating internal and regional growth has become t ...

Partout dans le monde, l'intégration économique régionale permet d'accélérer la croissance et le développement en apportant une panoplie d'avantages liés à une meilleure coopération politique, à un commerce intra-régional accru et à la création d'emplois. Les régions qui sont plus intégrées se sont révélées capables de connaître une croissance plus rapide et ont fait preuve d'une plus grande capacité d'adaptation en période de ralentissement de l'économie mondiale. Alors que l'écono ...

Trade integration is a prerequisite for the success of any economic integration project. The factors hindering trade integration therefore constitute a bottleneck to the economic integration project of the countries of the Economic Community of West African States (ECOWAS), which is an effective means of coping with the substantial expansion of sub-regional food demand. The aim of this paper is to highlight the factors that constrain trade flows and increase the cost of trade in the ...

En un tiers de siècle, la Chine, pays en développement, est devenue une économie émergente, puis une puissance économique mondiale. Il s’agit là du principal évènement économique du début du XXIe siècle. Cet évènement interpelle le Maroc, le Maghreb, l’Afrique et l’espace sudméditerranéen, parce qu’il est porteur d’un second dépassement historique, provenant, cette fois, non pas de l’Occident, mais de la Chine lointaine pourtant tellement présente dans notre quotidien. Répondre à c ...

The government of Argentina’s new president, Mauricio Macri, has many challenges ahead. In the initial 10 months of his government, he has devalued the currency, lifted significant trade and capital barriers, and launched conversations with international investors and creditors, and has changed international perceptions toward Argentina. Macri’s election immediately generated a positive reaction from the private sector toward the new government. However, indicators for 2016 show a w ...

Le présent ouvrage se propose d’apporter quelques éléments d’appui supplémentaires aux policy-makers pour une meilleure identification des défaillances des marchés au Maroc et une mise en place d’une stratégie de diversification et une politique industrielle efficientes, sans toutefois tomber dans la situation inverse où une stratégie mal définie et des outils mal choisis peuvent se traduire par une défaillance des politiques publiques. L’appréhension des difficultés qu’éprouve l’é ...

This policy brief argues that Mexico’s future agenda of negotiations should include three main priorities. Firstly, with the help of its NAFTA partners, Mexico should position itself as the export platform of North America to the world. Its structural changes, web of agreements, and strategic location pave the way for this. Secondly, it should insist on being invited to the negotiating table of the Transatlantic Trade and Investment Partnership (TTIP). If full participation is not p ...

Energy is at the core of the remarkable current transitions in the global economy and geopolitics, and natural gas plays a crucial role in these processes. In this context of rapidly evolving trends at the market level and developing dynamics between regional and global actors, The Future of Natural Gas aims at analysing the role of natural gas in the future energy mix by considering several key factors: the ambitious climate policies agreed by the international community, cost issu ...

This paper will take stock of the economic performance of Europe and the Arab world, examining how they can do better by working together. The paper pays special attention to the trade, investment, migration and energy linkages between the two regions, as well as those among the Arab countries, as well as how they can be improved to achieve better development. Whereas we present a southern perspective, with Arab countries as main focus, the purpose is to understand the constraints f ...

Jointly organized by OCP Policy Center and Shanghai Institutes for International Studies, the roundtable on "Current African Economic and Strategic Challenges and Opportunities; Intersecting Views from China and Morocco" was a great opportunity to gather experts from both side, to brainstorm opportunities to enhance the role of think-tanks and civil society organization in the consolidation of the Afro-Asian cooperation more efficiently and in a more comprehensive way. Th ...

Along with phosphorus and nitrogen, potash constitutes one of the three nutrients used in the production of fertilizers. Although the factors that influence its demand are mostly common to other fertilizers and in large part determined by the agricultural market conditions, its supply depends on specific factors. Long known to be controlled by two production and export cartels, the potash market experienced a major change in 2013 with the end of the RussianBelarusian agreement. In a ...

Brazil is in a good position to serve as a bridge to Africa and to reignite more cooperation between both sides of the South Atlantic. Brazil has increased its presence in Africa in recent years in terms of trade, investment, development cooperation, and political alliances with the goal to secure a greater say for the global South in the new world order that has been under construction since the of the Cold War. This has been pursued through financial support and proactive economic ...

The end of supply chain is the natural corollary of the sustained price fall of virtually all commodities observed over the past many months. If it appears premature to state exactly what is the impact of this deconsolidation in the commodities value chain, it is believed that the strategic role of physical trading is strengthening. Under such circumstances, the industrial strategies of developing countries and commodity exporters may have to evolve and, in priority, foster optimizi ...

Trade negotiators rarely get to celebrate a victory. The United States, for example, has been negotiating over 15 bilateral free trade agreements, with none concluded since the Korea-US agreement was finalized at the end of 2010. This makes the recently finalized Trans-Pacific Partnership (TPP)agreement between the United States and 11 other countries all the more remarkable. But the TPP still faces major hurdles, not least a divisive ratification debate in the U.S. C ...

The Euro-Mediterranean Partnership was initiated with the aim to build a space of shared prosperity and security among all the countries in the region. The achievement of this objective, however, continues to be challenged by several geopolitical, economic and social factors. In such a context, there is now a greater urgency to adapt the approach and the instruments, thus allowing Euro-Mediterranean partners to seize opportunities towards an effective area of shared stability and pr ...