Macro-Economic Issues(B) R&W Chapters 7-9, 13 plus pp.
133-142 of 5 Link to WDI Link to Syllabus
Slide 2
Tariffs and Trade Policy
Slide 3
Unweighted Import Tariff Rates-Regions SAR: South Asia, SSA:
Sub.Sah. Africa, ECA: East Asia Source: World Bank: Trade
Investment and Development in MENA Figure 3.1
Slide 4
Theory of Tariffs A tariff is a tax on imports, whose economic
effects are to raise the domestic price, increase domestic
production, and lower imports. Standard theory says tariffs are
harmful because they lead to an inefficient production. They also
have secondary negative effects on other production, such as
exported products. The famous argument in favor of tariffs is
called infant industry, in which activities are protected for a
while, as they grow and mature. This is quite controversial: Japan
and Korea can be cited in favor, while there are many negative
examples, in MENA and elsewhere. Perhaps it worked in Turkey,
although that country has liberalized. The average tariff is
difficult to measure.
Slide 5
Trade Policy Indicators Source: Dasgupta et al., Reform and
Elusive Growth in the Middle East MENA behind LAC and East
Asia
Slide 6
MENA Tariffs ECA4 Central Europe & Turkey EAP5 East Asia
Source: World Bank Trade, Inv. and Development Simple Weighted
Standard Average Average Deviation
Slide 7
Long Term Trends in Trade Integration: World and MENA Source:
World Bank: Trade Investment and Development in MENA Figure
2.2
Slide 8
Intra-Industry Trade Ratio in MENA Source: World Bank: Trade
Investment and Development in MENA Figure 2.7 p. 81 Index for all
manufactures, in 1988 and 2000. Higher numbers indicate more
integrated trade. MENA has low levels.
Slide 9
Export Diversification of MENA (late 1990s) The smaller the
number, the more diversified
Slide 10
Inter-regional trade among ESCWA
Slide 11
Mfg Exports/Total Source: WDI MENA
Slide 12
Mfg Exports/Total - MENA Source: WDI Israel Tunisia Turkey
Jordan Moroc (fewer countries on the next slide)
Slide 13
Mfg Exports/Total MENA - shorter
Slide 14
World Market Share of Textiles and Garments Source: World Bank:
Trade Investment and Development in MENA Figure 1.7 MENA is way
behind.
Slide 15
Share of World Exports of Services: MENA and Other Regions
Source: World Bank: Trade Investment and Development in MENA Figure
2.10
Slide 16
Free Trade Agreements Involving MENA Countries
IsraelEUTurkeyEgyptJordanGCCAlgeriaMorocTunLebLibyaBahrOman
USA198520012006xx Israel\xx2004 EU\?EUAAx x No! Turkey\xxx Egypt\
Jordan\xxx GCCxx Most MENA countries are members of the World Trade
Organization: Algeria, Iraq, Iran, Lebanon, Libya, and Yemen are
negotiating accession, and only Syria is not actively seeking
entry. Jordan also has FTA type agreements with Syria, Kuwait, and
Singapore. Israel has FTAs with U.S., Canada, Mexico, and several
other countries Turkey and the EU have an agreement which involves
significant reduction of tariffs (everything but agriculture), but
does not include Turkeys membership in the EU EUAA Association
Agreement to the European UnionMediterranean FTA - is a proto-FTA
of the EU with the Mediterranean countries, also involving foreign
aid, investment regulations, and similar arrangements. The Greater
Arab Free Trade Area (1997) is a work in progress.
Slide 17
Merkel to repeat offer to Turkey of EU "privileged partnership"
Deutsche Press-Agentur - Sunday, March 21, 2010 Eds: Merkel to
visit Turkey on March 29-30 Berlin (dpa) - German Chancellor Angela
Merkel will offer Turkey alternatives to full European Union (EU)
membership during a visit to Turkey later this month, she said in a
media interview on Sunday. "I am of the opinion that we should
rather aim for a privileged partnership, in other words a very
close affiliation of Turkey to the European Union, Merkel told
Deutschlandfunk radio. Turkey has previously rejected similar
statements by the German chancellor, calling them "unacceptable."
Progress has been sluggish on Turkish EU accession talks, which
began in 2005. Merkel 's two-day visit to Turkey begins March 29.
Her trip will focus on the European Capital of Culture, Istanbul.
The chancellor is also due to discuss the integration of German
immigrants of Turkish origin with Prime Minister Recep Tayyip
Erdogan.
Slide 18
Euro-Med Agreements: WB Source: WB (2003) Trade and Investment
pp. 208-209
Slide 19
Jordan Times on Vietnamese Womens Strike in Jordan: March 2008
Link to articlearticle Link to site on QIZs
http://www.jordanecb.org/investment_qiz.shtmQIZs
Slide 20
QIZ Vietnamese workers refuse to end strike By Hani Hazaimeh
SAHAB - A total of 176 Vietnamese women at a Taiwanese-owned
apparel manufacturing company in Al Tajamouat Industrial Estate are
still on strike demanding a pay increase. Upon the work stoppage on
February 10, the workers linked their return to a W&D Apparel
Corporations consent to increase their monthly salary from $175 to
$265 per month and a basic eight-hour workday. The factory owner
said the demand contradicts employment contracts they had signed.
He accused some strikers of exercising violence and sabotage. When
the company refused to meet their conditions, they started rioting
and sabotaged some of the companys properties. The management had
no choice but to call police to restore order, James Shen, W&D
general manager, told The Jordan Times yesterday. Some of the
strikers stole mechanical parts from sewing machines to prevent the
company from hiring other workers to replace them, he charged. He
added that the management has met with 10 representatives of the
strikers, but the two sides reached no agreement although the
managers offered some compensation. He explained that the financial
compensation was paid for those who had worked overtime hours and
were the most productive. Those were satisfied with the
compensation and wanted to go back to work. But those who did not
get compensation threatened them, Shen claimed. Thirty-year-old Di
Thi Wei, one of the workers, upheld his claim. She told The Jordan
Times that she accepted the compensation and decided to go back to
work despite the strike leaders threats. The company moved us to a
different place to protect us from being assaulted by the strike
leaders, she added. Di Thi was one of the 85 women who resumed
work, said the general manager, noting that the company had to rent
new dormitories to ensure their safety. Echoing her colleagues
words, Nguyen Thi Tuoi, 26, said she was beaten badly by the strike
leaders for going back to work before she moved to the new dorms.
They even poured cold water on me while I was sleeping in bed in
the middle of a cold night, she told The Jordan Times. They tore my
clothes and my shoes and I had to borrow clothes from another
worker. QIZ Vietnamese workers refuse to end strike Vietnamese
female workers who ended a strike at a QIZ factory have a meal on
Tuesday at a makeshift canteen where they eat separately from 176
colleagues who are still on a strike (Photo by Hani Hazaimeh)
Jordan Times: March 5, 2008
Slide 21
Qualifying Industrial Zones QIZ's Israeli Min of Industry
http://www.tamas.gov.il/NR/exeres/2124E799-4876-40EF-831C-6410830D8F02.htm
Background on Qualifying Industrial Zones (QIZ's) In 1996, U.S
Congress authorized designation of qualifying industrial zones
(QIZ's) between Israel and Jordan, and Israel and Egypt. The QIZ's
allow Egypt and Jordan to export products to the United States
duty-free if the products contain inputs from Israel (8% in the
Israeli- Jordanians QIZ agreement, 11.7% in the Israeli-Egyptian
QIZ agreement). The purpose of this trade initiative has been to
support the prosperity and stability in the Middle East by
encouraging regional economic integration. In order for a QIZ
article to gain duty-free entry, QIZ factories must add at least 35
percent to the value of the article. This 35 percent minimum
content figure can include value added in Israel, Egypt/Jordan, or
the United States. QIZs must encompass portions of Egypt/Jordan and
Israel, though the areas do not have to be contiguous. The
immediate saving for an investor in the QIZ is the amount of the
U.S. tariff on any specified good. Generally speaking, U.S. tariffs
on clothing and textile goods are relatively high, which makes
production of these goods in QIZs especially attractive. QIZ with
Jordan Since 1998, the United States has designated thirteen QIZs
in Jordan; On March 6th, 1998, the United States Trade
Representative (USTR) designated Jordan's Al-Hassan Industrial
Estate in the northern city of Irbid as the world's first QIZ.
Other industrial parks designated by the U.S. government as QIZs in
Jordan include; the Al-Hassan Industrial Estate (Irbid), and
Al-Hussein Ibn Abdullah II Industrial Estate (Al Karak), both owned
and operated by the Jordan Industrial Estate Corporation. Also, the
now privately owned and operated Al-Tajamouat Industrial Estate
(Amman), Ad- Dulayl Industrial Park (near Zarka), Jordan Cyber City
(Irbid), Al- Qastal Industrial Zone (Amman), and El-Zai Ready-wear
Manufacturing Co. sub-zone (Zarqa). Other QIZs expected to be
operational in the near future include the Gateway QIZ (northern
Jordan-Israel border), Aqaba Industrial Estate (Aqaba), and the
Mushatta International complex (Amman). Benefits of QIZ with
Jordan
Slide 22
Data from Kandeel: Arab Studies Quarterly 2008 End of 2006,
54,062 people were employed in Jordans QIZ. 31% of them were
Jordanians. Total labor force in Jordan was 1,900,000. So QIZs
employed 1% of Jordanians.
Slide 23
Foreign Investment Distinguish between Foreign Direct
Investment (FDI) which provides foreigners with control, compared
to Portfolio Investment (loans and non-controlling stock
investments) which do not. Since around 1960, more money goes
overseas as Portfolio investment than as FDI. Either of these terms
can be inward or outward.
Slide 24
US: International Investments/GDP Data source: US DoC US is a
net importer of portfolio capital, and a net exporter of FDI.
Slide 25
Debt Data
Slide 26
Table 8.2 p. 214. External Debt, 1994 and 2004
Slide 27
Debt/GDP Jordan Syria Egypt Lebanon Data source: WDI
Slide 28
Gulf Currency Union
Slide 29
Gulf Currency Union Saudi Arabia, Kuwait, Qatar, Bahrain: UAE?
Oman? The most important example of a currency union is the euro in
the EMS. Monetary integration is feasible if the countries have
similar rates of inflation, and presumably would be implemented
after the countries had maintained fixed exchange rates among
themselves. (Theory is called optimum currency area.) The Gulf
countries have relatively free capital markets, effectively free
trade, and fixed exchange rates (except Kuwait). One aspect of a
GCC Currency Union would be a complete integration of capital
markets stock markets and investment banking. Also, no transactions
commissions. A major drawback of monetary integration is that it
reduces the economic independence of the individual countries. In
the Gulf, it would accentuate dependence on Saudi Arabia. One also
wonders about the Sovereign Wealth Funds. Other reasons given for
non-agreement in the GCC: location of the bank; the issue of
pegging to the dollar, a basket ($, , , ), or floating.
Slide 30
Slide 31
Inflation in GCC
Slide 32
Sovereign Wealth Funds Government Owned purchases of financial
instruments in other countries. Implications: Reduce domestic
inflation Spread out bonanza from oil or other raw material Reduce
domestic instability caused by unstable world prices Puts these
countries on the map of international finance Indicates that these
countries are growing more sophisticated in their economic policy
(while US and Europe are declining in our ability to throw our
weight around)
Slide 33
Foreign Assets/GDP: Oil Exporters, 2007 (Data in billion US$)
Overseas Assets GDPRatio UAE9001874.8 Saudi Arabia6003721.6
Kuwait3001092.8 Qatar100621.6 This Ratio for Norway would be 1.1
1.5. Sources: Estimates on overseas assets referring to 2007-, from
Setser and Ziemba, Understanding the New Financial Superpower- The
Management of GCC Official Foreign Assets, RGE Monitor Dec. 2007.
GDP estimates (for 2007) from EIU Monthly Reports. Link to
Sovereign Wealth Fund Institute online
www.swfinstitute.orgonline
Slide 34
Size of SWFs Saudi Arabia (SAMA) ~ $400b Source: Legrenzi and
Momani (2011) Shifting Geo-Economic Power of the Gulf
Slide 35
SWF Strategy and Transparency Source: Sovereign Wealth Funds
Institute
Slide 36
Accumulated Stocks of FI for Oil Exporters. (Stocks as % of
GDP) Estimates, using as the basic data source International
Financial Statistics
Slide 37
Foreign Direct Investment
Slide 38
Quick Review of Theory of Foreign Investment Distinguish Direct
Investment (control) from Portfolio Investment (Loans) Direct
Investment because of special advantage of Investing Company:
Technology, Trademark/Patent, Operational practice, Access to
credit or external markets, protection of home country Attraction
of country: low wages, availability of resources, tax benefits,
access to market Profit rates, wages, import reliance, etc. will be
higher for FDI company Benefits will decline over time (product
cycle) FDI will be either market seeking or resource seeking. This
theory is an alternative to the theory that FDI seeks to
exploit.
Slide 39
Share of FDI Inflows p. 182 Source: World Bank (2004) Unlocking
the Employment Potential in the MENA page 182
Slide 40
FDI Potential Source: World Bank: Trade Investment and
Development in MENA Figure 1.18
Slide 41
Openness to FDI in Services, by Regions, 2004. SE ASIA West
Asia (MENA) South America Central and Eastern Europe Source: UNCTAD
World Investment Report, 2007 Closed Open East Asia
Slide 42
Source: WDI, in OPECFDIRev2.xls
Slide 43
IDP Source: UNCTAD: World Investment Report, 2006
Slide 44
Recent FDI From West Asia Source: UNCTAD World Investment
Report, 2007 From Kuwait and UAE, to Turkey, Saudi A, and UAE
Slide 45
West Asia: M&As, by Sector Mostly in Services! Source:
UNCTAD World Investment Report, 2007
Slide 46
Turkeys FDI in Egypt Link to articlearticle (or, next
slide)
Slide 47
Turkey Sets Up Its First Industrial Park in Egypt Turkey sets
up its first Industrial Park in Egypt By Sherine El Madany First
Published: January 17, 2008 AFP PHOTO/ KHALED DESOUKI CAIRO: After
signing a free trade agreement in 2005 that was dubbed a turning
point in relations between two regional powers, it was only a
matter of time before Turkey established its first private
industrial park in Egypt. Turkish President Abdullah Gul
inaugurated Wednesday The Polaris industrial park, the first of its
kind in Egypt, with investments totaling $1.5 billion. The private
industrial park is a joint venture between the two countries that
is estimated to attract $4 billion of investments in the next four
years. Trade ties between the two countries have already been on
the rise since [ratification] of the FTA, said Minister of Trade
and Industry Rachid Mohamed Rachid in a press statement. The
majority of Turkish investments in Egypt seek to export to foreign
markets, especially in Europe, the Middle East and Africa, as well
as benefit from partnership agreements between Egypt and Europe,
allowing preferential advantage of products manufactured in Egypt
to enter these markets without customs, he added. Sprawling two
million square meters in the Sixth of October City an area fit to
host some 300 companies and factories the cluster will include
Turkish manufacturing operations from a number of sectors including
textile and ready- made garments, furniture, automotive, glass, and
food processing. The ministry expects total production capacity to
reach $3.54 billion per year. Gul, who started an official visit to
Egypt on Tuesday, told Reuters that recent economic reforms in the
Arab country spurred interest from Turkish investors.
Slide 48
Saudi investors demand their $12 billion invested in Egypt be
protected Author: Egypt Independent March 17, 2012 Saudi
businessmen have said that Egypt has responded positively to
demands that their investments in the country be protected,
reported Saudi paper Al-Eqtisadiah on Saturday. Saudi investments
in Egypt are estimated as being worth around US$12 billion, of
which $4 billion worth are facing major problems, the paper said.
It quoted a Saudi businessman in Egypt as saying that during an
upcoming meeting between the Saudi-Egyptian Business Council and
the Egyptian People's Assembly speaker, the investors will list
their grievances and the rights they have been deprived of without
compensation since the Egyptian uprising began. A large community
of around 700,000 Saudis live in Egypt. According to the newspaper,
Saudi investors in Egypt believe that their rights have been
disregarded after the government revoked their contracts,
considering them null and void.
Slide 49
Privatization, and Equity Market Reform
Slide 50
Privatization Proceeds Source: Dasgupta et al., Reform and
Elusive Growth in the Middle East
Slide 51
Cumulative Privatization Proceeds/GDP (%), 1988-2003
Egypt6Qatar3 Jordan11Saudi A.2 Lebanon1Tunisia4 Morocco19Turkey3
Oman3 Positive but < 0.5 Algeria, Bahrain, Iran UAE, Yemen.
Presumably zero elsewhere (e.g. Libya, Syria). Source:
Privatization proceeds from WB Privatization database
http://rru.worldbank.org/Privatization/; GDP from WDI
Slide 52
Stock Market data Source: Neaime (2006) Thunderbird Review
Slide 53
Market Capitalization/GDP Source: WDI. Missing are data from
Algeria, Iraq, Syria, Yemen Lebanon US Jordan Iran
Slide 54
Syria Finds Right Ingredients to Start a Stock Market From
Scratch April 2, 2009 New York Times/Damascus Journal By ROBERT F.
WORTHROBERT F. WORTH DAMASCUS, Syria A different Syria, a good
Syria, say the huge, glossy Billboards that have begun appearing
all over this city. The signs are not about political reform, or
this countrys much-touted re-engagement with the West. Instead,
they are advertisements for the new Damascus Securities Exchange,
which opened last month on a hillside on the edge of town. It may
seem a little quixotic to open a stock exchange in the middle of
the worst global financial crisis in decades. For the moment, it
looks more like a sleepy college library than a booming bourse,
with trading indirectly controlled by the government only five
hours a week and share price fluctuations limited to 2 percent per
day. There are only six stocks on the market, and in the first
weeks, only one was traded. But for many Syrians, the fledgling
exchange represents a long-deferred dream of economic
liberalization and prosperity after decades of socialism and
isolation.
Slide 55
Telecommunications Liberalization in MENA Source: World Bank:
Trade Investment and Development in MENA Figure 5.6
Slide 56
Incidence of Energy Subsidies in Iran, Urban vs. Rural p.64
Source: World Bank/Farrukh Iqbal (2006) Sustaining Gains in Poverty
Reduction MENA page 64
Slide 57
Defense and Armaments Chapter 13 of R&W
Slide 58
MENA Military Expenditures. Table 13.2 p. 352. See next
slide.
Slide 59
World Defense Expenditures, 1999 (US$ billion)(US$
million)(US$mill) World852Algeria1,830Oman1,780 W.
Europe188Egypt2,390Qatar1,060 Middle East55Iran6,880Saudi A. 21,200
Africa20Iraq1,250Syria 4,450 China89Israel8,700Tunisia 357
India11Kuwait2,690Turkey 9,950 Russia35Lebanon653UAE 2,180
USA281Morocco1,450Yemen 374 Source: US Arms Control and Disarmament
Agency, World Military Expenditures and Arms Transfers
1999-2000
Slide 60
R&W Fig. 13.2 p. 353. Military Spending in MENA, 2000s U.S.
military spending is listed as $518 billion.
Slide 61
Military Spending as % of GDP. Fig. 13-1 p. 350. As a region,
MENA has highest ratio. Slight decline between 1993 and 2004 for
all countries.
Slide 62
Defense Expenditures/GDP, Regions Source: WDI
Slide 63
R&W Table 13.1 p. 351. Relative Weight of MENA
Military
Slide 64
MENA: Military Expenditure/GDP, % Source: WDI (2006) General
trend towards a decline. High in Saudi, Kuwait, Oman, Israel,
Jordan. Lower in Tunisia, Iran, Algeria
Slide 65
MENA: Military Expenditure/Govt UAE Jordan Iran Turkey Source:
WDI Oman
Slide 66
Article on $60b arms sale to Saudi Arabia: NYT Sept. 18, 2010
Obama Is Said to Be Preparing to Seek Approval on Saudi Arms Sale.
President Obama is preparing to seek Congressional approval for a
huge arms sale to Saudi Arabia, chiefly intended as a building
block for Middle East regional defenses to box in Iran, according
to administration and Pentagon officials. The advanced jet fighters
and helicopters for Saudi Arabia, long a leading customer for these
weapons, could become the largest arms deal in American history,
and one significant enough to shift the regions balance of power
over the course of a decade. The key element of the sale would be
scores of new F-15 combat aircraft, along with more than 175 attack
and troop-transport helicopters and, if subsequent negotiations are
successful, ships and antimissile defenses. The deal has been put
together in quiet consultations with Israel, which has sought
assurances that it will retain its technological edge over Saudi
forces, even as Saudi Arabia improves its ability to face down a
shared rival, the Iranians.
Slide 67
Slide 68
Tech. Composition of exports of Lebanon and other MENA
Slide 69
Trade to GDP Ratios in MENA Source: World Bank: Trade
Investment and Development in MENA Figure 2.3
Slide 70
Hirschman Export Concentration Index LAC-Latin America, EAP5
East Asia, ECA3 Europe. Source: World Bank, Trade Investment and
Development
Slide 71
Tourism/GDP: MENA and Other Regions Source: World Bank: Trade
Investment and Development in MENA Figure 2.8
Slide 72
Bush kicks off new round of free-trade talks in the Middle East
U.S. president seeks to create FTAs with every nation in the region
by 2013 By Agence France Presse (AFP) Compiled by Daily Star staff
Friday, March 11, 2005 The Bush administration, seeking to provide
economic support for its efforts to spread democracy in the Middle
East, launched a new round of free-trade talks in the region this
week while an Egyptian official said Wednesday he believed his
country's own negotiations with the United States would start soon.
Egyptian Trade Minister Rashid Mohammed Rashid described his
meeting in Washington with Acting U.S. Trade Representative Peter
Allgeier in optimistic terms, saying he was hopeful that free-trade
talks with the United States would begin "in the near future." "We
do not have a specific date for when we can start negotiation of an
FTA (Free Trade Agreement). But we are both moving on the right
track," Rashid said in describing his talks with Allgeier. The Bush
administration is pushing to strike free-trade deals with a number
of countries in the Middle East as a prelude to Bush's ultimate
goal of creating a free-trade area throughout the region by 2013.
The hope is that greater trade with the United States will bolster
economic growth in the region and help support Bush's goals of
fighting terrorism and spreading democracy in that part of the
world. The administration currently has free-trade agreements in
that area of the world with Israel, Jordan and Morocco. A
free-trade deal negotiated last year with Bahrain is pending
congressional approval. The administration has delayed starting
talks with Egypt until the country makes further economic reforms.
Rashid argued that the country is moving quickly to implement a
wide range of economic reforms and a free-trade agreement with the
United States would help promote even greater reforms.
Slide 73
Tax rates Source: Dasgupta et al., Reform and Elusive Growth in
the Middle East
Slide 74
Class Composition in Iran, 1976-2006 Source: Behdad and Nomani
(2009) What a Revolution! Thirty Years of Social Class Reshuffling
in Iran, Comparative Studies of South Asia, Africa and the Middle
East 29:1
Slide 75
Other Fiscal Issues
Slide 76
MENA: Govt Fiscal Balance Source: World Bank (2006) Economic
Development and Prospects: Financial Markets in a New Age of Oil
page 112
Slide 77
Food Subsidy Costs p. 60 Source: World Bank/Farrukh Iqbal
(2006) Sustaining Gains in Poverty ReductionMENA page 60
Slide 78
Relative size of Military Expenditures Source: Cordesman (2004)
Military Balance in the Middle East
Slide 79
Decline of Real Military Deliveries, 1985-1999 Source:
Cordesman (2004) Military Balance in the Middle East Would seem to
be US aid.
Slide 80
Excerpt from US Embassy Site on Jordan FTA
http://usembassy-amman.org.jo/QIIZ.htm QUALIFYING A PRODUCT Q: How
does the FTA affect the Qualified Industrial Zone (QIZ)
initiative?FTA A: The FTA does not supersede or eliminate the QIZ
initiative. The QIZ initiative currently grants immediate tariff
and quota-free access to the U.S. market to goods that are produced
in the QIZs and meet specific rules of origin requirements. Under
the FTA, tariffs and quotas for many goods are phased out over
time, and rules of origin require 35% Jordanian content. Thus for
some high-tariff goods, producing in QIZs will retain an
advantage.FTA For instance, many apparel goods face U.S. tariffs of
up to 30%. Under the FTA, tariffs on these goods would be reduced
over ten years, and Jordanian exports would have to meet the 35%
Jordanian content level. Under the QIZ initiative, those same goods
would enjoy immediate elimination of tariffs and quotas, and would
require a lower level of Jordanian inputs. Thus in this case,
QIZ-produced products would enjoy a comparative advantage. Q: Who
qualifies products for duty free entry in the United States? What
information is required? A: A committee consisting of Jordanian and
Israeli government officials determines whether products are
eligible for duty-free treatment. The manufacturer must provide
detailed information about the costs of materials and labor to
prove that the product fulfills QIZ production requirements.
Slide 81
Morocco: Employment Growth and Manufactured Exports Source:
World Bank: Trade Investment and Development in MENA Figure
1.23
Slide 82
US-Jordan FTA: WB Source: WB (2003) Trade and Investment p.
208
Slide 83
Link to discussion of QIZs and FTA with US Click
http://www.tamas.gov.il/NR/exeres/2124E799-4876-40EF-831C-6410830D8F02.htm
Slide 84
Slide 85
Link to data on Recent FDI into MENA LinkLink http://www-
personal.umd.umich.edu/~mtwomey/econhelp/344files/Table18%20International%20Finance.doc
Slide 86
Link to FDI Table 17: 20 th Century FDI in MENA LinkLink
http://www-personal.umd.umich.edu/~mtwomey/econhelp/344files/Table17EarlyFI.doc