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India’s foreign value added content of exports was 22% in 2009 (the second highest in the BRIICS after China), up from 10% in 1995, illustrating an increased fragmentation of production and integration into global value chains, into which India could integrate even better.
Export restrictions on raw materials are applied to achieve a number of policy objectives. However, they can have a significant and negative impact on the efficient allocation of resources, international trade, and the competitiveness and development of industries in both exporting and importing countries.
By diverting exports to domestic markets, export restrictions raise prices for foreign consumers and importers. At the same time, by reducing domestic prices in the applying countries and increasing global uncertainty concerning future prices, export restrictions negatively affect investment, thus potentially reducing the overall supply of raw materials in the long term. In view of existing alternative policy tools that have a different impact on trade, the effectiveness of export restrictions to achieve stated policy objectives should be carefully reviewed.
This publication presents a selection of papers discussed at the OECD Workshop on Raw Materials, held in Paris in October 2009. This workshop was organised in response to the growing concern on the use of export restrictions on raw materials, particularly by emerging economies.
This book analyses key elements of the trade performance of the BRIICS in relation to the rest of the world, focusing on trade and other policies influencing that performance. Developments in global trade policy are reviewed, notably the impact of preferential trade agreements on the multilateral system and patterns of world trade are described using both indices that reveal networks of trading relations and more standard modeling results.
As well as the global analysis, the book also presents a separate chapter for each of the BRIICS, examining the key development and trade issues in each of the six countries over the past few years.
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