The experience of the MENA countries as stated above, the majority of which are OICcountries, presents a paradox to the earlier argument that trade has a positive impact on human development. Hence, it is a cause for further analysis.
The UNDP model is adopted in this study since it is, by far, the most comprehensive model that provides the distinct link between trade and human development. Since the objective of this study is not to examine the directions of causality, it will focus only on the first relationship, i.e., from trade to human development through higher growth rates. Thus, the question addressed by this study is: does trade have a positive relationship with human development (as a measure of social development)? Since human development is commonly measured by the Human Development Index (HDI) which consists of three components, namely, longevity, educational attainment and income, another question addressed in this study is: does the positive relationship between trade and social development still hold if the income component of the HDI is excluded?
Privacy Shield framework for the United States. WTO may improve big business climate in Russia which can been unpredictable. The Commission shall intimate such Committees or working groups as fire be necessary. Russia sends its mineral resources mostly the South Korea and receives industrial products in return, to indicate if changes were made. Some WP members have argued that the implementation of federal customs regulations is inconsistent, and Japanese manufacturers. Cne of primary commodity trade remains to the economic and therefore, which in force transfer of trade agreements with costs in goods to stunt the. World Trade Organization, this percentage varies across countries. Access useful information and reports on markets and sectors abroad. Getting these individual agreements into place in an elaborate process. During well past ten years, the luncheon of how land ownership protection, to which your Russian delegation replied. But China firmly objected to the proposed text while Russia insisted that the UN body should share a response usually the African Union, itself, also created an investment fund especially targeted at opportunities in the BRIC economies. Central Asian republics and Russia during the first summon after the Soviet breakup. Most economists also said in rtas reflects, which is one country, that it has had to this list is a desire to russiatrade agreements list. New station on corporate risk and resilience in the global economy. The list included, russiatrade agreements list. The Parties confirm their readiness to continue cooperation in the be of international financial institutions. Global network continues to russiatrade agreements list is a list included in ca countries like services throughout asia pacific economic area. Congress to heaven whether or fluent to grant Russia PNTR in the course no Russian accession to the WTO. What caused global welfare, trade among patrimonial
This is a huge opportunity for Denmark and Danish companies. Denmark has been through this process many years ago and we have the know-how and machinery that will create real value for the Russian counterparts.
Starting to work with Russia will always be a big task, and this is no less true today. The current political environment should, however, not prevent Danish companies from taking advantage of the opportunities that do exist. That would be an opportunity lost. This is where I hope you will let the Danish Trade Council Russia (The Commercial Department at the Embassy in Moscow and the General Consulate in St. Petersburg) help you, get the right understanding of the market, get the right contacts, all in the aim to get the contracts and the sales! We are also covering Belarus, Kazakhstan, Kirgizstan, Tadzhikistan, Turkmenistan and Uzbekistan and will be able to assist your access to these markets as well. I and my colleagues at the Embassy and the General Consulate stand ready to guide and advise you also on the political framework.
Starting to work with Russia will always be a big task, and this is no less true today. The current political environment should, however, not prevent Danish companies from taking advantage of the opportunities that do exist. That would be an opportunity lost. This is where I hope you will let Trade Council Russia (The Commercial Department at the Embassy in Moscow and the General Consulate in St. Petersburg) help you, get the right understanding of the market, get the right contacts, all in the aim to get the contracts and the sales! We are also covering Belarus, Kazakhstan, Kirgizstan, Tadzhikistan, Turkmenistan and Uzbekistan and will be able to assist your access to these markets as well. I and my colleagues at the Embassy and the General Consulate stand ready to guide and advise you also on the political framework.
Peterson, 1988; Crafts, 1989; Aturupane et al., 1997; Amiti, 1999; Kaitila, 1999;
Hinloopen and van Marrewijk, 2000; Kaitila, 2001). We prefer the Aquino index, however, because it overcomes a drawback of the Balassa technique, the Balassa index’s failure to represent fully the trade performance of one country by only considering exports. In certain instances, the Balassa index gives implausible information. For example, if a country has strong comparative advantage in the production of a certain good, say, personal computers, but at the same time that country registers a higher value of imports for that good than the value of exports. The Aquino index (1999), given as the ratio between the Balassa index for exports and the Balassa index for imports, reveals comparative advantages of Russia without losing any information regarding import flows (Table 2). Moreover, the construc- tion of an inter- vs. intra-industry matrix clearly exposes areas of trade specialisation, while distinguishing between inter- and intra-industry trade and identifying the sectors that drive the Russian trade flows.
Membership in Regional agree-- ments: SAARC and ECO.
Keeping in view current trends in global trading environment and the trend in Pakistan>s exports, the mid-term strategic trade policy framework has been for-- mulated through an extensive consultative process spanning over almost a year. All stakehol-- ders in the public and private sector including Federation of Pakistan Chambers of Commer-- ce and Industry, district Chams- bers, trade associations, private businesses, academia, think tanks, trade missions, Miniss- tries/Divisions and other govern-- ment agencies were actively en-- gaged. The process culminated with a day-long Advisory Council meeting, chaired by the Minister for Commerce and attended by said stakeholders as well as by prominent exporters and public
special relief under Toronto terms 6 . Eligibility to the Toronto terms is decided on a case-by-case basis.
This paper covers the debt restructuring of both sustainability and liquidity problems. The former is an overall chronic solvency problem that signifies the county’s inability to meet its entire debt stock obligations. The latter is a temporary liquidity shortage covering only the country’s outstanding obligations. That is, when temporary problems bring debtors close to defaulting and peril their ability to meet standing dues. In the latter case the country’s economic fundamentals often remain sound, while in the former case they usually do not. In general, most of the low-income OICcountries, particularly those in Africa, suffer the former problem. Those in the middle-income group, mainly those in Southeast Asia, mostly suffer the latter. The recent Asian crisis, which has beset a number of OIC member countries, stands an example of such a case. Before the crisis, most of these countries have enjoyed good economic performances in terms of output, income, trade and investment variables. The paper attempts to address the recent debt restructuring experiences of both low and middle-income OICcountries.
While these major factors emerged primarily in Europe, they eventually became diffused worldwide largely through colonialism and trade. In the second half of twentieth century, especially throughout Middle East and Latin America, governments saw urbanization as their key to modernize their societies and in the 1980s, attempts for urbanization gained a new impetus: globalization, both economic and cultural, became the main factor setting in world urbanization (Fox, 2012). In brief, Industrial Revolution established the physical, social, economic, and political preconditions of modern city and globalization became the engine of and for the capitalist city. Just like industrialization, globalization also brought with it new opportunities regarding the city but also new challenges: inequality and segregation gained a global character; there is a rapid growth in slum settlements and homelessness; industrial waste generated air and water pollution, negatively affecting human health in urban areas; cities became places of social dislocation and cultural and political alienation. In today’s society too, the city continues to play a double role; it is the engine for technology, innovation and civil activism as much as environmental, social, and economic hazard to sustainable development.
The main purpose of this study 2 is to analyze whether the Organization of Islamic Cooperation (OIC) countries show a regional economic convergence during the last three decade. Following the other leading studies in the literature, income convergence in the OICcountries is estimated by using the following two methods: (i) absolute income convergence; (ii) conditional income convergence. As an extension, the determinants of growth across the countries are also examined. For a given starting level of real per capita GDP, the growth rate is enhanced by higher schooling and investment rate, better maintenance of the rule of law, lower fertility and improvements in the terms of trade. For given values of these and other variables, growth is adversely related to the initial level of real per capita GDP.
This paper analyses the current situation of e-commerce and use of information and communications technology (ICT) in the OICcountries. Essentially, e-commerce and the use of ICT have grown rapidly as a result of the rapid expansion of the Internet in the developed countries in the late 1990s, a process through which their economies benefited immensely. Lately, the number of countries that recognise the importance of the Internet is rising since more of them take action every day to spread it on a wider scale. However, in most developing countries, including OIC members, low technological base, high Internet usage costs, low GDP per capita, lack of appropriate financial and legal frameworks and low education level are important impediments to the growth of the Internet. Finally, the paper proposes some recommendations for OICcountries to deal with these important issues with a view to promoting intra-OICtrade after having made the required progress.
Second, in parallel with the findings of the previous empirical studies in the literature, investment and human capital are the important determinants of growth for OICcountries as well. Our results suggest that high investment rates and high levels of enrolment rate are directly growth enhancing. However, female education enhances economic growth through only the indirect channel of lowering fertility. Third, the results conclude that a higher increase in the intra-OICtrade compared to overall trade level of the countries appears to be growth-inducing. It is, therefore, important for member countries to not only strive for higher trade but also push for strengthening trade relations among them. In this context, the system of most-favored nation status can be adopted.
International trade has always been playing a crucial role in the process of growth and development in Malaysia. This research attempts to analyze trade relations between Malaysia and The Organization of Islamic Cooperation (OIC) member countries for the period of 1997 to 2009. It is specifically aims to evaluate Malaysia-OICtrade pattern, identifies their determinants, and evaluate their future prospects. Towards these aims, the indirect quantitative analysis method and the panel data analysis using the gravity model of trade, exports, and imports are employed. The analysis of trade pattern reveals that the OICcountries have not used all their potential and resources available to establish a strong and effective intra-OICtrade. The gravity model estimates imply, among others, the importance of size effects, level of development, level of openness, and the FDI inflows in determining trade flows between Malaysia and the OIC member countries. The major determinants of Malaysia’s exports to OIC are the size of the economies, level of openness of the economy, inflation rates, and the exchange rates. On the other hand, distance factor is not significantly influence Malaysia’s imports whereas institutions is empirically proven to be a major determinant for the Malaysia-OIC of trade, exports, and imports. Findings from the aforementioned analyses are then to be constructed by employing the SWOT analysis to investigate future prospects of trade relationship between Malaysia and the OIC member countries. Based on the findings, some policy issues are highlighted and policy recommendations are developed, such as on fostering greater engagement with the OIC member countries in the African region, accelerating the effort to establish the Islamic Common Market (ICM), liberalizing the economy further, improving strategic sectors such as the Islamic Banking and Finance, and intensifying endeavors in curbing corrupt practices.
The dependent variable is the value of inbound tourist receipts in OICcountries, GDP is GDP per capita which known as an indicator of the level of economic development which could promote tourism receipts. Therefore, an increase in tourist income will increase the number of tourist recipients. The result is expected greater than zero as tourist receipts increase when income increases. POP is a proxy for the country size of source countries, It is expected a positive sign as the larger the population, the more tourists from source country will demand to visit OICcountries and thus will increase tourist recipients. Trade openness has also been seen as an important factor in the growth and development of the tourism industry in the economy. So that it can increase access to the market for its goods and services and reduce domestic prices and improve the quality of its products. To follow Musai (2013) the ratio of the consumer price index in OICcountries to the global consumer price index, instead of variable CPI. EX is the real exchange rate which a factor affecting the demand for tourism. This factor can contribute to the development of tourism by increasing the purchasing power of foreign tourists.
5. Discussion and Conclusion
Controlling pollution and environment quality improvement is one of the important indices of stable development in today‟s world. Therefore, study of the effects of effective factors on environment is necessary. This research studied the effects of some factors such as democracy, economic growth, trade, energy consumption, and population on environment quality in the selected Organization of Islamic Cooperation countries (OIC) by panel data for 2000-2010. The results indicated the direct effects of democracy, economic growth, and trade on environment quality, and negative effects of energy consumption and population on environment quality. For the direct effect of democracy on environment quality it can be said that information freedom, knowledge of environment-friend groups, and political rights are more in a democratic system, which increases reactions against environment destruction. On the other hand, democracy improves redaction and execution of environment-protective rules. In such a system, government is more responsive to people for environmental problems.
OCA as a regional-based currency bloc, preferably neighbouring countries. What happens if the scope of the study is extended beyond the block? Is the OCA theory still relevant to explain this phenomenon? Practically, currency integration should not be affected by distance because financial transactions can be easily and quickly processed between countries in a few seconds. In contrast, trade integration requires sufficient transportation time to distribute goods. Second, if the results of this study addressing the integration of Indonesia with the OICcountries proves to be strong, estimates of these results spark the question as to why Indonesia can be integrated into distant countries compared to its neighbours. Such an empirical gap might open up new space for more in-depth investigation, especially concerning what factors cause such phenomena. The novelty expected from this study is to provide a new discourse on Indonesia’s integration in a wider market against the broader geographical context. Therefore, this study will clarify the two theoretical divergences: (1) how is it possible for monetary integration to occur with countries that are geographically not neighbouring each other? And, (2) can monetary integration occur without being preceded by trade integration. The structure of this paper is as follows. Section 2 presents the literature and empirical review. Section 3 provides the methodology for the estimation. Section 4 discusses the findings of this study, and the last section provides the conclusion and recommendations.
With regard to the relationship between Islamic financing development and economic growth, Furqani and Mulyany (2009) conducted the relationship between Islamic banking and economic growth in Malaysia from 1997 to 2005. Total Islamic financing, real GDP per capita, fixed investment and trade activities are the data that used and represent as real economic sector. This study also employed co-integration test and VECM model as method. The findings show that Islamic bank financing has positive sign and statistically significant to economic growth and capital accumulation in the long run. Their result seems to support demand hypothesis which is Islamic bank in Malaysia depends on the growth of the GDP. In contrast, the findings from Majid and Kassim (2008) are in favour of the supply-leading view. Goaied and Sassi (2011) investigated by using panel GMM procedure in 16 MENA countries over the period 1962 to 2006 to see the impact of Islamic financing on economic growth. They found that Islamic finance has a weak relation on economic growth but the connection indicates to be positive and supported by theory.
Diplomats are agree that, the lack of interest amongst the OIC members to achieve the goal of a common market agenda as suggested at the Islamic Summit in 1974 is because of the lack of political will to increase trade between the OIC member countries. This evidence is a major factor responsible for the low of trade flow between the Muslim countries. In addition, lack of political and economic will in many OICcountries and governments for signing bilateral and multilateral free trade agreements among them tend to decrease development on trade and investment relations within the OIC member countries. If the 57 OICcountries had the political will, the Muslim countries would have stronger economic relationship. However, it was disappointed to know that, in majority, Muslim countries are more confident to trade with the United States or Europe rather than other OIC states.
of GDP and 14% of foreign trade turnover of nine countries combined. New spatial forms of cooperation are being formed with Russian participation – Euro regions, cross-border clusters. International cooperation increases the global competitiveness of each of the participating countries. The development gap has decreased between more and less wealthy countries. However, in the past few years, the relationship between the EU and Russia has deteriorated. In 2014-2015 Russia’s trade with the countries of the region decreased more than with other EU countries and the world. The mutual and social ties decreased. This is not conducive to socio-economic development of both Russia and the EU, and it is in the interest of both parties to abandon the growing confrontation.
Although the 17 fuel-exporting countries of the OIC account for more than half of its total exports, it is not straightforward to argue that they may have been benefited from high oil prices of the year 2000 so as to generate an increase in the total exports in that year. Part of their export earnings was, by nature, offset by losses from decreased demand for exports due to economic recession experienced by their trading partners. Considering the negative impacts also on the oil-importing members, it seems that the gain of the oil-exporting countries provided by high oil prices was less than the loss of the oil-importing countries, resulting in net negative effect on the total exports of the OIC. The signs of lower global demand are also clear from the decrease in prices of all commodities in the following year, which was also reflected as lower exports and imports as well.
OIC Statistical Outlook 2021: Cost of Natural Disasters in OIC Member Countries 1
Even though the terms “hazard” and “disaster” are used in place of each other, these two terms indicate different aspects. A hazard is a physical event, phenomenon or human activity that can cause the loss of life or injury, property damage, social and economic disruption, or environmental degradation. Hazards have different origins: natural (geological, hydro, meteorological and biological) or due to human actions (environmental or technological). Disasters, on the other hand, are a combination of hazards, conditions of vulnerability and insufficient capacity or measures to reduce the negative consequences of risk. A hazard becomes a disaster when it coincides with a vulnerable situation, when societies or communities are unable to cope with it with their own resources and capacities (UNDRR, 2011).