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NEWS RELEASE 03-033 March 21, 2003
News Release 03-033

ITC'S INTERNATIONAL ECONOMIC REVIEW DISCUSSES KEY METHODS FOR QUANTIFYING THE ECONOMIC IMPACT OF TRADE LIBERALIZATION

Key methods used to quantify the economic impact of trade liberalization is the topic covered in the current issue of the International Economic Review (IER), a publication of the U.S. International Trade Commission's Office of Economics.

The IER is produced as part of the ITC's international trade monitoring program. The program's purpose is to keep the Commission informed about significant developments in international economics and trade and to maintain the Commission's readiness to provide technical information and advice to policymakers in the Congress and the executive branch. The opinions and conclusions of the are those of the authors and do not necessarily reflect the views of the Commission or any individual Commissioner.

The current issue (January/February 2003) includes the following articles:

Key Methods for Quantifying the Effects of Trade Liberalization --- This article examines three key methods for quantifying the economic effects of removing import restraints on production, trade, employment, and economic welfare. Although many methodological tools exist for analyzing these effects, three models are commonly employed by economists: gravity, partial equilibrium, and general equilibrium models. Each model has relative strengths and weaknesses, which are described in this paper.

In addition, the publication reviews U.S. economic performance relative to other major trade partners, U.S. trade performance, and economic forecasts. Comparative economic indicators for major industrialized countries are also provided.

The current issue of the IER (USITC Publication 3583, January/February 2003) will be available on the ITC's Internet server at www.usitc.gov. To request a printed copy, write to the Office of the Secretary, U.S. International Trade Commission, 500 E Street SW, Washington, D.C. 20436, or fax requests to 202-205-2104.

To be added to the mailing list for the publication, write to the Office of Economics, U.S. International Trade Commission, 500 E Street SW, Washington, D.C. 20436, or fax requests to 202-205-2340.

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