Trade and Welfare Effects of New Trade Policy Instruments

Yvonne Wolfmayr, Elisabeth Christen, Hendrik Mahlkow, Birgit Meyer and Michael Pfaffermayr
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Hendrik Mahlkow: WIFO

in WIFO Studies from WIFO

Abstract: Geoeconomic concepts are gaining importance in EU trade policy. In this context new trade policy instruments are designed to protect the internal market against unfair trade practices, coercive actions as well as to ensure sustainable supply chains and the protection of human rights. The study extensively overviews seven policy instruments: Anti-Coercion Instrument (ACI), Enforcement Regulation (ER), International Procurement Instrument (IPI), Carbon Border Adjustment Mechanism (CBAM), Corporate Sustainability Due Diligence (CSDD), Level Playing Field Provisions in the EU-UK Trade and Cooperation Agreement (LPF), and EU Regulation on Deforestation-Free Products (EUDR). Using gravity models and a quantitative general equilibrium trade model, the impact of the selected trade policy instruments on trade and welfare of the EU as well as Austria is estimated based on different scenarios.

Date: 2024 Written 2023-04-13
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Working Paper: Trade and Welfare Effects of New Trade Policy Instruments (2024)
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