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Economists have repeatedly warned against them, NGOs have fought them, and some governments have begrudgingly (at least in appearance) signed them. Yet, in the last twenty years the growth in number of preferential trade agreements (PTAs) has been unabated. Even more strikingly, their scope has broadened while their number was increasing. Deep integration provisions in PTAs have now become ubiquitous. Gaining market access or preserving existing preferences has remained an important motivation for acceding to PTAs. But with the liberalization of trade around the world and the related...

Morocco 2040 documents the major economic and social strides made by Morocco in recent decades and analyses the obstacles that it must overcome in order to ensure that the economic catch-up process underway in the country can be accelerated and will pave the way for sustainable economic convergence.

Morocco 2040: Emerging by Investing in Intangible Capital documents the major economic and social strides made by Morocco over the past 15 years and analyses the policies and political economy conditions for accelerating the pace of economic catch-up by 2040.

On September 15, 2008, Lehman Brothers, the fourth largest U.S. investment bank filed for bankruptcy. Global credit markets tightened. Spreads skyrocketed. International trade plummeted by double digits. Banks were reportedly unable to meet the demand from their customers to finance their international trade operations, leaving a trade finance 'gap' estimated at around US$25 billion. Governments and international institutions felt compelled to intervene based on the information that some 80-90 percent of world trade relies on some form of trade finance. As the recovery unfolds, the time has...