Cost benefit analysis of regulatory and environmental reforms

What is it about?

Amongst other aims and objectives, this chapter evaluates and assesses the benefits, costs, importance and relevance of trade offs between income gains and costs of trade policies. In the same vein, it is also of great importance to consider the approach adopted in respect of environmental issues - even though such may be well justified on the basis of ongoing economic climate and the need to address current account deficits...............

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Why is it important?

Whilst certain policies may appear on their own to be justified, a certain degree of flexibility needs to be incorporated to ensure that this does not endanger the realisation of intended goals and overall objectives - for instance, protective stances adopted in favor of domestic producers, may eventually generate detrimental returns where adjustments, external prevailing factors or global considerations are not permitted. In illustrating, by way of reference to the ongoing trade war and the importance of global value chains (GVCs), the importance of intellectual property matters - as well as matters of national security, is of such that temporary licensing may need to be granted as a means of facilitating longer terms goals and objectives. The current decision also to defer the tariffs on certain products such that they do not generate detrimental effects on consumer spending at sensitive and significant periods of the year also illustrates the need for incorporation of flexibility in implementing certain trade policies.

Perspectives