Deregulation in Japan, the U.S.-Vietnam bilateral trade agreement, the U.S.-COMESA trade and investment framework agreement, and increasing CBERA imports are the topics 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 IER are those of the authors and do not necessarily reflect the views of the Commission or any individual Commissioner.

The current issue (January/February 2002) includes the following articles:

• Deregulation In Japan: Status and Benefits -- Despite numerous deregulation plans over the years, Japan's economy remains highly regulated. Foreign companies face bureaucratic delays and regulations in attempting to enter or operate in the market. Nonetheless, there has been some progress towards deregulation, and a July 2001 study estimates that deregulation has created economic benefits worth about $127 billion during 1989-2000. Additional benefits will depend on the leadership of the Prime Minister.

• U.S.-Vietnam Bilateral Trade Agreement Takes Effect, Heralding Lower Duties for Imports From Vietnam -- The U.S.-Vietnam Bilateral Trade Agreement (BTA) took effect on December 10, 2001, following an exchange of letters implementing the agreement by U.S. Trade Representative Robert B. Zoellick and Vietnamese Minister of Trade Vu Khoan. U.S. imports from Vietnam will now be subject to significantly lower duties under normal trade relations (NTR) status. U.S. imports from Vietnam are likely to increase substantially as NTR rates come into effect.

• New Trade and Investment Framework Agreement Between the United States and the Common Market for Eastern and Southern Africa -- The United States recently signed a Trade and Investment Framework Agreement with the Common Market for Eastern and Southern Africa -- the first such agreement between the United States and a regional organization in sub-Saharan Africa. This article describes recent U.S.-COMESA trade and investment trends.

• USITC Reports that CBERA Imports Will Likely Increase -- As a result of a recently inaugurated expansion of the Caribbean Basin Economic Recovery Act (CBERA), U.S. imports from Central American and Caribbean beneficiary countries -- particularly of textiles and apparel -- have already increased. It is expected that this trend will increase and such imports will eventually dominate trade from the region.

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. An annual IER chartbook depicting trends in U.S. trade with major trading partners and regions is also included in the IER series.

The current issue of the IER (USITC Publication 3489, January/February 2002) 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.