The impact on the U.S. economy of trade agreements, the link between trade openness and the rule of law, and the atypical year for U.S. imports from ATPA beneficiary countries during 2002 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 (September/October 2003) includes the following articles:

• The Effects of "Fast-Track" Trade Agreements on the U.S. Economy -- Since 1978, U.S. gross domestic product increased two-fold and U.S. trade increased four-fold. Five major trade agreements were signed and implemented by the United States during that period. The article suggests that these trade agreements have helped spur this trade and economic growth, but only partly. Other factors including population growth and technology have played even greater roles. Disentangling and measuring the effects of such trade agreements on the U.S. economy is the focus of a recent USITC report on the subject.

• Trade Openness, the Rule of Law and Economic Performance: Is There a Link? -- The African Growth and Opportunity Act (AGOA) offers incentives for Sub-Saharan African countries to continue their efforts to open their economies and build free markets. By law, AGOA beneficiary countries are required to undergo an annual review to determine whether they are making progress toward establishing a market-based economy, the rule of law and political pluralism, free trade, and economic policies that aim to reduce poverty and to protect workers rights. This article examines the literature linking trade openness, the rule of law, and economic performance, and the implications for Sub- Saharan Africa.

• An Atypical Year in the History of U.S. Imports under the Andean Trade Preference Act -- The expiration of the Andean Trade Preference Act at the end of 2001, followed by the Act's retroactive renewal and amendment in August 2002, profoundly affected imports under this program in 2002 from the beneficiary countries Bolivia, Colombia, Ecuador, and Peru. These developments also affected overall U.S. imports from these Andean countries during the year.

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 3638, September/October 2003) will be available on the ITC's Internet site 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.