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Ms. Natalia T. Tamirisa, Mr. Alexander Lehmann, and Mr. Jaroslaw Wieczorek
This paper reviews the characteristics of international trade in services and of the World Trade Organization’s General Agreement on Trade in Services (GATS) framework, which was established to regulate it. Further liberalization of services trade in developing countries, as currently envisaged in the context of the WTO Doha Development Agenda, holds a number of potential benefits, such as underpinning the liberalization of goods trade, but it is also being resisted due to its potential adjustment costs. Two implications for IMF activities are examined: coherence among the three principal international economic institutions and sequencing with macroeconomic stabilization and regulatory reforms.
International Monetary Fund. European Dept.

airport, especially devoted to cargo services and touristic itineraries; a scientific and technological park, financed by high-innovative businesses and connected to researchers and universities; telecommunications and media. 1 The double taxation agreement (DTA) between Italy and San Marino entered into force on October 3, 2013, and paved the way for San Marino to be taken off the “black list” of countries that Italy considers to be “tax havens”. The exit was ratified on February 12, 2014. The DTA, signed in 2002, and the Amending protocol thereto, aligning

International Monetary Fund. European Dept.

banks to fully access the Italian market. The recently improved relationship with Italy are also a solid base for the new activities connected with the reopening of the Rimini-San Marino International Airport, closed after the Italian managing company went bankrupt. San Marino underwrote a public concession for the use of the airport’s tarmacs and defined with the Italian authorities the logistics and the services to be provided (mainly cargo services, general and business aviation and touristic charter flights). The Sammarinese Aviation authorities along with the

Ms. Natalia T. Tamirisa, Mr. Alexander Lehmann, and Mr. Jaroslaw Wieczorek

higher costs due to the extensive protection awarded to national carriers and cargo service providers, as reflected in higher cif-fob margins ( Box 3 ). However, unlike in the case of goods trade, few barriers to services trade are price-based, and hence liberalization rarely entails a loss in fiscal revenue. Adverse terms of trade effects are also unlikely for small countries. Additional benefits could derive from factor movements that result from market access commitments for commercial establishments (mode 3) or the temporary movement of natural persons (mode 4, see

International Monetary Fund. Asia and Pacific Dept

also focus on strengthening and promoting regional cooperation on climate change by analyzing regional climate change risks and addressing the issues associated with climate change at the cross-sectoral and cross-country levels, which are of importance to the Maldives. ADB also provided assistance in the preparation of the study on Indian Ocean Cargo and Passenger Ferry to analyze the feasibility of launching subregional passenger and cargo services, connecting the Maldives to India (Tuticorin and Cochin) and Sri Lanka (Colombo). This will help the Maldives to

Mr. Douglas A. Scott and Mr. Christopher Browne

remittances. Imports of machinery, transport equipment, and industrial materials, which average about one third of the total, are closely tied to disbursements of external assistance. The share of petroleum products is about 10 percent of total imports. The surplus on services and transfers customarily exceeds the trade deficit, so that the external current account is in surplus. The main sources of service receipts are tourism and shipping, the latter a result of the lease of a vessel to the Pacific Forum Line, which operates cargo services with Australia and New Zealand

International Monetary Fund

capital transfers are disbursed to hospitals and Austrian Railways (OeBB). More broadly, OeBB-related expenditures stem from three areas: Compensation for passenger and cargo services; Pensions for employees hired as officials before 1995, which are reimbursed from the federal budget; Capital transfers for railway infrastructure projects. There seems to be potential for rationalization in all three areas: Performance indicators, such as the turnover per employee (compared to, for instance, the Swiss Railways), seem to suggest that there is scope for