Muslim Commonwealth: The Way Forward


List of Tables xix
List of Figures xxi

Appendix Chapter 2: List of Tables xxi
Appendix Chapter 4: List of Tables xxii
Appendix Chapter 5: List of Tables xxii
Appendix Chapter 6: List of Tables xxiv
Appendix Chapter 7: List of Tables xxiv



Chapter 1


1.1 The Context of the Study
1.2 The Research Problem and its Relevance
1.3 Research Questions
1.4 Objectives of the Study
1.5 Contribution and Significance of the Study
1.6 Outline of the Thesis

Chapter 2

ECO Countries: Economic Structure and International Trade

2.1 Introduction
2.2 Economic and Political Structures and International Trade
2.3 Pakistan’s Political and Economic Structure
2.3.1 Pakistan’s Exports and Imports
2.3.2 Pakistan’s Composition of Trade
2.3.3 Pakistan’s Direction of Trade
2.4 Iran’s Political and Economic Structure
2.4.1 Iran’s Exports and Imports Iran’s Oil Exports Refined Petroleum Imports
2.4.2 Iran’s Composition of Trade
2.4.3 Iran’s Direction of Trade
2.5 Turkey’s Political and Economic Structure
2.5.1 Turkey’s Exports and Imports
2.5.2 Turkey’s Composition of Trade
2.5.3 Turkey’s Direction of Trade
2.6 Kazakhstan’s Political and Economic Structure
2.6.1 Kazakhstan’s Exports and Imports
2.6.2 Kazakhstan’s Composition of Trade
2.6.3 Kazakhstan’s Direction of Trade
2.7 Conclusion

Chapter 3

ECO Countries: Trade Policies and Trade Liberalisation

3.1 Introduction
3.2 Trade Policy Liberalisation
3.2.1 Closed and Open Trade Regimes
3.2.2 Non-Tariff Barriers
3.2.3 Tariff Barriers
3.3 ECO Trade Policy Context
3.3.1 Pakistan Trade Barriers and Trade Liberalisation
3.3.2 Iran Trade Barriers and Trade Liberalisation
3.3.3 Turkey Trade Barriers and Trade Liberalisation
3.3.4 Kazakhstan Trade Barriers and Trade Liberalisation
3.4 Conclusion

Chapter 4

Regional Trade Arrangements of ECO Countries

4.1 Introduction
4.2 Meaning of Trade Integration
4.2.1 Unilateral Trade Agreements
4.2.2 Bilateral Trade Agreements
4.2.3 Multilateral Trade Agreements
4.2.4 Regional Trade Agreements
4.3 Theory of Regional Trade Agreements (RTAs)
4.4 Types of Regional Trade Agreements (RTAs)
4.5 Experience of RTA in Developed and Developing Countries
4.6 Experience of RTA Attempts of ECO Countries
4.6.1 Promotion of Trade and Investment among ECO countries
4.6.2 Intra-Regional Trade
4.7 Progress towards Trade Liberalisation in the ECO
4.7.1 ECO Trade Agreement (ECOTA)
4.7.2 Transit Trade Agreement (TTA) and Transit Transport Framework Agreement (TTFA)
4.7.3 ECO Customs Cooperation
4.7.4 Harmonisation, Standardisation and Recognition
4.7.5 ECO/ITC Project for Trade Promotion
4.7.6 ECO Chamber of Commerce and Industry
4.7.7 Investment Promotion
4.7.8 ECO Trade and Development Bank & ECO Reinsurance Company
4.8 Infrastructural Limitations and Progress for RTA among ECO Countries
4.8.1 Transportation Facilities and ECO Region
4.8.2 Pakistan
4.8.3 Iran
4.8.4 Turkey
4.8.5 Kazakhstan
4.9 Conclusion

Chapter 5

Comparative Advantage of Selected ECO Countries

5.1 Introduction
5.2 Theories of Comparative advantage
5.2.1 Studies Testing Comparative Advantage Theory
5.3 Balassa’s Revealed Comparative Advantage
5.3.1 Balassa’s RCA Index (BRCAI)
5.4 Vollrath’s Revealed Competitive Advantage Indexes
5.5 Data and Sources
5.6 Estimation of Balassa’s RCA Index
5.6.1 Balassa RCA Index: Textile Yarn Fabric (Product Category 65)
5.6.2 Balassa Revealed Comparative Advantage Index: Crude Oil (Product Category 333)
5.6.3 Balassa Revealed Comparative Advantage Index: Natural Gas (Product Category 343)
5.6.4 Balassa Revealed Comparative Advantage Index: Cereals and Cereals Preparations (Product Category 04)
5.6.5 Summary Balassa Revealed Comparative Advantage Index
5.7 Vollrath Revealed Export, Trade and Competitive Advantage Indexes
5.7.1 Textile, Yarn Fabric (Product Category 65)
5.7.2 Crude Oil (Product Category 333)
5.7.3 Natural Gas (Product Category 343)
5.7.4 Cereals and Cereals Preparations (Product Category 04)
5.7.5 Textile, Yarn Fabric (Product Category 65)
5.7.6 Crude Oil (Product Category 333)
5.7.7 Natural Gas (Product Category 343)
5.7.8 Cereals and Cereals Preparations (Product Category 04)
5.7.9 Textile, Yarn Fabric (Product Category 65)
5.7.10 Crude Oil (Product Category 333)
5.7.11 Natural Gas (Product Category 343)
5.7.12 Cereals and Cereals Preparations (Product Category 04)
5.7.13 Textile, Yarn Fabric (Product Category 65)
5.7.14 Crude Oil (Product Category 333)
5.7.15 Natural Gas (Product Category 343)
5.7.16 Cereals and Cereals Preparations (Product Category 04)
5.8 Trade Substitutes and Complementarities
5.9 Conclusion

Chapter 6

Trade Intensity Analysis: Trade Flows among ECO Countries and between ECO and Other Countries

6.1 Introduction
6.2 Trade Intensity: Theory and Models
6.2.1 Kojima Model
6.2.2 Drysdale Index
6.2.3 Rose and Frankel Models
6.2.4 Other Models
6.3 Determinants of Special Country Bias
6.4 Empirical Literature
6.5 The Model Used for the Analysis in this Chapter
6.6 Data and Sources
6.7 Results and Discussion
6.8 Conclusion

Chapter 7

Gravity Model Analysis: Trade Flows of ECO Countries

7.1 Introduction
7.2 Theoretical Foundation of the Gravity Trade Model
7.3 Empirical Applications of Gravity Trade Models
7.3.1 General Gravity Trade Model
7.3.2 Commodity Based Gravity Trade Models
7.3.3 Country Specific Gravity Trade Models
7.3.4 The Impact of Costs on Trade Flows
7.3.5 Combining Cross Sectional Data and Time Series Data
7.4 The Gravity Trade Models Used in this Analysis
7.4.1 Core Explanatory Variables in the Country Specific Gravity Model The GDP Variables Population Per Capita GDP The Distance Variable Export and Import Prices in the Gravity Equation The Trade Openness Index Preferential Trade Agreements Border Culture
7.5 Export and Import Models Estimation
7.5.1 Export Model Hypotheses Interpretation of Hypothesis
7.5.2 Import Model Hypotheses Interpretation of Hypothesis
7.5.3 Sample Size, Data sources, Procedure and Issues
7.5.4 Model Estimation Procedure
7.6 Discussion of Estimation Results
7.6.1 Export Model
7.7 Estimation of Trade Potential among Selected Countries
7.7.1 Export Flows
7.7.2 Import Flows
7.8 Conclusion

Chapter 8

Summary and Conclusion

8.1 Introduction
8.2 An overview of the Study
8.3 Achievements and Findings of Study
8.4 Policy Implications
8.5 Limitations of the Study
8.6 Areas for further Research

Appendix Chapter 2: Tables
Appendix Chapter 4: Tables
Appendix Chapter 5: Tables
Appendix Chapter 6: Tables
Appendix Chapter 7: Tables

List of References

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