Egger PH, Lassmann A (2012) The linguistic effect in international trade: a meta-analysis. Econ Lett 116 (2): 221-224 EPS or NTB are environmental and non-tariff barriers and come from the OECD and WTS respectively. Due to the lack of data from some of the countries forming our panel, we calculated on the basis of the Walter and Ugelow Environmental Rigor Index (1979), which measures the environmental rigour of countries and ranks countries from 1 (strict) to 7 (tolerant). The same calculations were made for NTB, as there is no data on European countries in the WITS data. The EPS and NTB measures are redefined on a strict scale of 1 to 7 and presented in Appendix 2. Today, national policies are more protectionist in a world of competition. States prefer to protect themselves from increasingly unfair international competition, particularly in developing countries, by imposing taxes on international companies, which encourages domestic production and imposes restrictive measures. These laws and measures are sometimes reinforced by a strict environmental policy, especially in industrialized countries. The results of this study suggest that stricter environmental policies reduce international competitiveness (Xu 2000). Strict environmental policies have a significant impact on foreign trade and thus reduce Pakistan`s trade flows. In a global competition that is creating more and more barriers between countries, the free trade agreement is pushing nations to open up more.
In the meantime, Pakistan has made considerable efforts to make its economy more attractive. The results showed that the free trade agreement was positive and was statistically significantly correlated with trade. However, as the new political forecast predicts, Pakistan should expand trade agreements with key partners, such as China, to stimulate its economy. Beghin JC, Maertens M, Swinnen J (2015) Non-tariff measures and standards in global trade and value chains. Annu Rev Resour Econ 7 (1): 425-450 In this study, we examined trade flows between Pakistan and its major trading partners. In 1995, Pakistan had a negative trade balance of $664 million. In 2017, Pakistan`s main export destinations are the United States ($3.56 billion), the United Kingdom ($1.63 billion), China (1.50 billion euros). USD, Germany ($1.28 billion) and Spain ($0.9 billion) and the countries of origin are China ($16.89 billion), the United Arab Emirates ($8.39 billion), the United States ($6.40 billion), Saudi Arabia ($3.06 billion) and Japan ($2.51 billion). Gerhardt T (2011) The Century of the Pacific of the Americas?: In: APEC Summit in Hawaii, free trade agreements in the Asia-Pacific region are implemented. Common dreams describe the bilateral and multilateral trade agreements to which that country belongs, including with the United States. Includes websites and other resources that allow U.S.
companies to get more information about how they can use these agreements. Haveman JD, Shatz HJ (2004a) Developed trade barriers and least developed countries: the current situation. J Econ Integr 19:230-270 Kosluk T, Timiliotis C (2016) Environmental policy influences global value chains?: A new perspective on the hypothesis of pollution oases. Ocde Publishing, Paris In 2016, Pakistan exported $24.2 billion and imported $48.1 billion, resulting in a negative trade balance of $23.9 billion.