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individual time effects for particular years of our sample are reported in column (1). 29 The
robustness of these estimates is subsequently investigated in columns (2)-(5) using various
estimation techniques that allow us to exploit the panel properties of our dataset.
In columns (2) and (3) we report estimation results obtained using in addition to time specific
effects also individual country-pair fixed and random effects, respectively. However, it has
been recently argued that these estimation methods might not be fully correct as specific fixed
effects for both trading countries must be taken into account. The estimation results obtained
using the fixed effects for both exporting and importing countries are presented in column (4).
Finally, using this estimation method in column (5) we control for potential endogeneity of
trade agreements using their lagged values.
29 The F-tests for time specific effects confirm the appropriateness of including time dummies for particular
years of our sample in all estimated regressions for the whole MENA sample.
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