Variables | Description | Data sources |

${X}_{ij}$ | It is the dependent variable that measures the bilateral trade betwen i and j. | WITS (COMTRADE) |

${\text{dist}}_{ij}$ | This is the distance that separates country i and j. It’s calculated from geographic coordinates and measured in kilometers. | CEPII |

${Y}_{\left(i\right)j}$ | Gross Domestic Product (GDP) of country i and j | UNCTAD |

${\text{POP}}_{\left(i\right)j}$ | Population Total of countries i and j | UNCTAD |

${\text{LANG}}_{ij}$ | Dummy variable indicating common language sharing between countries i and j | CEPII |

${\text{CCOL}}_{ij}$ | Dummy variable that indicates whether countries i and j have a common colonizer | CEPII |

${\text{ouv}}_{ij}$ | Dummy variable to capture if countries i and j have a maritime opening | CEPII |

${\text{igouv}}_{it}$ | This is the simple arithmetic mean of governance indicators | Authors based on World Bank |

${\text{infrastructures}}_{it}$ | It’s all the physical infrastructure that considered in the model | WDI and UIT |