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'Best Practices' in Regional Trading Agreements: An Application to Asia

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  • Michael G. Plummer

Abstract

Regionalism in Asia, particularly in the form of free-trade areas (FTAs), is a recent trend that is becoming increasingly important. This has been disturbing to many, given the significance of trade and investment in Asian economic growth and development and the region's key role in global commerce. In light of this trend, the goal of this paper is to develop a blueprint, or a set of 10 'best practices', that can be used as a guide to FTAs in order to ensure that they approximate first-best outcomes to the greatest extent possible. Next, the paper applies this framework to the existing FTAs between Asian countries and their regional and extra-regional partners. The results suggest that the more advanced regional accords generally receive high grades, with the notable exception of rules of origin, which tend to be even more problematic in the context of accords in which an OECD country is a party. Copyright 2007 The Author Journal compilation Blackwell Publishing Ltd. 2007 .

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Bibliographic Info

Article provided by Wiley Blackwell in its journal World Economy.

Volume (Year): 30 (2007)
Issue (Month): 12 (December)
Pages: 1771-1796

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Handle: RePEc:bla:worlde:v:30:y:2007:i:12:p:1771-1796

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Cited by:
  1. Richard Baldwin & Masahiro Kawai, 2013. "Multilateralizing Asian Regionalism," Governance Working Papers 23553, East Asian Bureau of Economic Research.
  2. Lee, Hiro & Owen, Robert F. & van der Mensbrugghe, Dominique, 2009. "Regional integration in Asia and its effects on the EU and North America," Journal of Asian Economics, Elsevier, vol. 20(3), pages 240-254, May.
  3. Park, Innwon & Park, Soonchan & Kim, Sangkyom, 2010. "A Free Trade Area of the Asia Pacific (FTAAP): Is It Desirable?," MPRA Paper 26680, University Library of Munich, Germany.
  4. Park, Innwon & Park, Soonchan, 2009. "Consolidation and Harmonization of Regional Trade Agreements (RTAs): A Path Toward Global Free Trade," MPRA Paper 14217, University Library of Munich, Germany, revised 23 Mar 2009.
  5. Andrew G. Brown & Robert M. Stern, 2011. "Free Trade Agreements and Governance of the Global Trading System," Working Papers 614, Research Seminar in International Economics, University of Michigan.
  6. Hiro Lee & Robert F. Owen & Dominique van der Mensbrugghe, 2008. "Regional Integration in Asia and Its Effects on the EU and North America," OSIPP Discussion Paper 08E012, Osaka School of International Public Policy, Osaka University.
  7. Rachel McCulloch, 2010. "The International Trading System and Its Future," Working Papers 08, Brandeis University, Department of Economics and International Businesss School.

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