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Throwing the baby out with the bathwater: Brexit and the economics of disengaging from a free trade association

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  • Hughes Hallett, Andrew

Abstract

For nearly six decades or more, international trade policy has been largely dictated by UN (now WTO) supervised rounds of mutual tariff reductions, starting with the Kennedy round in 1961. Initially attention was focused on tariffs as such, but more recently the scope has been extended to include services, investment, intellectual property rights, free trade associations, and sensitive issues like agricultural goods. As the negotiations became more complicated (and controversial), the speed at which new agreements were agreed slowed down markedly. It became popular to argue that bilateral deals, and then agreements that allowed the emerging trade associations to merge, would be a better way forward-in the hope that mergers between the larger associations would lead to free trade world-wide.

Suggested Citation

  • Hughes Hallett, Andrew, 2019. "Throwing the baby out with the bathwater: Brexit and the economics of disengaging from a free trade association," Economic Analysis and Policy, Elsevier, vol. 62(C), pages 91-96.
    • Handle: RePEc:eee:ecanpo:v:62:y:2019:i:c:p:91-96
    DOI: 10.1016/j.eap.2019.01.004
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    References listed on IDEAS

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    1. Paul Krugman, 1989. "Is Bilateralism Bad?," NBER Working Papers 2972, National Bureau of Economic Research, Inc.
    2. Hallett Andrew Hughes & Braga C. A. Primo, 1994. "The New Regionalism and the Threat of Protectionism," Journal of the Japanese and International Economies, Elsevier, vol. 8(4), pages 388-421, December.
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    Cited by:

    1. Jongeneel, Roel & Gonzalez-Martinez, Ana Rosa, 2022. "The role of market drivers in explaining the EU milk supply after the milk quota abolition," Economic Analysis and Policy, Elsevier, vol. 73(C), pages 194-209.

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