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Development of BIMSTEC Free Trade Area for Thailand in Indo-Pacific

Author

Listed:
  • Piti Srisangnam
  • Chayodom Sabhasri
  • Surat Horachaikul
  • Jirayudh Sinthuphan4and
  • Jittichai Rudjanakanoknad

Abstract

To develop a policy for creation of economic value and utilise the development of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) free trade area for Thailand, two research tools are adopted in this article. The first one is based on the Global Trade Analysis Project (GTAP) model, adopted as a tool to explore quantitative impacts from the implementation of free trade area. Due to the limitations of the model, however, we have adopted a complementing qualitative analytical framework to ensure that the research must be as comprehensive as possible in every aspect. The qualitative analytical framework chosen in this article is called PEST analysis. Having completed field research, in-depth interviews, focus group meetings and model studies, this article concludes that BIMSTEC is a large-scale market with high purchasing power and growth rate as well as a great source of vast natural and human resources. It is situated not far from Thailand, and at the same time, its social and cultural conditions are very close to those of Thailand’s. It concludes that a stronger BIMSTEC is an essential foundation of Indo-Pacific. JEL Codes: F13, F 15

Suggested Citation

  • Piti Srisangnam & Chayodom Sabhasri & Surat Horachaikul & Jirayudh Sinthuphan4and & Jittichai Rudjanakanoknad, 2020. "Development of BIMSTEC Free Trade Area for Thailand in Indo-Pacific," Journal of Asian Economic Integration, , vol. 2(2), pages 192-205, September.
    • Handle: RePEc:sae:jfasei:v:2:y:2020:i:2:p:192-205
    DOI: 10.1177/2631684620945192
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    References listed on IDEAS

    as
    1. Hertel, Thomas, 1997. "Global Trade Analysis: Modeling and applications," GTAP Books, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University, number 7685, December.
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    More about this item

    Keywords

    BIMSTEC; Bay of Bengal; free trade agreement; trade; integration;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations

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