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Semi-inclusive regional economic agreements in the pacific: a perspective from global value chains

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  • Shang-Jin Wei
  • Xinding Yu

Abstract

A flurry of recent regional economic agreements in the Pacific are best characterized as ‘semi-inclusive,’ as each tends to include some large economies in the region but omit some others. With a perspective from global value chains (GVCs), we assess two particular dimensions of these agreements: (a) reduction in trade barriers, and (b) promotion of cross-border direct investment. We argue that China can be expected to gain from both the RCEP and China-EU Comprehensive Agreement on Investment (CAI), and it will likely gain even further from undertaking the necessary reforms to become a member of the CPTPP.

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  • Shang-Jin Wei & Xinding Yu, 2021. "Semi-inclusive regional economic agreements in the pacific: a perspective from global value chains," China Economic Journal, Taylor & Francis Journals, vol. 14(2), pages 171-186, May.
    • Handle: RePEc:taf:rcejxx:v:14:y:2021:i:2:p:171-186
    DOI: 10.1080/17538963.2021.1935519
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