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The Trans-Pacific Partnership and Asia-Pacific Integration: A Quantitative Assessment

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Author Info

  • Peter A. Petri

    (Peterson Institute for International Economics)

  • Michael G. Plummer
  • Fan Zhai

Abstract

While global trade negotiations remain stalled, two tracks of trade negotiations in the Asia-Pacific—the proposed Trans-Pacific Partnership (TPP) agreement and a parallel Asian track—could generate momentum for renewed liberalization and provide pathways to region-wide free trade. This book investigates what these trade negotiations could mean to the world economy. Petri, Plummer, and Zhai estimate that world income would rise by $295 billion per year on the TPP track, by $766 billion if both tracks are successful, and by $1.9 trillion if the tracks ultimately combine to yield region-wide free trade. They find that the tracks are competitive initially but their strategic implications appear to be constructive: the agreements would generate incentives for enlargement and mutual progress and, over time, for region-wide consolidation. The authors conclude that the crucial importance of Asia-Pacific integration argues for an early conclusion of the TPP negotiations, but without jeopardizing the prospects for region-wide or even global agreements based on it in the future.

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Bibliographic Info

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This book is provided by Peterson Institute for International Economics in its series Peterson Institute Press: All Books with number 6642 and published in 2012.

ISBN: 978-0-88132-664-2
Handle: RePEc:iie:ppress:6642

Note: Policy Analyses in International Economics 98
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Citations

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Cited by:
  1. Chunding Li & John Whalley, 2012. "China and the TPP: A Numerical Simulation Assessment of the Effects Involved," NBER Working Papers 18090, National Bureau of Economic Research, Inc.
  2. David Rosnick, 2013. "Gains from Trade? The Net Effect of the Trans-Pacific Partnership Agreement on U.S. Wages," CEPR Reports and Issue Briefs 2013-14, Center for Economic and Policy Research (CEPR).
  3. Hideaki Hirata & M. Ayhan Kose & Christopher Otrok, 2013. "Regionalization vs. Globalization," CAMA Working Papers 2013-09, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  4. Plummer, Michael G., 2012. "The Emerging “Post-Doha” Agenda and the New Regionalism in the Asia-Pacific," ADBI Working Papers 384, Asian Development Bank Institute.
  5. Aslan, Buhara & Mavuş, Merve & Oduncu, Arif, 2014. "The Possible Effects of Transatlantic Trade and Investment Partnership and Trans-Pacific Partnership on Chinese Economy," MPRA Paper 53431, University Library of Munich, Germany.
  6. C. Fred Bergsten, 2014. "Addressing Currency Manipulation Through Trade Agreements," Policy Briefs PB14-2, Peterson Institute for International Economics.
  7. Schott, Jeffrey J. & Lee, Minsoo & Muir, Julia, 2012. "Prospects for Services Trade Negotiations," ADB Economics Working Paper Series 319, Asian Development Bank.
  8. Wignaraja, Ganeshan & Ramizo, Dorothea & Burmeister, Luca, 2012. "Asia-Latin America Free Trade Agreements: An Instrument for Inter-Regional Liberalization and Integration?," ADBI Working Papers 382, Asian Development Bank Institute.
  9. Ken Itakura & Hiro Lee, 2012. "Welfare Changes and Sectoral Adjustments of Asia-Pacific Countries under Alternative Sequencings of Free Trade Agreements," OSIPP Discussion Paper 12E005, Osaka School of International Public Policy, Osaka University.
  10. Cheong, Inkyo, 2013. "Negotiations for the Trans-Pacific Partnership Agreement: Evaluation and Implications for East Asian Regionalism," ADBI Working Papers 428, Asian Development Bank Institute.
  11. Hiro Lee & Ken Itakura, 2014. "TPP, RCEP, and Japan's Agricultural Policy Reforms," OSIPP Discussion Paper 14E003, Osaka School of International Public Policy, Osaka University.
  12. Wignaraja, Ganeshan, 2013. "Regional Trade Agreements and Enterprises in Southeast Asia," ADBI Working Papers 442, Asian Development Bank Institute.
  13. Lucian Cernat & Nuno Sousa, 2014. "TTIP: A Transatlantic Bridge for Worldwide Gains," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 15(2), pages 32-36, 04.
  14. KAWASAKI Kenichi, 2014. "The Relative Significance of EPAs in Asia-Pacific," Discussion papers 14009, Research Institute of Economy, Trade and Industry (RIETI).
  15. Chunding Li & Jing Wang & John Whalley, 2014. "China’s Regional and Bilateral Trade Agreements," NBER Working Papers 19853, National Bureau of Economic Research, Inc.
  16. Emilio Espino & Julian Kozlowski & Juan M. Sánchez, 2013. "Regionalization vs. globalization," Working Papers 2013-002, Federal Reserve Bank of St. Louis.
  17. Oduncu, Arif & Mavuş, Merve & Güneş, Didem, 2014. "The Possible Effects of Trans-Pacific Partnership on Turkish Economy," MPRA Paper 52917, University Library of Munich, Germany.

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