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Multilateralizing Asian Regionalism

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Author Info

  • Richard Baldwin

    (Asian Development Bank Institute (ADBI))

  • Masahiro Kawai

Abstract

Motivated by the proliferation of free trade agreements (FTAs) in Asia over the last decade, this paper studies the challenges faced by the Asian “noodle bowlâ€â€”overlapping, multiple trade rules, regulations, and standards in Asia—in the process of regional and global trade integration. The paper first highlights the importance of trade and investment linkages among Asian economies that have formed Asian supply chains, called Factory Asia. It then considers ways and means of multilateralizing Asian trade regionalism by discussing the pros and cons of various approaches—such as the Association of Southeast Asian Nations (ASEAN)-centered regional trade agreements, including the Regional Comprehensive Economic Partnership agreement, and cross-regional FTAs, including the Trans-Pacific Partnership agreement and a future Asia–European Union FTA. The paper emphasizes the promising role of inclusive Asian regionalism and the need to move to global integration.

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Bibliographic Info

Paper provided by East Asian Bureau of Economic Research in its series Trade Working Papers with number 23553.

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Date of creation: Aug 2013
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Handle: RePEc:eab:tradew:23553

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Related research

Keywords: Multilateralizing Asian regionalism; free trade agreements; FTAs; noodle bowl; Trade integration; Factory Asia; ASEAN;

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  1. Michael G. Plummer, 2007. "The Post-Crisis Sequencing of Economic Integration in Asia: Trade as a Complement to a Monetary Future," Working Paper Series 12-07, The Rimini Centre for Economic Analysis, revised Jul 2007.
  2. Michael G. Plummer, 2007. "'Best Practices' in Regional Trading Agreements: An Application to Asia," The World Economy, Wiley Blackwell, vol. 30(12), pages 1771-1796, December.
  3. C. Fred Bergsten, 2007. "Toward a Free Trade Area of the Asia Pacific," Policy Briefs PB07-2, Peterson Institute for International Economics.
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