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Prospects for Regional Free Trade in Asia

Author

Listed:
  • Gary Clyde Hufbauer

    (Peterson Institute for International Economics)

  • Yee Wong

    (Massachusetts Institute of Technology)

Abstract

Frustrated with lackluster momentum in the WTO Doha Round and the Asia Pacific Economic Cooperation (APEC) forum, and mindful of free trade agreement (FTA) networks centered on the United States and Europe, Asian countries have joined the FTA game. By 2005, Asian countries (excluding China) had ratified 14 bilateral and regional FTAs and had negotiated but not implemented another seven. Asian nations are also actively negotiating some 23 bilateral and regional FTAs, many with non-Asian partners, including Australia, Canada, Chile, the European Union, India, and Qatar. China has been particularly active since 2000. It has completed three bilateral FTAs—Thailand in 2003 and Hong Kong and Macao in 2004—and is initiating another 17 bilateral and regional FTAs. However, a regional Asian economic bloc led by China seems distant, even though China accounts for about 30 percent of regional GDP. As in Europe and the Western Hemisphere, many Asian countries are pursuing FTAs with countries outside the region. On present evidence, the FTA process embraced with some enthusiasm in Asia, Europe, and the Western Hemisphere more closely resembles fingers reaching idiosyncratically around the globe rather than politico-economic blocs centered respectively on Beijing, Brussels, and Washington.

Suggested Citation

  • Gary Clyde Hufbauer & Yee Wong, 2005. "Prospects for Regional Free Trade in Asia," Working Paper Series WP05-12, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp05-12
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    References listed on IDEAS

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    Cited by:

    1. Ka Zeng & Yue Lu & Ya‐wei Li, 2021. "Trade agreements and Global Value Chain (GVC) participation: Evidence from Chinese industries," Economics and Politics, Wiley Blackwell, vol. 33(3), pages 533-582, November.
    2. Peter A. Petri, 2006. "Is East Asia becoming more interdependent?," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
    3. Hung-Gay Fung & Jian Zhang, 2007. "An Assessment of the Closer Economic Partnership Arrangement Between China and Hong Kong," Chinese Economy, Taylor & Francis Journals, vol. 40(2), pages 36-50, April.
    4. Mikic, Mia, 2007. "Preferential trade agreements and agricultural trade liberalization in Asia and the Pacific," MPRA Paper 2947, University Library of Munich, Germany.
    5. Lintunen, Julia, 2021. "An overview of China's regional trade agreements," BOFIT Policy Briefs 1/2021, Bank of Finland Institute for Emerging Economies (BOFIT).
    6. World Bank, 2008. "Liberalization of Trade in Financial Services : Lessons from Latin America and the Caribbean," World Bank Publications - Reports 8032, The World Bank Group.
    7. Medalla, Erlinda M. & Mantaring, Melalyn C., 2009. "On Free Trade Agreements (FTAs): the Philippine Perspective," Discussion Papers DP 2009-35, Philippine Institute for Development Studies.
    8. Constantinos Stephanou, 2008. "Liberalization of Trade in Financial Services : Lessons from Latin America and the Caribbean," World Bank Publications - Reports 6280, The World Bank Group.

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    More about this item

    Keywords

    Regional free trade agreements; China; trade liberalization; Asia; FTA strategy;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • N75 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Asia including Middle East

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