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The United States and the New Regionalism/ Bilateralism

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  • Yongzheng Yang
  • Alvin Hilaire
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    Abstract

    Current U.S. trade policy stresses establishing free trade areas (FTAs) with partners spanning the globe. Motivations include enhancing goods and services trade; stimulating investment flows; extending standards on intellectual property rights, labor, and the environment; and addressing geopolitical concerns. Simulations of FTAs with the United States highlight the importance of trade complementarity, trade diversion, and welfare losses for nonmembers. Agriculture and textiles play a central role in determining welfare outcomes. Initial improvement in market access enjoyed by participants could be eroded progressively as global liberalization proceeds, and this preference erosion might act as a disincentive to participate in multilateral liberalization.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=16948
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/206.

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    Length: 26
    Date of creation: 01 Oct 2003
    Date of revision:
    Handle: RePEc:imf:imfwpa:03/206

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    Related research

    Keywords: Trade policy; free trade; trade diversion; global trade; trade agreement; trade arrangements; free trade agreement; free trade arrangements; global trade analysis; terms of trade; preferential arrangements; multilateral liberalization; trade liberalization; trade agreements; market access; intellectual property; trading partners; free trade agreements; trade barriers; intellectual property rights; preferential access; multilateral trade; international trade; trade flows; world economy; bilateral trade; preferential trade; trade area; global liberalization; trade creation; free trade areas; trade areas; free trade area; global welfare; dynamic benefits; rules of origin; additive regionalism; multilateral trade liberalization; market opening; trade in services; trade structure; investment flows; country of origin; domestic goods; competition policy; trading partner; equilibrium model; trade restrictions; trade negotiations; competitive disadvantage; preference erosion; regional trade; trade effects; open trade; establishing free trade; trade blocs; trade diversion effect; preferential liberalization; evidence of trade diversion; preferential trade arrangements; multilateral trade negotiations; trade policies; bilateral free trade; dynamic gains; foreign investment; bilateral free trade agreements; export markets; transition period; importing country; bilateral tariff; trading arrangements; partner country; trade policy options; terms of trade effects; multilateral rules; economic cooperation; tariff removal; trade partners; trade round; preferential trading arrangements; negotiating positions; diversion of imports; protectionist instrument; trade relations; regional integration; net welfare effect; world trade; nontariff barriers; free trade in goods; expanding trade; negotiation resources; constant elasticity of substitution; terms of trade loss; external tariffs; multilateral reduction; factor markets; most-favored-nation; direct investment; multilateral negotiations; preferential trade arrangement; member country; increased competition; tariff reductions; bilateral arrangements; doha development agenda; bilateral agreements; metal products; bilateral trade relations; reduction in tariffs; investment protection; services trade; external barriers; zero tariff; world trade organization; preferential trading; multilateralism; dispute settlement; developing country exports; trade treaties; regional trade arrangements; common market; elasticity of substitution; complete free trade; unilateral free trade; existing tariffs; mfn tariffs; external tariff; world exports; global market; trade relationship; environmental standards; bilateral investment; trade remedies; preferential market access; bilateral trade barriers; tariff levels; additive regionalism ? strategy; trading activities; nonmember countries; liberalizing services; trade patterns; protection of intellectual property rights; agricultural liberalization; trade links; trade diversion costs; high trade barriers; merchandise trade; dynamic growth; investor confidence;

    References

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    1. Carlo Perroni & John Whalley, 1994. "The New Regionalism: Trade Liberalization or Insurance?," NBER Working Papers 4626, National Bureau of Economic Research, Inc.
    2. Arvind Panagariya, 2002. "EU Preferential Trade Arrangements and Developing Countries," The World Economy, Wiley Blackwell, vol. 25(10), pages 1415-1432, November.
    3. Anne O. Krueger, 1999. "Trade Creation and Trade Diversion Under NAFTA," NBER Working Papers 7429, National Bureau of Economic Research, Inc.
    4. Maurice Schiff & L. Alan Winters, 2003. "Regional Integration and Development," World Bank Publications, The World Bank, number 15172, October.
    5. Kemp, Murray C. & Wan, Henry Jr., 1976. "An elementary proposition concerning the formation of customs unions," Journal of International Economics, Elsevier, vol. 6(1), pages 95-97, February.
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    Cited by:
    1. Ulrich Krotz, 2008. "The (Beginning of the) End of the Political Unity of the West? Four Scenarios of North Atlantic Futures," EUI-RSCAS Working Papers 31, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    2. Carlos Felipe Jaramillo & Daniel Lederman & Maurizio Bussolo & David Gould & Andrew Mason, 2006. "Challenges of CAFTA : Maximizing the Benefits for Central America," World Bank Publications, The World Bank, number 7127, October.
    3. Pavel Neumann, 2008. "Fragmentation versus Unity of the World Economy," Acta Oeconomica Pragensia, University of Economics, Prague, vol. 2008(2), pages 70-89.

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