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TAFTA: fuelling trade discrimination or global liberalisation?

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Author Info

  • Siebert, Horst
  • Langhammer, Rolf J.
  • Piazolo, Daniel

Abstract

This paper analyses the prospects and problems of a Transatlantic Free Trade Area (TAFTA) between the European Union and the United States. Possible economic reasons for the proposal of TAFFA such as the intensity of bilateral trade and a strong interdependence in investment flows and the similarity of the EU and the US in their factor endowment and tariff structure are examined. There are cases shining favourably on the idea, but the implementation of TAFTA will imply substantial costs due to the internal and external consequences. The main problem of a free trade area between the two most important economic blocs is the impact on the multilateral approach of trade liberalisation. The authors suggest a Transatlantic Liberalisation Initiative (TALI) as an alternative to TAFTA. Under TALI, the EU and the US should accelerate their implementation of their Uruguay Round commitments and liberalise in areas that are not yet covered by WTO agreements. This should be done under the Most-Favoured Nation clause and would be a strong motivating force for multilateral liberalisation. In addition, TALI could be a forerunner in reducing market segmentation and in establishing a semiinternal market between Europe and America.

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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 720.

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Date of creation: 1996
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Handle: RePEc:kie:kieliw:720

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Related research

Keywords: Transatlantic Free Trade Area; regional integration; European Union; multilateral liberalisation; United States;

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References

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  1. Rolf J. Langhammer, 1992. "The Developing Countries and Regionalism," Journal of Common Market Studies, Wiley Blackwell, vol. 30(2), pages 211-232, 06.
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Citations

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Cited by:
  1. Siebert, Horst, 1997. "An institutional order for a globalizing world economy," Kiel Working Papers 807, Kiel Institute for the World Economy.
  2. Langhammer, Rolf J. & Piazolo, Daniel & Siebert, Horst, 2002. "Assessing proposals for a transatlantic free trade area," Open Access Publications from Kiel Institute for the World Economy 2769, Kiel Institute for the World Economy (IfW).
  3. Horst Siebert, 2005. "TAFTA � A Dead Horse or an Attractive Open Club?," Kiel Working Papers 1240, Kiel Institute for the World Economy.
  4. Georg Koopmann, 1998. "North Atlantic trade and investment links: For internal and external openness," Intereconomics: Review of European Economic Policy, Springer, vol. 33(3), pages 118-125, May.
  5. Siebert, Horst, 1998. "What does globalization mean for the world trading system?," Kiel Working Papers 856, Kiel Institute for the World Economy.

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