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Welfare Implications of Regionalism in the GATT

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Author Info
Jung Hur () (National University of Singapore)

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Abstract

This paper investigates the welfare implications of an existence of a free trade agreement (FTA) and a customs union (CU) within the GATT. Two types of GATT regimes are considered in a completely symmetric world: a pure GATT regime without any type of the regional trade agreements (RTAs), and a modified GATT regime with one of them. The main results are for a range of sufficiently high discount rate, first that free trade and global welfare efficiency can be supported under the pure GATT regime but not under the modified regimes, and second that a country's ranking of the both regimes depends on (1) whether it belongs to an RTA or not and (2) which one of the RTAs it belongs to. The insight of these results are that the regionalism in the GATT may restrict free trade and thus fails to achieve the highest global welfare.

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Paper provided by National University of Singapore, Department of Economics in its series Departmental Working Papers with number wp0111.

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Length: 25 pages
Date of creation: Nov 2001
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Handle: RePEc:nus:nusewp:wp0111

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Related research
Keywords: Most Favored Nation Clause Free Trade Agreements Customs Unions

Find related papers by JEL classification:
F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
F15 - International Economics - - Trade - - - Economic Integration

This paper has been announced in the following NEP Reports:

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  1. Bagwell, Kyle & Staiger, Robert W., 1997. "Multilateral tariff cooperation during the formation of customs unions," Journal of International Economics, Elsevier, vol. 42(1-2), pages 91-123, February. [Downloadable!] (restricted)
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  2. Bhagwati, J. & Panagariya, A., 1996. "Preferential Trading Areas and Multilateralism: Strangers, Friends or Foes?," Discussion Papers 1996_09, Columbia University, Department of Economics.
  3. Bond, E. & Syropoulos, C., 1993. "Trading Blocs and the Sustainability of Inter-Regional Cooperation," Discussion Papers 93-17, Department of Economics, University of Birmingham.
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  4. Bond, Eric W & Syropoulos, Costas & Winters, L Alan, 1996. "Deepening of Regional Integration and Multilateral Trade Agreements," CEPR Discussion Papers 1317, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. Richardson, Martin, 1993. "Endogenous protection and trade diversion," Journal of International Economics, Elsevier, vol. 34(3-4), pages 309-324, May. [Downloadable!] (restricted)
  6. Kyle Bagwell & Robert W. Staiger, 1997. "Regionalism and Multilateral Tariff Cooperation," NBER Working Papers 5921, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Bagwell, Kyle & Staiger, Robert W, 1997. "Multilateral Tariff Cooperation during the Formation of Free Trade Areas," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(2), pages 291-319, May.
    Other versions:
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