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A Free Trade Area of the Asia Pacific (FTAAP): Is It Desirable?

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  • Park, Innwon
  • Park, Soonchan
  • Kim, Sangkyom

Abstract

This paper evaluates whether the proposed FTAAP is a desirable policy option for APEC member economies and the world economy. More specifically, this paper quantitatively investigates whether the FTAAP satisfies conditions for a trade bloc to generate positive and sufficient net trade creation effect. In addition, this paper estimates the likely impact of the FTAAP by using a CGE model analysis. Based on statistical data analysis, this paper strongly argues that the FTAAP can be a desirable regional trade bloc able to generate positive gains from freer trade. From the ex-ante scenario analysis using both static and capital accumulation CGE Models, this paper concludes that the FTAAP has great potential for improving welfare of participating APEC economies and will boost economic growth in the region. In particular, the FTAAP would be even better if it can be linked with liberalization of trade in services and enhanced trade facilitation.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 26680.

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Date of creation: 01 Sep 2010
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Handle: RePEc:pra:mprapa:26680

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Keywords: Regional Trade Agreement (RTA); APEC; FTAAP; Computable General Equilibrium (CGE); Trade in Services; Trade Facilitation;

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References

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  1. Philippa Dee & Kevin Hanslow, 2002. "Multilateral liberalisation of services trade," International Trade 0207002, EconWPA.
  2. Bhagwati, Jagdish & Greenaway, David & Panagariya, Arvind, 1998. "Trading Preferentially: Theory and Policy," Economic Journal, Royal Economic Society, vol. 108(449), pages 1128-48, July.
  3. Kawai, Masahiro & Wignaraja, Ganeshan, 2008. "Regionalism as an Engine of Multilateralism: A Case for a Single East Asian FTA," Working Papers on Regional Economic Integration 14, Asian Development Bank.
  4. Robert Scollay & John Gilbert, 2000. "Measuring the Gains from APEC Trade Liberalisation: An Overview of CGE Assessments," The World Economy, Wiley Blackwell, vol. 23(2), pages 175-197, 02.
  5. Deardorff, Alan V, 2001. "International Provision of Trade Services, Trade, and Fragmentation," Review of International Economics, Wiley Blackwell, vol. 9(2), pages 233-48, May.
  6. Konan, Denise Eby & Maskus, Keith E., 2006. "Quantifying the impact of services liberalization in a developing country," Journal of Development Economics, Elsevier, vol. 81(1), pages 142-162, October.
  7. repec:idb:brikps:9163 is not listed on IDEAS
  8. Carsten Kowalczyk & Raymond Riezman, 2009. "Trade Agreements," CESifo Working Paper Series 2660, CESifo Group Munich.
  9. Baldwin, Richard E, 1992. "Measurable Dynamic Gains from Trade," Journal of Political Economy, University of Chicago Press, vol. 100(1), pages 162-74, February.
  10. Drusilla K. Brown & Alan V. Deardorff & Robert M Stern, 2001. "Impacts on NAFTA Members of Multilateral and Regional Trading Arrangements and Initiatives and Harmonization of NAFTA's External Tariffs," Working Papers 471, Research Seminar in International Economics, University of Michigan.
  11. Park, Innwon & Park, Soonchan, 2009. "Consolidation and Harmonization of Regional Trade Agreements (RTAs): A Path Toward Global Free Trade," MPRA Paper 14217, University Library of Munich, Germany, revised 23 Mar 2009.
  12. Hertel, Thomas W. & Kym Anderson & Joseph Francois & Will Martin, 2002. "Agriculture and Non-Agricultural Liberalization in the Millennium Round," GTAP Working Papers 235, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University.
  13. Innwon Park, 2006. "East Asian Regional Trade Agreements: Do They Promote Global Free Trade?," Pacific Economic Review, Wiley Blackwell, vol. 11(4), pages 547-568, December.
  14. Innwon Park, 2009. "Regional Trade Agreements in East Asia: Will They Be Sustainable? ," Asian Economic Journal, East Asian Economic Association, vol. 23(2), pages 169-194, 06.
  15. Donghyun Park & Innwon Park & Gemma Esther B. Estrada, 2009. "Prospects for ASEAN-China Free Trade Area: A Qualitative and Quantitative Analysis," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 17(4), pages 104-120.
  16. Deardoff, A.V. & Brown, D.K. & Stern, R.M. & Fox, A.K., 1995. "Computational Analysis of Goods and Services Liberalization in the Uruguay Round," Working Papers 379, Research Seminar in International Economics, University of Michigan.
  17. Arvind Panagariya, 1999. "The Regionalism Debate: An Overview," The World Economy, Wiley Blackwell, vol. 22(4), pages 477-512, 06.
  18. Tubagus Feridhanusetyawan, 2005. "Preferential Trade Agreements in the Asia-Pacific Region," IMF Working Papers 05/149, International Monetary Fund.
  19. Francois, Joseph & McDonald, Brad & Nordström, Håkan, 1996. "Trade Liberalization and Investment in a Multilateral Framework," CEPR Discussion Papers 1411, C.E.P.R. Discussion Papers.
  20. C. Fred Bergsten, 2007. "Toward a Free Trade Area of the Asia Pacific," Policy Briefs PB07-2, Peterson Institute for International Economics.
  21. Jong-Wha Lee & Innwon Park, 2005. "Free Trade Areas in East Asia: Discriminatory or Non-discriminatory?," The World Economy, Wiley Blackwell, vol. 28(1), pages 21-48, 01.
  22. 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.
  23. Hadi Soesastro, 2003. "Challenges to APEC Trade Policy: The Doha Development Agenda and RTAs/FTAs," CSIS Economics Working Paper Series WPE069, Centre for Strategic and International Studies, Jakarta, Indonesia.
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Cited by:
  1. Wignaraja, Ganeshan & Ramizo, Dorothea & Burmeister, Luca, 2012. "Asia-Latin America Free Trade Agreements: An Instrument for Inter-Regional Liberalization and Integration?," ADBI Working Papers 382, Asian Development Bank Institute.

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