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Is the ASEAN-Korea Free Trade Area (AKFTA) an Optimal Free Trade Area?

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Author Info

  • Park, Donghyun

    ()
    (Asian Development Bank)

  • Park, Innwon

    ()
    (Division of International Studies, Korea University)

  • Estrada, Gemma Esther B.

    ()
    (Asian Development Bank)

Abstract

The 1997/98 Asian currency crisis has led a once high-flying East Asia to realize its vulnerability to external shocks. This realization has given strong impetus to greater economic integration among East Asian economies, with the ASEAN-Korea Free Trade Area (AKFTA) a case in point. This paper qualitatively and quantitatively examines the economic feasibility of AKFTA: qualitatively using the theory of economic integration, and quantitatively by applying a CGE model. Our two-dimensional analysis provides some, but not overwhelming, support for AKFTA's prospects as an effective means of promoting trade between ASEAN and the Republic of Korea.

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File URL: http://aric.adb.org/pdf/workingpaper/WP21_ASEAN_Korea_Free_Trade_Area.pdf
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Bibliographic Info

Paper provided by Asian Development Bank in its series Working Papers on Regional Economic Integration with number 21.

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Length: 28 pages
Date of creation: 01 Nov 2008
Date of revision:
Handle: RePEc:ris:adbrei:0021

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Keywords: ASEAN; Korea; trade; free trade area; economic integration;

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Cited by:
  1. Madhur, Srinivasa & Wignaraja, Ganeshan & Darjes, Peter, 2009. "Roads for Asian Integration: Measuring ADB's Contribution to the Asian Highway Network," Working Papers on Regional Economic Integration 37, Asian Development Bank.
  2. Rigg, Robert & Schou-Zibell, Lotte, 2009. "The Financial Crisis and Money Markets in Emerging Asia," Working Papers on Regional Economic Integration 38, Asian Development Bank.
  3. McKibbin, Warwick J. & Chanthapun, Waranya Pim, 2009. "Exchange Rate Regimes in the Asia-Pacific Region and the Global Financial Crisis," Working Papers on Regional Economic Integration 36, Asian Development Bank.
  4. Schou-Zibell, Lotte & Madhur, Srinivasa, 2010. "Regulatory Reforms for Improving the Business Environment in Selected Asian Economies - How Monitoring and Comparative Benchmarking Can Provide Incentive for Reform," Working Papers on Regional Economic Integration 40, Asian Development Bank.

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