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Multilateralism, Regionalism, Bilateral and Crossregional Free Trade Arrangements: All Paved with Good Intentions for ASEAN?

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  • Linda Low

Abstract

Current initiatives in Asia and Asia Pacific regionalism are responses to regionalism happening elsewhere in the context of globalization, information communication technology and knowledge‐based economy. The conclusion is that many economies are ‘having it both ways’ in multilateralism under World Trade Organization (WTO) and new regionalism. The argument is that the ‘first best’ theory of free trade under multilateralism and WTO have fallen short. A ‘second best’ theory of new regionalism has been acknowledged by the Doha ministerial declaration to complement and supplement WTO. Both Asia challenged Asia‐Pacific Economic Cooperation (APEC) and the Association of South‐East Asian Nations (ASEAN) are challenged by ASEAN Plus Three (APT), which originated from the Asian crisis in the failed Asian Monetary Fund (AMF). Singapore has responded to these challenges in bilateral trading agreements, driven by its idiosyncratic features of a small, city–state economy and frustrated by laggard ASEAN. Increasingly, there is a divergence in macroeconomic policy between Singapore and ASEAN in terms of openness and competition. The dilemma in Singapore's strategy of bilateral trading agreements and foreign economic trade policy is precisely this divergence in macroeconomic philosophy and policy. The pressure on ASEAN is no less from APT, China and regionalism elsewhere than from Singapore. However, the present paper concedes that bilateral and crossregional trading arrangements are still second best, and that broader regionalism and multilateralism are still superior. With so many regional trading arrangements and emerging competition policy there may be rules of origin or ‘spaghetti bowl’ effects for Singapore. In ‘realpolitiks’ and real political economy, the balancing of gains and benefits is not easy.

Suggested Citation

  • Linda Low, 2003. "Multilateralism, Regionalism, Bilateral and Crossregional Free Trade Arrangements: All Paved with Good Intentions for ASEAN?," Asian Economic Journal, East Asian Economic Association, vol. 17(1), pages 65-86, March.
  • Handle: RePEc:bla:asiaec:v:17:y:2003:i:1:p:65-86
    DOI: 10.1111/1351-3958.00162
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    Cited by:

    1. Toh Mun Heng, 2006. "Development in the Indonesia-Malaysia-Singapore Growth Triangle," SCAPE Policy Research Working Paper Series 0606, National University of Singapore, Department of Economics, SCAPE.
    2. Linda Low, 2004. "A Comparative Evaluation and Prognosis of Asia Pacific Bilateral and Regional Trade Arrangements," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 18(1), pages 1-11, May.
    3. Toh Mun Heng, 2006. "Development in the Indonesia-Malaysia-Singapore Growth Triangle," Development Economics Working Papers 21818, East Asian Bureau of Economic Research.
    4. Petr BLIZKOVSKY & Libor GREGA & Nahanga VERTER, 2018. "Towards a common agricultural policy in Africa?," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 64(7), pages 301-315.
    5. Jugurnath, Bhavish & Stewart, Mark & Brooks, Robert, 2007. "Asia/Pacific Regional Trade Agreements: An empirical study," Journal of Asian Economics, Elsevier, vol. 18(6), pages 974-987, December.
    6. S.M. Thangavelu & Toh Mun Heng, 2005. "Bilateral “WTO-Plus†Free Trade Agreements : The WTO Trade Policy Review of Singapore 2004," Trade Working Papers 22590, East Asian Bureau of Economic Research.
    7. repec:dau:papers:123456789/10626 is not listed on IDEAS
    8. Jayanthakumaran, Kankesu & Sanidas, Elias, 2005. "The Impact of Unilateral and Regional Trade Liberalisation on the Intra-ASEAN 5 Founding Nations' Exports and Export-GDP Nexus," Economics Working Papers wp05-14, School of Economics, University of Wollongong, NSW, Australia.
    9. S.M. Thangavelu & Toh Mun Heng, 2005. "Bilateral “WTO-Plus” Free Trade Agreements: The WTO Trade Policy Review of Singapore 2004," SCAPE Policy Research Working Paper Series 0505, National University of Singapore, Department of Economics, SCAPE.

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