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In Search of Optimised Regional Trade Agreements and Applications to East Asia

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  • Hongshik Lee
  • Innwon Park

Abstract

We quantitatively analyse the trade effects of enhanced trade facilitation with extended gravity equations. Our findings confirm that RTAs comprised of countries equipped with better trade facilitation are more likely to be trade-creating, less likely to be trade-diverting, and are thus more likely to lead the world economy toward global free trade. We also find that (i) the traditional gains from shallow integration through eliminating tariff barriers will be greater for South-South RTAs in East Asia such as an ASEAN-China RTA, provided that the tariff-reducing schedule is strictly fulfilled, (ii) the gains from deeper integration through enhancing trade facilitation will be greater for North-North RTAs in East Asia such as a Japan-Korea RTA, and (iii) the gains from a combined trade liberalisation strategy through tariff reductions and enhanced trade facilitation will be greater for North-South RTAs in East Asia such as a China-Korea and an ASEAN+3 RTA. Copyright 2007 The Authors Journal compilation Blackwell Publishing Ltd. 2007 .

Suggested Citation

  • Hongshik Lee & Innwon Park, 2007. "In Search of Optimised Regional Trade Agreements and Applications to East Asia," The World Economy, Wiley Blackwell, vol. 30(5), pages 783-806, May.
  • Handle: RePEc:bla:worlde:v:30:y:2007:i:5:p:783-806
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    References listed on IDEAS

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    1. Maggie Xiaoyang Chen & Aaditya Mattoo, 2008. "Regionalism in standards: good or bad for trade?," Canadian Journal of Economics, Canadian Economics Association, vol. 41(3), pages 838-863, August.
    2. Lee, Jong-Wha & Shin, Kwanho, 2006. "Does regionalism lead to more global trade integration in East Asia?," The North American Journal of Economics and Finance, Elsevier, vol. 17(3), pages 283-301, December.
    3. Edgar Cudmore & John Whalley, 2005. "Border Delays and Trade Liberalization," NBER Chapters,in: International Trade in East Asia, NBER-East Asia Seminar on Economics, Volume 14, pages 391-406 National Bureau of Economic Research, Inc.
    4. Kubota, Keiko, 2000. "Trade negotiations in the presence of network externalities," Policy Research Working Paper Series 2317, The World Bank.
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    Cited by:

    1. Maria Persson, 2013. "Trade facilitation and the extensive margin," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 22(5), pages 658-693, August.
    2. Persson, Maria, 2012. "From trade preferences to trade facilitation: Taking stock of the issues," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 6, pages 1-33.
    3. Bourdet, Yves & Persson, Maria, 2011. "Reaping the Benefits of Deeper Euro-Med Integration Through Trade Facilitation," Working Paper Series 881, Research Institute of Industrial Economics.
    4. A Salim, Ruhu & Mahfuz Kabir, Mohammad, 2011. "Does More Trade Potential Remain in Arab States of the Gulf ?," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 26, pages 217-243.
    5. Yves Bourdet & Maria Persson, 2014. "Expanding and Diversifying South Mediterranean Exports through Trade Facilitation," Development Policy Review, Overseas Development Institute, vol. 32(6), pages 675-699, November.
    6. Persson, Maria, 2008. "Trade Facilitation and the Extensive and Intensive Margins of Trade," Working Papers 2008:13, Lund University, Department of Economics.

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