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

Author

Listed:
  • Sangkyom Kim

    (Korea Institute for International Economic Policy)

  • Innwon Park

    (Korea University)

  • Soonchan Park

    (Kongju National University)

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 qualitatively 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. From the qualitative analysis based on statistical data, 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.

Suggested Citation

  • Sangkyom Kim & Innwon Park & Soonchan Park, 2013. "A Free Trade Area of Asia Pacific (FTAAP): Is It Desirable?," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 17(1), pages 3-25.
    • Handle: RePEc:ris:eaerev:0061
    DOI: 10.11644/KIEP.JEAI.2013.17.1.257
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    Cited by:

    1. Ganeshan Wignaraja & Dorothea Ramizo & Luca Burmeister, 2012. "Asia-Latin America Free Trade Agreements : An Instrument for Inter-Regional Liberalization and Integration?," Governance Working Papers 23332, East Asian Bureau of Economic Research.
    2. Yu Lei & Sophia Sui, 2022. "China's strategy of free trade area and economic regionalism," Journal of International Development, John Wiley & Sons, Ltd., vol. 34(8), pages 1633-1648, November.
    3. Yu Sheng & Hsiao Chink Tang & Xinpeng Xu, 2014. "The impact of the ACFTA on ASEAN--PRC trade: estimates based on an extended gravity model for component trade," Applied Economics, Taylor & Francis Journals, vol. 46(19), pages 2251-2263, July.
    4. Shepherd, Ben, 2019. "Mega-regional trade agreements and Asia: An application of structural gravity to goods, services, and value chains," Journal of the Japanese and International Economies, Elsevier, vol. 51(C), pages 32-42.

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    Keywords

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    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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