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The Trans-Pacific Partnership and Asia-Pacific Integration: A Quantitative Assessment

  • Peter A. Petri

    (Peterson Institute for International Economics)

  • Michael G. Plummer
  • Fan Zhai

While global trade negotiations remain stalled, two tracks of trade negotiations in the Asia-Pacific—the proposed Trans-Pacific Partnership (TPP) agreement and a parallel Asian track—could generate momentum for renewed liberalization and provide pathways to region-wide free trade. This book investigates what these trade negotiations could mean to the world economy. Petri, Plummer, and Zhai estimate that world income would rise by $295 billion per year on the TPP track, by $766 billion if both tracks are successful, and by $1.9 trillion if the tracks ultimately combine to yield region-wide free trade. They find that the tracks are competitive initially but their strategic implications appear to be constructive: the agreements would generate incentives for enlargement and mutual progress and, over time, for region-wide consolidation. The authors conclude that the crucial importance of Asia-Pacific integration argues for an early conclusion of the TPP negotiations, but without jeopardizing the prospects for region-wide or even global agreements based on it in the future.

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This book is provided by Peterson Institute for International Economics in its series Peterson Institute Press: All Books with number 6642 and published in 2012.
ISBN: 978-0-88132-664-2
Handle: RePEc:iie:ppress:6642
Note: Policy Analyses in International Economics 98
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