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Evolving trade policy architecture and FTAs in Asia

In: New Global Economic Architecture

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  • Masahiro Kawai
  • Ganeshan Wignaraja

Abstract

The global financial crisis of 2007-2009 exposed flaws and shortcomings in the global economic architecture, and has sparked an international debate about possible remedies for them. The postwar global architecture was essentially guided by the major developed economies, and was centered around the IMF, the GATT – the predecessor of the WTO – and the World Bank. Today, however, the balance of economic and financial power is shifting toward the emerging economies, especially those in Asia, and both global governance and economic policy thinking are beginning to reflect this shift. This book addresses the important question of how a regional architecture, particularly one in Asia, can induce a supply of regional public goods that can complement and strengthen the global public goods supplied through the global architecture. These public goods include institutions to help maintain financial stability, support more open trading regimes and promote sustainable economic development.

Suggested Citation

  • Masahiro Kawai & Ganeshan Wignaraja, 2014. "Evolving trade policy architecture and FTAs in Asia," Chapters, in: Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), New Global Economic Architecture, chapter 7, pages 148-171, Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:15654_7
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    References listed on IDEAS

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    1. Richard E. Baldwin, 2011. "Multilateralising Regionalism: Spaghetti Bowls as Building Blocks on the Path to Global Free Trade," Chapters,in: International Handbook on the Economics of Integration, Volume I, chapter 2 Edward Elgar Publishing.
    2. Bhagwati, Jagdish, 2008. "Termites in the Trading System: How Preferential Agreements Undermine Free Trade," OUP Catalogue, Oxford University Press, number 9780195331653.
    3. Chia, Siow Yue, 2010. "Regional Trade Policy Cooperation and Architecture in East Asia," ADBI Working Papers 191, Asian Development Bank Institute.
    4. Siow Yue Chia, 2010. "Regional Trade Policy Cooperation and Architecture in East Asia," Trade Working Papers 22029, East Asian Bureau of Economic Research.
    5. Kawai, Masahiro & Wignaraja, Ganeshan, 2011. "Asian FTAs: Trends, prospects and challenges," Journal of Asian Economics, Elsevier, vol. 22(1), pages 1-22, February.
    6. Carsten Fink & Martín Molinuevo, 2008. "East Asian Free Trade Agreements in Services: Key Architectural Elements," Journal of International Economic Law, Oxford University Press, vol. 11(2), pages 263-311, June.
    7. Richard Baldwin & Masahiro Kawai, 2013. "Multilateralizing Asian Regionalism," Trade Working Papers 23553, East Asian Bureau of Economic Research.
    8. Inkyo Cheong & Jose Tongzon, 2013. "Comparing the Economic Impact of the Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership," Asian Economic Papers, MIT Press, vol. 12(2), pages 144-164, Summer.
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    Keywords

    Asian Studies; Economics and Finance;

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