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Exploring the Impacts of Trade Liberalization in Asia and the Pacific

In: Challenges and Opportunities for Trade and Financial Integration in Asia and the Pacific

Author

Listed:
  • Anna Strutt

    (United Nations Economic and Social Commission for Asia and the Pacific (ESCAP))

  • Mia Mikic

    () (United Nations Economic and Social Commission for Asia and the Pacific (ESCAP))

Abstract

While it is commonly accepted that multilateral liberalization will bring the greatest global gains from liberalization, regional agreements may be much more feasible in the short term. The dictum from the traditional trade theory on the superiority of unilaterally applied free trade for a small economy under perfect competition is universally accepted but rarely applied to policymaking. Reasons for this are many, ranging from using trade policy for non-economic objectives (e.g., employment), to circumstances in an actual economy and markets being different from those of the economic model (e.g. existence of economies of scale, imperfect competition or imperfect information). Nevertheless many countries have embraced the advantages of open trade regimes and have pursued liberal trade unilaterally or more often through membership in the multilateral trading system, the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). On the other hand, both trade theory and the international trading rules allow for the discriminatory trade policies in the forms of preferential or regional trade agreements.

Suggested Citation

  • Anna Strutt & Mia Mikic, 2009. "Exploring the Impacts of Trade Liberalization in Asia and the Pacific," STUDIES IN TRADE AND INVESTMENT,in: Challenges and Opportunities for Trade and Financial Integration in Asia and the Pacific, volume 67, chapter 2, pages 13-35 United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
  • Handle: RePEc:unt:ecchap:tipub2563_chap2
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    File URL: http://www.unescap.org/tid/publication/tipub2563_chap2.pdf
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    Cited by:

    1. John Gilbert, 2013. "The economic impact of new regional trading developments in the ESCAP region," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 20(1), pages 1-32, June.

    More about this item

    Keywords

    trade policies; GATT; WTO; regional; agreement; goods; Asia; Pacific; GDP;

    JEL classification:

    • F1 - International Economics - - Trade

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