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The United States and the New Regionalism/ Bilateralism

  • Yongzheng Yang
  • Alvin Hilaire
Registered author(s):

    Current U.S. trade policy stresses establishing free trade areas (FTAs) with partners spanning the globe. Motivations include enhancing goods and services trade; stimulating investment flows; extending standards on intellectual property rights, labor, and the environment; and addressing geopolitical concerns. Simulations of FTAs with the United States highlight the importance of trade complementarity, trade diversion, and welfare losses for nonmembers. Agriculture and textiles play a central role in determining welfare outcomes. Initial improvement in market access enjoyed by participants could be eroded progressively as global liberalization proceeds, and this preference erosion might act as a disincentive to participate in multilateral liberalization.

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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/206.

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    Length: 26
    Date of creation: 01 Oct 2003
    Date of revision:
    Handle: RePEc:imf:imfwpa:03/206
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    1. Arvind Panagariya, 2002. "EU Preferential Trade Arrangements and Developing Countries," The World Economy, Wiley Blackwell, vol. 25(10), pages 1415-1432, November.
    2. Carlo Perroni & John Whalley, 2000. "The new regionalism: trade liberalization or insurance?," Canadian Journal of Economics, Canadian Economics Association, vol. 33(1), pages 1-24, February.
    3. Anne O. Krueger, 1999. "Trade Creation and Trade Diversion Under NAFTA," NBER Working Papers 7429, National Bureau of Economic Research, Inc.
    4. Kemp, Murray C. & Wan, Henry Jr., 1976. "An elementary proposition concerning the formation of customs unions," Journal of International Economics, Elsevier, vol. 6(1), pages 95-97, February.
    5. Maurice Schiff & L. Alan Winters, 2003. "Regional Integration and Development," World Bank Publications, The World Bank, number 15172, March.
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