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The United States and the New Regionalism/ Bilateralism

Author

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  • Yongzheng Yang
  • Alvin Hilaire

Abstract

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.

Suggested Citation

  • Yongzheng Yang & Alvin Hilaire, 2003. "The United States and the New Regionalism/ Bilateralism," IMF Working Papers 03/206, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:03/206
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    References listed on IDEAS

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    1. 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.
    2. 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.
    3. Maurice Schiff & L. Alan Winters, 2003. "Regional Integration and Development," World Bank Publications, The World Bank, number 15172.
    4. Anne O. Krueger, 1999. "Trade Creation and Trade Diversion Under NAFTA," NBER Working Papers 7429, National Bureau of Economic Research, Inc.
    5. Arvind Panagariya, 2002. "EU Preferential Trade Arrangements and Developing Countries," The World Economy, Wiley Blackwell, vol. 25(10), pages 1415-1432, November.
    6. repec:wsi:wschap:9789812815330_0001 is not listed on IDEAS
    7. Hertel, Thomas, 1997. "Global Trade Analysis: Modeling and applications," GTAP Books, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University, number 7685.
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    Citations

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    Cited by:

    1. Drusilla K. Brown & Kozo Kiyota & Robert M. Stern, 2005. "Computational Analysis of the US FTAs with Central America, Australia and Morocco," The World Economy, Wiley Blackwell, vol. 28(10), pages 1441-1490, October.
    2. Ulrich Krotz, 2008. "The (Beginning of the) End of the Political Unity of the West? Four Scenarios of North Atlantic Futures," EUI-RSCAS Working Papers 31, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    3. Carlos Felipe Jaramillo & Daniel Lederman & Maurizio Bussolo & David Gould & Andrew Mason, 2006. "Challenges of CAFTA : Maximizing the Benefits for Central America," World Bank Publications, The World Bank, number 7127.
    4. Adagblenya, Barbara Dzidzornu, 2017. "Assessing Ghana’s trade under the African Growth and Opportunity Act (AGOA)," MPRA Paper 84255, University Library of Munich, Germany.
    5. Pavel Neumann, 2008. "Fragmentation versus Unity of the World Economy," Acta Oeconomica Pragensia, University of Economics, Prague, vol. 2008(2), pages 70-89.

    More about this item

    Keywords

    Free trade; United States; Trade liberalization; integration; regionalism; global trade analysis; trade diversion; global trade; trade agreement; trade arrangements;

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