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The Free Trade Area Of The Asia-Pacific: A Constructive Approach To Multilateralizing Asian Regionalism

Author

Listed:
  • C. Fred Bergsten

    (Asian Development Bank Institute)

  • Marcus Noland

    (Asian Development Bank Institute)

  • Jeffrey J. Schott

    (Asian Development Bank Institute)

Abstract

This paper examines the prospect of realizing regional economic integration via the mechanism of a Free Trade Area of the Asia-Pacific (FTAAP). The FTAAP initiative represents a politically ambitious, high potential benefit option for achieving Asian regional integration. Among its desirable attributes, the FTAAP initiative could help revive and promote a successful conclusion of the Doha Round negotiations; constitute a “Plan B” hedge if Doha fails; short-circuit the further proliferation of bilateral and sub-regional preferential agreements that create substantial new discrimination and discord within the Asia-Pacific region; defuse the renewed risk of “drawing a line down the middle of the Pacific” as East Asian, and perhaps the Western Hemisphere, initiatives produce disintegration of the Asia-Pacific region rather than the integration of that broader region that the Asia-Pacific Economic Cooperation (APEC) forum was created to foster; channel the People’s Republic of China-United States economic conflict into a more constructive and less confrontational context; and revitalize APEC, which is of enhanced importance because of the prospects for Asia-Pacific and especially the PRC-US fissures. An incremental approach to the FTAAP, explicitly embodying enforceable reciprocal commitments, offers the best hope delivering on the concept’s abundant benefits.

Suggested Citation

  • C. Fred Bergsten & Marcus Noland & Jeffrey J. Schott, 2011. "The Free Trade Area Of The Asia-Pacific: A Constructive Approach To Multilateralizing Asian Regionalism," ADBI Working Papers 336, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:0336
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    References listed on IDEAS

    as
    1. C. Fred Bergsten & Bates Gill & Nicholas R. Lardy, 2006. "China: The Balance Sheet What the World Needs to Know Now about the Emerging Superpower," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa04648.
    2. Tingsong Jiang & Warwick McKibbin, 2009. "What Does a Free Trade Area of the Asia-Pacific Mean to China?," Chapters, in: Chunlai Chen (ed.), China’s Integration with the Global Economy, chapter 5, Edward Elgar Publishing.
    3. Richard E. Baldwin, 2011. "Multilateralising Regionalism: Spaghetti Bowls as Building Blocks on the Path to Global Free Trade," Chapters, in: Miroslav N. Jovanović (ed.), International Handbook on the Economics of Integration, Volume I, chapter 2, Edward Elgar Publishing.
    4. Jeffrey A. Frankel & Shang-Jin Wei, 2007. "Assessing China's exchange rate regime [‘Working with the IMF to strengthen exchange rate surveillance’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 22(51), pages 576-627.
    5. Gary Cylde Hufbauer & Sjamsu Rahardja, 2007. "Toward a US-Indonesia Free Trade Agreement," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa83.
    6. Richard E. Baldwin, 2006. "Multilateralising Regionalism: Spaghetti Bowls as Building Blocs on the Path to Global Free Trade," The World Economy, Wiley Blackwell, vol. 29(11), pages 1451-1518, November.
    7. Manchin, Miriam & Pelkmans-Balaoing, Annette O., 2008. "Clothes without an Emperor: Analysis of the preferential tariffs in ASEAN," Journal of Asian Economics, Elsevier, vol. 19(3), pages 213-223, June.
    8. Mary E. Burfisher & Sherman Robinson & Karen Thierfelder, 2001. "The Impact of NAFTA on the United States," Journal of Economic Perspectives, American Economic Association, vol. 15(1), pages 125-144, Winter.
    9. C. Fred Bergsten, 2005. "The United States and the World Economy: Foreign Economic Policy for the Next Decade," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 3802.
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    Cited by:

    1. Grochowska, Renata & Kosior, Katarzyna, 2013. "Agricultural policies in the context of regional and global food security concerns – the case of the Asian region," Problems of World Agriculture / Problemy Rolnictwa Światowego, Warsaw University of Life Sciences, vol. 13(28), pages 1-9, December.
    2. Perez-Restrepo, Camilo & Roldan-Perez, Adriana, 2016. "Is the Pacific Alliance a Potential Pathway to the Free Trade Area of the Asia-Pacific?," Philippine Journal of Development PJD 2014-2015 Vol. 41-42 , Philippine Institute for Development Studies.
    3. Ekaterina Y. ARAPOVA, 2017. "Ex-Post Analysis Of The Influence Of Tariff Liberalisation On Asean Exports," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 17(2), pages 135-154.

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    More about this item

    Keywords

    regional economic integration; asia-pacific; doha round negotiations;
    All these keywords.

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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