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ID:
078768
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| Publication |
2007.
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| Summary/Abstract |
The revival of EU-ASEAN economic relations has recently been stirred by the EU-ASEAN Vision Group that was set up in 2005, with the aim of looking into the possibility of a free trade area (FTA) between the two regions. This article analyses the economic feasibility of an EU-ASEAN FTA by measuring the degree of complementarity existing between the economic structures of both regions. The idea is that the greater the complementarity, the higher the scope for trade expansion between the two economies, the lower the costs induced by resource reallocation and the more desirable and successful the FTA. Using a standard trade complementarity index, we find a clear manufacturing-services complementarity between the two regions. At a lower level of aggregation, ASEAN displays a relative comparative advantage in automatic data processing machines (an EU structural weakness). Moreover, for the large majority of manufactured products traded, intra-industry trade (IIT) ratios are relatively low, denoting important trade complementarities between the two regions in general
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| 2 |
ID:
146538
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| Summary/Abstract |
Having long remained a passive presence within multilateral economic organisations, China recently changed its stance when the United States was faced with a major financial crisis. The present article re-examines China’s recent initiatives in matters of global economic governance from a long-term perspective. From this analysis it will emerge that in parallel with its economic takeoff, China has progressively shifted from a stance in favour of the global economic order – as defined and imposed following the Second World War – to a simple reformist approach that did not fundamentally challenge the established order, and then more recently to an increasingly overt revisionist approach, accompanied by the establishment of new institutions under Chinese influence. That being said, while China’s strategy is becoming more offensive, it remains fundamentally experimental in nature and the end goal remains unclear. Under the current conditions, it is far from certain that we are heading for a new global economic order where China rules supreme.
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