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ID:
179136
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| Summary/Abstract |
The Regional Comprehensive Economic Partnership (RCEP) is a regionwide free trade agreement (FTA) linking the ten ASEAN economies to their “+5” partners, namely Australia, China, Japan, New Zealand and South Korea. It covers both trade and non-trade related issues ranging from rules of origin and trade facilitation to intellectual property rights and investment. This study examines the likely impact of RCEP on trade alone, taking into account the fact that all its members are already participants in a number of other FTAs. Using latest FTA data from the WTO on imports and exports, this study reveals that tariff reduction under RCEP will erode ASEAN’s trade preferences provided by existing FTA partners, while reallocating import sources of ASEAN countries towards more efficient RCEP partners.
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| 2 |
ID:
135318
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| Summary/Abstract |
Using an unbalanced panel dataset of bilateral trade flows, we study the determinants of two-way trade for Australia, China, India, Japan, New Zealand, Korea and the ten ASEAN countries from 1990 to 2009. We find that bilateral trade flow is positively related to the sum of the GDP of trading countries, and similarity in GDP size, but inversely related to relative factor endowment differences, transportation costs and import tariffs. Our empirical results suggest that formulating an East Asian Free Trade Area is important for promoting intraregional trade. Furthermore, there is a need to provide a range of instruments to assist least-developed ASEAN countries in designing and implementing appropriate trade integration policies through the provision of technical and financial assistance as well as analytical support.
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