Regional Trade Agreements in Asia and The Multilateral
- Slides: 11
Regional Trade Agreements in Asia and The Multilateral Trade System Dr. Brigid Gavin United Nations University Comparative Regional Integration Studies United Nations University - Comparative Regional Integration Studies UNU/CRIS
Outline of Presentation • • • ‘New Regionalism’ in Asia Assessing the Impact of RTAs WTO Rules on RTAs Implications for the MTS Conclusions United Nations University - Comparative Regional Integration Studies UNU/CRIS
New Regionalism in Asia • • New trend since 1990 s ASEAN FTA in 1992 Goal: Economic Community 2020 ASEAN + 3: Framework Agreements with China, Japan and South Korea • East Asia: 16 FTAs in exisxtence and 22 under negotiation United Nations University - Comparative Regional Integration Studies UNU/CRIS
2 New Aspects • New Direction – Traditional strong support for WTO – From multilateralism to regionalism? • New Trade Issues – Slow progress at WTO level – RTAs advance on new issues United Nations University - Comparative Regional Integration Studies UNU/CRIS
How to assess RTAs? • Policy makers: Impact assessment? • Traditional approach to tariffs: – Trade creation vs. trade diversion • Recent approach to rule-making: – rules for new trade issues? – Coherence or fragmentation for global trade? United Nations University - Comparative Regional Integration Studies UNU/CRIS
WTO rules for RTAs • • • RTAs recognised since 1947 WTO rules not clear and precise New Committee on RTAs: 1996 No progress made on systemic rules Current Situation: each RTA judged on inidvidual basis United Nations University - Comparative Regional Integration Studies UNU/CRIS
Assessing FTAs in Asia • Manufacturing – East Asia has already low MFN tariffs – Intensive trade in ‘Factory Asia’ – FTAs will contribute few benefits – Risk: rules of origin will increase costs – Need for pan-Asian system of cumulation United Nations University - Comparative Regional Integration Studies UNU/CRIS
Agriculture • • • Agricultural trade relatively small Currently: sensitive sector Collapse of Doha Round Changing patterns of production China may become major importer Future: potential for regional trade United Nations University - Comparative Regional Integration Studies UNU/CRIS
Services • • Current FTAs: not beyond GATS Services growing faster than goods East Asian countries major exporters 2 models of liberalisation: GATS and NAFTA • Implications for financial services? United Nations University - Comparative Regional Integration Studies UNU/CRIS
Conclusions • Too early to say whether ‘building blocks’ or ‘stumbling blocks’ • Benefits: ‘faster’ liberalisation as MTS negotiations are stalled • Risks: rules of origin and different regulatory models in services United Nations University - Comparative Regional Integration Studies UNU/CRIS
Thank you bgavin@cris. unu. edu United Nations University - Comparative Regional Integration Studies UNU/CRIS
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