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Trade cooperation and performance in East and South Asia: towards a future integration

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  • Biswajit Nag

    (Indian Institute of Foreign Trade, New Delhi, India)

Abstract

On paper free trade and open economies maximize global efficiency in the production and distribution of both goods and services. However, in the real world where distortions are the norm the ideal of free trade is difficult, if not impossible, to achieve. In consequence, countries and economies have become increasingly involved in the pursuit of the “second-best” solution in the form of regional or subregional free trade arrangements. This paper examines the rationale for, and impact of, these arrangements in the ESCAP region and suggests that there is considerable potential for further trade cooperation between the various free trade arrangements formed in the different subregions of ESCAP. In this regard, the paper makes a number of recommendations that emphasize the need for the bigger economies of the region to take the lead in furthering trade liberalization.

Suggested Citation

  • Biswajit Nag, 2005. "Trade cooperation and performance in East and South Asia: towards a future integration," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 12(1), pages 1-29, June.
    • Handle: RePEc:unt:jnapdj:v:12:y:2005:i:1:p:1-29
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    File URL: http://www.unescap.org/sites/default/files/apdj12-1-1-nag.pdf
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    References listed on IDEAS

    as
    1. Kathie Krumm & Homi Kharas, 2004. "East Asia Integrates : A Trade Policy Agenda for Shared Growth," World Bank Publications - Books, The World Bank Group, number 15038.
    2. Mordechai E. Kreinin & Michael G. Plummer, 2002. "Economic Integration and Development," Books, Edward Elgar Publishing, number 2426.
    3. Finger, J M & Kreinin, M E, 1979. "A Measure of 'Export Similarity' and Its Possible Uses," Economic Journal, Royal Economic Society, vol. 89(356), pages 905-912, December.
    4. Emiko Fukase & Will Martin, 2001. "Free Trade Area Membership as a Stepping Stone to Development : The Case of ASEAN," World Bank Publications - Books, The World Bank Group, number 13847.
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    Cited by:

    1. Samina Shabir & Reema Kazmi, 2007. "Economic Effects of the Recently Signed Pak-China Free Trade Agreement," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 12(Special E), pages 174-202, September.

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