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Multilateralizing Asian Regionalism

Author

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  • Richard Baldwin

    (Asian Development Bank Institute (ADBI))

  • Masahiro Kawai

Abstract

Motivated by the proliferation of free trade agreements (FTAs) in Asia over the last decade, this paper studies the challenges faced by the Asian “noodle bowl†—overlapping, multiple trade rules, regulations, and standards in Asia—in the process of regional and global trade integration. The paper first highlights the importance of trade and investment linkages among Asian economies that have formed Asian supply chains, called Factory Asia. It then considers ways and means of multilateralizing Asian trade regionalism by discussing the pros and cons of various approaches—such as the Association of Southeast Asian Nations (ASEAN)-centered regional trade agreements, including the Regional Comprehensive Economic Partnership agreement, and cross-regional FTAs, including the Trans-Pacific Partnership agreement and a future Asia–European Union FTA. The paper emphasizes the promising role of inclusive Asian regionalism and the need to move to global integration.

Suggested Citation

  • Richard Baldwin & Masahiro Kawai, 2013. "Multilateralizing Asian Regionalism," Governance Working Papers 23553, East Asian Bureau of Economic Research.
    • Handle: RePEc:eab:govern:23553
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    References listed on IDEAS

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    1. Michael G. Plummer & Ganeshan Wignaraja, 2006. "The Post-Crisis Sequencing of Economic Integration in Asia: Trade as a Complement to a Monetary Future," Economie Internationale, CEPII research center, issue 107, pages 59-85.
    2. Choong Yong Ahn & Richard E. Baldwin & Inkyo Cheong (ed.), 2005. "East Asian Economic Regionalism," Springer Books, Springer, number 978-0-387-24331-3, February.
    3. Richard E. Baldwin, 2008. "Managing The Noodle Bowl: The Fragility Of East Asian Regionalism," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 53(03), pages 449-478.
    4. Michael G. Plummer, 2007. "‘Best Practices’ in Regional Trading Agreements: An Application to Asia," The World Economy, Wiley Blackwell, vol. 30(12), pages 1771-1796, December.
    5. repec:idb:brikps:publication-detail,7101.html?id=9307 is not listed on IDEAS
    6. Inkyo CHEONG & Jungran CHO, 2007. "Market Access in FTAs: Assessment Based on Rules of Origin and Agricultural Trade Liberalization," Discussion papers 07016, Research Institute of Economy, Trade and Industry (RIETI).
    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. C. Fred Bergsten, 2007. "Toward a Free Trade Area of the Asia Pacific," Policy Briefs PB07-2, Peterson Institute for International Economics.
    9. O. G. Dayaratna Banda & John Whalley, 2005. "Beyond Goods and Services: Competition Policy, Investment, Mutual Recognition, Movement of Persons, and Broader Cooperation Provisions of Recent FTAs involving ASEAN Countries," NBER Working Papers 11232, National Bureau of Economic Research, Inc.
    10. Kati Suominen & Antoni Estevadeordal & Jeremy Harris, 2009. "Multilateralising Preferential Rules of Origin around the World," IDB Publications (Working Papers) 9299, Inter-American Development Bank.
    11. Manchin, Miriam & Pelkmans-Balaoing, Annette O., 2007. "Rules of origin and the web of East Asian free trade agreements," Policy Research Working Paper Series 4273, The World Bank.
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    Citations

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    Cited by:

    1. Lopez, Claude, 2015. "Trade Finance: A Catalyst for Asian Growth," MPRA Paper 66250, University Library of Munich, Germany.
    2. Helble, Matthias & Ngiang, Boon-Loong, 2016. "From global factory to global mall? East Asia’s changing trade composition and orientation," Japan and the World Economy, Elsevier, vol. 39(C), pages 37-47.
    3. Masahiro Kawai & Ganeshan Wignaraja, 2014. "Policy challenges posed by Asian free trade agreements: a review of the evidence," Chapters, in: Richard Baldwin & Masahiro Kawai & Ganeshan Wignaraja (ed.), A World Trade Organization for the 21st Century, chapter 8, pages 182-238, Edward Elgar Publishing.
    4. Pierre Sauvé & Anirudh Shingal, 2016. "Why Do Economies Enter into Preferential Agreements on Trade in Services? Assessing the Potential for Negotiated Regulatory Convergence in Asian Services Markets," Asian Development Review, MIT Press, vol. 33(1), pages 56-73, March.
    5. Sauvé, Pierre & Shingal, Anirudh, 2014. "Why do Countries enter into Preferential Agreements on Trade in Services? Assessing the Potential for Negotiated Regulatory Convergence in Asian Services Markets," Working Papers on Regional Economic Integration 129, Asian Development Bank.
    6. Hiro Lee & Ken Itakura, 2015. "Applied General Equilibrium Analysis of Mega-Regional Free Trade Initiatives in the Asia-Pacific," OSIPP Discussion Paper 15E001, Osaka School of International Public Policy, Osaka University.
    7. Masahiro Kawai & Ganeshan Wignaraja, 2014. "Evolving trade policy architecture and FTAs in Asia," Chapters, in: Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), New Global Economic Architecture, chapter 7, pages 148-171, Edward Elgar Publishing.
    8. Min Zhu & Thomas J. Prusa, 2023. "The impact of preferential trade agreements on the duration of antidumping protection," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 56(2), pages 553-592, May.
    9. Kawai, Masahiro & Naknoi, Kanda, 2015. "ASEAN Economic Integration through Trade and Foreign Direct Investment: Long-Term Challenges," ADBI Working Papers 545, Asian Development Bank Institute.
    10. Masahiro Kawai & Kanda Naknoi, 2017. "ASEAN’s TRADE AND FOREIGN DIRECT INVESTMENT: LONG-TERM CHALLENGES FOR ECONOMIC INTEGRATION," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 62(03), pages 643-680, June.
    11. MILE 02, Anirudh Shingal & Roy, Martin & Sauvé, Pierre, 2014. "Are Asian services markets optimal regulatory convergence areas?," Papers 719, World Trade Institute.
    12. Kawai, Masahiro & Wignaraja, Ganeshan, 2014. "Trade Policy and Growth in Asia," ADBI Working Papers 495, Asian Development Bank Institute.
    13. Lee, Hiro & Itakura, Ken, 2015. "Mega-regional free trade agreements in the Asia-Pacific: How do productivity gains, cost mitigations and agricultural policy reforms affect the results?," Conference papers 332589, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    14. Helble, Matthias & Ngiang, Boon-Loong, 2014. "From Global Factory to Global Mall: East Asia’s Changing Trade Composition," ADBI Working Papers 496, Asian Development Bank Institute.

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    More about this item

    Keywords

    Multilateralizing Asian regionalism; free trade agreements; FTAs; noodle bowl; Trade integration; Factory Asia; ASEAN;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

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