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Taking ASEAN+1 FTAs towards the RCEP: A Mapping Study

Author

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  • Yoshifumi Fukunaga

    (Economic Research Institute for ASEAN and East Asia (ERIA))

  • Ikumo Isono

    (Economic Research Institute for ASEAN and East Asia (ERIA))

Abstract

In November 2012, the leaders of the ASEAN+6 countries agreed to launch a new FTA negotiation called the "Regional Comprehensive Economic Partnership" (RCEP). In this paper, we conduct stocktaking studies of ASEAN's own FTA and five existing FTAs with 6 dialogue partner countries, to identify the possible benefits and challenges of RCEP. We find that the five "ASEAN+1 FTAs" provide an insufficient level of liberalization, both in tariffs and services trade. The coexistence of five FTAs with different rules of origin (ROOs) creates a potential "noodle-bowl" situation which impedes the effective use of the FTAs. Also, the China-Japan-Korea FTA and the Trans-Pacific Partnership (TPP) pose challenges to the "ASEAN Centrality". We recommend that RCEP negotiation should address those challenges by (a) concluding a comprehensive and high-level RCEP by 2015; (b) setting the target of 95% percent tariff elimination with a "common concession" approach; (c) introducing the "core non-tariff measures (NTMs)" concept and removing them; (d) allowing co-equal rules in the ROOs, setting a general rule of "RVC(40) or CTH" and developing consolidated operational certification procedures; (e) introducing concrete and tangible trade facilitation programs and addressing FTA utilization issues; and (f) liberalizing trade in services at a high level.

Suggested Citation

  • Yoshifumi Fukunaga & Ikumo Isono, 2013. "Taking ASEAN+1 FTAs towards the RCEP: A Mapping Study," Working Papers DP-2013-02, Economic Research Institute for ASEAN and East Asia (ERIA).
    • Handle: RePEc:era:wpaper:dp-2013-02
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    References listed on IDEAS

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    1. Yoshifumi Fukunaga & Arata Kuno, 2012. "Toward a Consolidated Preferential Tariff Structure in East Asia: Going beyond ASEAN+1 FTAs," Working Papers PB-2012-03, Economic Research Institute for ASEAN and East Asia (ERIA).
    2. Ando, Mitsuyo & Urata, Shujiro, 2007. "The Impacts of East Asia FTA: A CGE Model Simulation Study," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 11(2), pages 3-73, December.
    3. Itakura, Ken, 2014. "Impact of liberalization and improved connectivity and facilitation in ASEAN," Journal of Asian Economics, Elsevier, vol. 35(C), pages 2-11.
    4. Hikari Ishido & Yoshifumi Fukunaga, 2012. "Liberalization of Trade in Services: Toward a Harmonized ASEAN++ FTA," Working Papers PB-2012-02, Economic Research Institute for ASEAN and East Asia (ERIA).
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    More about this item

    Keywords

    FTA; ASEAN; RCEP;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations

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