A New Paradigm for International Busines (original) (raw)
Related papers
Economic Integration in Extended East Asia: Toward a New Trade Regime
Globalization and Economic Integration, 2010
This paper provides an overview on the recent development of FTA networking in extended East Asia and assesses the quality of FTAs with novel information on the utilization of FTAs, rules of origin, WTO plus elements, and others. It finds that East Asian FTA networking has been an effective driving force of promoting freer trade and investment, particularly through further activating international production networks. Politico-economic logics, namely race to the bottom, domino effect, and juggernaut effect seem to explain the rapid development of FTA networking quite well. The paper concludes that East Asia and Asia-Pacific may become a focal point of multilateralizing regionalism.
Regional Economic Integration in East Asia
2002
There has been a proliferation of proposals for bilateral free trade areas (FTAs) in East Asia in recent times. These initiatives fly in the face of the long-standing support of key players in the region such as Japan for the MFN-based non-discriminatory trading system and the commitment to non-discriminatory trade liberalisation and reform within APEC. As China establishes its role
Regional Trade Integration in South Asia:
Regional Trade Integration in South Asia: *Mr. Md. Masroor.Alam Abstract Centuries has been passed away when the classics pointed out for free trade and least government barriers on market, thereof, with the publication of Smith’s Wealth of Nations a new era began to utilize resources. Later different approaches in economic theory groomed under the analytical horizon of classical economic ideas, then monetarist and then socialist under the leading ideas of Marx came to dominate the economic regime revolting against the existing regime due to its exploiting nature and evoked about the destruction of free market economic system. Ultimately it was Keynes who reconstructed the system by approaching towards government role in the economy in his book “Nature of Employment, Money and Income” in the year 1936, shortly after the great depression. This was the period of the later first half of the 20th century. During the period the world saw the Second World War making the US as an emerging Super Power and pushing the USSR downward to its inherent flows in its socio-economic and political system. These changes were off course effected Asian Countries and made them independent from colonial system and provided an opportunity towards achieving the lost recognition after several centuries. As Kapliensky pointed out that “in the late 16th century, China counted for round 30 percent of global GDP”. On the other occasion he evoked “at the dawn of the new millennium the momentum of Asia has been significantly strengthened by the very rapid growth of two very large economies – China and India, each with around 20 percent of the global population, have seen sustained rates of economic growth exceeding seven percent annually”, thereby, both the countries became Asian drivers with the emergence of Asian tigers. Thus, with the emergence globalization (a new economic regime governed by the US and its puppet agencies) the Asian countries became hub for manufacturing products, they are achieving high rate of growth, thereof, for better utilization of their growth rate for making these countries sustainable and gaining reputation at international level in the different decision making bodies, they went for different bilateral trade agreements. During 1990s Asian countries witnessed a changing economic environment at international level as pointed out by Ramesh Chandra “The period has been marked by a sharp growth in the number of regional trading agreements and the implementation of the multi-lateral Uruguay round General Agreement on Trade and Tariff under the auspices of the World Trade Organization (WTO)”. The growth of regional economic cooperation arrangement is one of the major developments in the world political economy after the Second World War. The formation of regional integration has been greatly successful in brining historically hostile countries together. The factors that push countries closer are both economic and political but economic factors have always prevailed over the political ever since the formation of nation states – the classic example is the states in the European Union and the South East Asia where economic dimension have brought long time foes in the same dais. The present international economic situation, characterised by stagnant growth, recessionary conditions and protectionist tendencies in the developed countries has seriously underpinned the economic growth in developing countries. The worsening terms of trade, acute balance of payment crisis and debt burden on developing countries have further crippled the potential economic growth of these countries. Therefore current world economic conditions underscore the need for a greater economic cooperation among the developing countries. The term ‘economic integration’ encompasses broad areas of socio-political, economic and cultural links with nations joining together in a forum generally belong to one or several regions. The Association of South East Asian Nations (ASEA), European Union (EU), North American Free Trade Area (NAFTA) are few examples of such integration. The degree of economic integration ranges from preferential trade arrangements (PTA) to free trade area (FTA), customs union (CU), common market (CM) and economic union (EU).4 Economic cooperation among South Asian nations is not a new phenomenon. The quest of economic integration however, remained inhibited by the colonial heritage of these countries. Their economic links often remain vertically tied to the metropolitan world. Lateral links even with immediate neighbours have either never existed or have atrophied over the years. Patterns of development among the countries have been competitive rather than complementary so that current prospectus for trade among them is limited Whether economic interests will drive South Asian countries toward greater cooperation and durable peace? If so, what is the potential for the growth of regional economic integration? Given the decades of mutual hostility and mistrust, to what extents South Asian countries are able to achieve economic interdependence? What about the possibility of having Free Trade Area (SAFTA) by 2006 as expressed by the leaders in the 12th SAARC Summit, which was held in Pakistan in January 2004. These questions require a thorough understanding of the domestic political and economic dynamics of the South Asian countries. This paper will discuss prospects of peace in South Asia through economic integration.
Regional Trade Agreements of Asia: China Perspectives
2007
China's pursuit of regional and national security and great power status is both legitimate, given that there are no meaningful WTO rules prohibiting this, and beneficial to the region, considering East Asia's troublesome geopolitical layout. However, China should be mindful of the importance of the multilateral trading system in achieving its goal. As a top trading power, China also has the responsibility to push multilateral trade liberalization rather than being obsessed with regionalism. On the other hand, it shall be realized that the quest for regional trade arrangements demonstrates many weaknesses of the WTO-led multilateral trading system. Regional movements for free trade, as currently pursued by China, shall be allowed and even encouraged to the extent that they do not create trade diversion and divergent rules from the multilateral trade system.
The World Trade Organization's new Agreement on Trade Facilitation has the potential to significantly reduce East Asia's trade costs along the entire supply chain, increasing regional gross domestic product (GDP) by 2.7 percent and employment by 1.2 percent. At present, the region's developing economies suffer from trade costs well above those of the newly industrialized countries and of developed economies, owing to the large number of inefficient border and behind-the-border procedures. Countries have been adding to their stock of nontariff measures, which now account for as much as 90 percent of (non-transportation) trade costs. The ATF defines a new reform agenda for East Asia with potentially far-reaching effects on private sector development, especially for small businesses that need greater transparency and simplification of procedures to enable them to readily access regional and global value chains.
Toward a Free Trade Agreement Beyond the Unitary-East Asia and South Korean Strategy
법학논총, 2005
The global economy has showed progress in terms of a new reign of multilateral cooperation represented by the World Trade Organization (WTO). On the other hand. regional integration creates economic benefits as illustrated by the creation of the EU and NAFTA. East Asia has also seriously pursued prospects for economic integration. producing considerable successes thus far. A Free Trade Agreement is a useful tool to assist in this evolution of trade relations. and South Korea. one of the major economies in East Asia. is uniquely situated to play a significant role in future negotiations. From this perspective. this paper surveys the global structure and organization of international trade. problems of regional economic integration emphasizing East Asia. and attempts to articulate a plausible South Korean strategy.
Free Trade Agreements in the Asia-Pacific Region
2015
The current and potential Free-Trade Agreements embracing the Asia-Pacific Region constitutes what is commonly called this region’s “noodle bow” of standards, rules of origin, obligations and other elements of a Free Trade Agreement (FTA). Once trade and investment in the area becomes more complicated, the existence of overlapping and maybe competing potential agreements brings with it a dense net of political implications. Moreover, especially considering that the world’s two biggest economies are involved, as well as fast-growing and exporting countries, the economical ties embraced by it are globally important. The foreign policies of all countries comprised by the AsiaPacific Region are highly constrained by worries about FTAs and its consequences, such as new regulations for intelectual property and global supply and value chains.