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1. Trade Policy Options for ASEAN Countries and Their Regional Dialogue Partners: “Preference Ordering” Using CGE Analysis

Author:
Pradumna B. Rana, Xianbai Ji, Wai-Mun Chia, and Chang Tai Li
Publication Date:
03-2018
Content Type:
Working Paper
Institution:
Centre for Non-Traditional Security Studies (NTS)
Abstract:
The withdrawal of the United States from the Trans-Pacific Partnership (TPP) and Trump’s “America First” agenda have ignited a second round of interest in mega-free trade agreements in the Asia Pacific region. Countries have been motivated to explore alternative trade policy options. Using national real gross domestic output gains estimated by the GTAP model to construct “preference ordering” for 10 Association of Southeast Asian Nations (ASEAN) members and their six regional dialogue partners, this paper comes up with several findings. First, when multilateral agreements are not possible, countries are better off with a narrower regional trading agreement than without one. Second, in the region, Regional Comprehensive Economic Partnership (RCEP) has higher beneficial impacts than the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Third, for dual-track countries, that is countries that are negotiating both the CPTPP and the RCEP, implementing both agreements is better than each separately. Fourth, as expected, economic impacts of the CPPTP are lower than those of the original TPP12, but all CPPTP members will benefit although to different degrees. Fifth, economic impacts of open regionalism are higher than those of a closed and reciprocal one. Going forward, the paper argues that ASEAN countries and their regional dialogue partners need to adopt a “multi-track, multi- stage” approach to trade policy.
Topic:
Regional Cooperation, Trans-Pacific Partnership, Free Trade, and Economic Cooperation
Political Geography:
United States, China, Asia, and Asia-Pacific

2. Economic and Strategic Dimensions of Mega-FTAs: A Perception Survey of Asian Opinion Leaders

Author:
Xianbai Ji, Pradumna B. Rana, Wai-Mun Chia, and Changtai Li
Publication Date:
12-2016
Content Type:
Working Paper
Institution:
Centre for Non-Traditional Security Studies (NTS)
Abstract:
The advent of mega-free trade agreements (mega-FTAs) including the Trans-Pacific Partnership (TPP), the Regional Comprehensive Economic Partnership (RCEP) and the Transatlantic Trade and Investment Partnership (TTIP) is a defining feature of global trade governance in the 21st century. What are the costs and benefits of mega- FTAs? What is the political and strategic calculus behind mega-FTAs? Is there a “domino effect” triggering off the mega-FTA troika in a chain of reactions? Does mega-regionalism reinforce or undermine multilateralism? Since commonly used econometrics models cannot shed light on non-economic issues, this paper examines mega-regionalism by conducting a perception survey. This survey received responses from 648 opinion leaders located in 31 Asian countries. Respondents felt that mega-FTAs are good trade policy instruments that are “building blocks” to multilateralism. Linked by a “domino effect”, the mega-FTAs have important political and strategic dimensions. The United States wants to socialise China by writing high- standard “rules of the road” through the TPP. China then pivoted to RCEP to counter the TPP. Brussels through TTIP wanted to join the mega-FTA bandwagon to stay relevant. Additionally, remaining questions on decentralising global economic architecture highlight the need for regional and global institutions to complement each other.
Topic:
European Union, Multilateralism, Trans-Pacific Partnership, Free Trade, and Decentralization
Political Geography:
United States, China, Europe, Asia, and Global Focus