ASEAN’s Free Trade Agreements with China, Japan and Korea:A Qualitative and Quantitative Analysis
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Expanding trade with East Asia’s three economic giants－China, Japan and Korea－offers a new potential source of growth for ASEAN in the post-global crisis period. In fact, ASEAN has been actively pursuing trade liberalization with the Big Three. The central objective of this paper is to qualitatively and quantitatively assess the different permutations of ASEAN’s free trade agreements (FTAs) with the Big Three－i.e. ASEAN-China, ASEAN-Japan, ASEAN-Korea and ASEAN+3. Our qualitative analysis is based on the theory of economic integration and our quantitative analysis is based on CGE model. The two types of analysis jointly suggest that ASEAN+3 will deliver the largest benefits for the region.
Abstract
Expanding trade with East Asia’s three economic giants－China, Japan and Korea－offers a new potential source of growth for ASEAN in the post-global crisis period. In fact, ASEAN has been actively pursuing trade liberalization with the Big Three. The central objective of this paper is to qualitatively and quantitatively assess the different permutations of ASEAN’s free trade agreements (FTAs) with the Big Three－i.e. ASEAN-China, ASEAN-Japan, ASEAN-Korea and ASEAN+3. Our qualitative analysis is based on the theory of economic integration and our quantitative analysis is based on CGE model. The two types of analysis jointly suggest that ASEAN+3 will deliver the largest benefits for the region.
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