The United States and the New Regionalism/ Bilateralism
Electronic Access:
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Summary:
Current U.S. trade policy stresses establishing free trade areas (FTAs) with partners spanning the globe. Motivations include enhancing goods and services trade; stimulating investment flows; extending standards on intellectual property rights, labor, and the environment; and addressing geopolitical concerns. Simulations of FTAs with the United States highlight the importance of trade complementarity, trade diversion, and welfare losses for nonmembers. Agriculture and textiles play a central role in determining welfare outcomes. Initial improvement in market access enjoyed by participants could be eroded progressively as global liberalization proceeds, and this preference erosion might act as a disincentive to participate in multilateral liberalization.
Series:
Working Paper No. 2003/206
Subject:
Exports Imports International trade North American Free Trade Agreement Trade liberalization Trading arrangements
Frequency:
Quarterly
English
Publication Date:
October 1, 2003
ISBN/ISSN:
9781451874624/1018-5941
Stock No:
WPIEA2062003
Pages:
26
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