The United States and the New Regionalism/ Bilateralism
Author | : Yongzheng Yang |
Publisher | : International Monetary Fund |
Total Pages | : 27 |
Release | : 2003-10-01 |
ISBN-10 | : 9781451874624 |
ISBN-13 | : 1451874626 |
Rating | : 4/5 (626 Downloads) |
Download or read book The United States and the New Regionalism/ Bilateralism written by Yongzheng Yang and published by International Monetary Fund. This book was released on 2003-10-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.