NAFTA and other regional FTAs: Threat or promise

Richard Lipsey ()

Journal of the Asia Pacific Economy, 1996, vol. 1, issue 1, 23-38

Abstract: Regional trade liberalizing agreements are placed within the context of multilateral trade liberalization. While the EU is a trading block, neither NAFTA nor the proposed Western Hemisphere Free Trade Area (WHFTA) is such a block because they establish neither a common external trade policy nor a bureaucracy to administer it. The self‐interest of the non‐US member countries should prevent NAFTA/WHFTA from evolving into such a block. Thus the outward‐looking effects of a NAFTA should dominate the inward‐looking effects, making NAFTA, rather than the EU, a model for trade liberalizing agreements in the Asia Pacific area.

Date: 1996
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DOI: 10.1080/13547869608724574

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