Intraregional Trade in the Asian and Pacific Region

P.J. Lloyd

Asian Development Review (ADR), 1994, vol. 12, issue 02, 113-143

Abstract: This paper examines trends in intraregional trade of the Asian and Pacific countries in the context of global trends. Trade in the Asian region has grown more rapidly than trade in any other region of the world economy. A constant-market-share analysis reveals that this is partly due to the concentration of Asian exports on manufactures, which are the fastest growing component of goods trade, but primarily due to the increase in the market share for goods exported from Asian countries. The growth in intra-Asian trade is primarily explicable in terms of the rapid rate of total trade of the East Asian region rather than being a structural change. Intra-Asian trade has also been increased by the unilateral reduction in trade barriers by many Asian countries and the rapid expansion of intra-Asian direct foreign investment. Despite the expansion in intraregional trade, East Asia is much less integrated than the European Union or North America in terms of the convergence of factor and goods prices and the degree of uniformity of policy.

Date: 1994
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DOI: 10.1142/S0116110594000114

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