WELFARE CHANGES AND SECTORAL ADJUSTMENTS OF ASIA-PACIFIC COUNTRIES UNDER ALTERNATIVE SEQUENCINGS OF FREE TRADE AGREEMENTS

Ken Itakura and Hiro Lee

Global Journal of Economics (GJE), 2012, vol. 01, issue 02, 1-22

Abstract: In this paper, we compare welfare effects and the extent of sectoral adjustments of the member countries under alternative free trade agreement (FTA) sequencings in the Asia-Pacific region using a dynamic computable general equilibrium (CGE) model. If a Trans-Pacific Partnership (TPP) agreement under one sequencing and an East Asian FTA (EAFTA) under another sequencing will enter into force at the same time, followed by more enlarged FTAs, then a larger number of countries are expected to realize greater welfare gains under the Asia-track sequencing. However, given the uncertainty about the establishment of an Asia-wide FTA in the near future, the TPP-track sequencing appears to be an attractive option for most countries in the Asia-Pacific region. With respect to sectoral adjustments, there seem to be no significant differences among the alternative sequencings considered in this study.

Keywords: Sequencing; FTA; Asia-Pacific; CGE model; F15; F17 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (26)

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Working Paper: Welfare Changes and Sectoral Adjustments of Asia-Pacific Countries under Alternative Sequencings of Free Trade Agreements (2012)
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DOI: 10.1142/S2251361212500127

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