Is the ASEAN-Korea Free Trade Area (AKFTA) an Optimal Free Trade Area?
Donghyun Park (),
Innwon Park () and
Gemma Estrada ()
No 21, Working Papers on Regional Economic Integration from Asian Development Bank
The 1997/98 Asian currency crisis has led a once high-flying East Asia to realize its vulnerability to external shocks. This realization has given strong impetus to greater economic integration among East Asian economies, with the ASEAN-Korea Free Trade Area (AKFTA) a case in point. This paper qualitatively and quantitatively examines the economic feasibility of AKFTA: qualitatively using the theory of economic integration, and quantitatively by applying a CGE model. Our two-dimensional analysis provides some, but not overwhelming, support for AKFTA's prospects as an effective means of promoting trade between ASEAN and the Republic of Korea.
Keywords: ASEAN; Korea; trade; free trade area; economic integration (search for similar items in EconPapers)
JEL-codes: F10 F14 F15 (search for similar items in EconPapers)
Pages: 28 pages
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Persistent link: https://EconPapers.repec.org/RePEc:ris:adbrei:0021
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