The United States and the New Regionalism/ Bilateralism

October 1, 2003

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Format: Chicago

Yongzheng Yang, and Alvin Hilaire. The United States and the New Regionalism/ Bilateralism, (USA: International Monetary Fund, 2003) accessed December 26, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Exports, Imports, International trade, North American Free Trade Agreement, Trade liberalization, Trading arrangements

Keywords: Asia and Pacific, Australia, Central America, Chile, Chile-Japan FTA, Exports, Exports of goods, Free trade, Global, Global trade analysis, Imports, Integration, Leadership role, Liberalization, Middle East, North American Free Trade Agreement, Regionalism, Southern Africa, Trade, Trade creation, Trade diversion, Trade liberalization, Trading arrangements, U.S. export, U.S. FTAs, U.S. trade policy, United States, United States-Australia, United States-CAFTA, United States-Chile, US.-Austraha FTA, WP

Publication Details

Pages:

26
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2003/206
Stock No:

WPIEA2062003
ISBN:

9781451874624
ISSN:

1018-5941

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