Publication: Actual and Potential Trade Agreements in the Asia-Pacific: Estimated Effects
Date
2020-12
ISSN
Published
2020-12
Author(s)
Ferrantino, Michael Joseph
Maliszewska, Maryla
Taran, Svitlana
Abstract
This paper assesses and compares the
economic impacts of four actual and potential free trade
agreements in the Asia-Pacific Region: the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership, the
original Trans Pacific Partnership, the Regional
Comprehensive Economic Partnership, and the Free Trade Area
of the Asia-Pacific. Free trade areas with a larger scale
and wider membership are expected to produce higher
aggregate gains in increased gross domestic product and
trade flows. U.S. withdrawal from the original Trans-Pacific
Partnership reduced estimated gross domestic product gains
for the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership countries by about half. For
countries belonging to the Comprehensive and Progressive
Agreement for Trans-Pacific Partnership and also negotiating
the Regional Comprehensive Economic Partnership, the
potential gains from an agreement with China and the
Republic of Korea are substantial, but not as large as if
the United States were to rejoin the original Trans-Pacific
Partnership. On a sectoral basis, significant structural
shifts are observed for food processing, wearing apparel,
textiles, and transport equipment.
Citation
“Ferrantino, Michael Joseph; Maliszewska, Maryla; Taran, Svitlana. 2020. Actual and Potential Trade Agreements in the Asia-Pacific: Estimated Effects. Policy Research Working Paper;No. 9496. © World Bank, Washington, DC. http://hdl.handle.net/10986/34940 License: CC BY 3.0 IGO.”
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