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East Asian countries have witnessed rapid regional economic integration in the past decades. Examine the rationale for various types of regional trading agreements (RTAs) in the region and evaluate the economic impacts of these RTAs on East Asian countrie - Essay Example

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Examine the rationale for various types of regional trading agreements (RTAs) in the region and evaluate the economic impacts of these RTAs on East Asian countries.
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East Asian countries have witnessed rapid regional economic integration in the past decades. Examine the rationale for various types of regional trading agreements (RTAs) in the region and evaluate the economic impacts of these RTAs on East Asian countrie
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Extract of sample "East Asian countries have witnessed rapid regional economic integration in the past decades. Examine the rationale for various types of regional trading agreements (RTAs) in the region and evaluate the economic impacts of these RTAs on East Asian countrie"

Download file to see previous pages hey are Asia-Pacific Economic Cooperation (APEC), China –ASEAN, Japan –Malaysia, Japan –Singapore, South Korea –EFTA, Thailand- Laos, Thailand –India and so on. As per Krugman (1994), bilateral trade minimises the tariffs and due to that barriers to trade are being removed. As per Bhagwati (1992), regional bilateral trade result in multilateralism and increase in international trade. The main aim of AFTA is to remove tariffs in the East Asia regions and ultimately to accomplish zero intra-regional tariffs, and this has been fortified by CEPT (Common Effective Preferential Tariff). At the start, in ASEAN, Malaysia, Brunei Darussalam, Indonesia, Singapore, Phililiphines and Thailand were the founding members and in 2003, another four nations such as Lao PDR, Cambodia, Vietnam, and Myanmar joined the AFTA. Tariffs were reduced drastically by all the member nations in AFTA, and Indonesia reduced the tariff rates to zero percent in 1997 for its 99% of its products shown in CEPT list. (Fujita, Kuroiwa & Kumagai 2011:325).
There had been a substantial increase in the bilateral exports due to reduction in the tariff rates within the East Asian regions and for instance, Indonesia successfully increased its exports to Thailand, Singapore, Phililiphines and Malaysia by 200% in 1990s, mainly because of the bilateral trade by espousing CEPT’s targets (Common Effective Preferential Tariff). (“Hapsari and Mangunsong 2006:21”). The main aim of the research essay is to look into whether East Asian nations have experienced fast regional economic integration in the past decades, to evaluate the rationale for various types of regional trading agreements (RTAs) in the East Asian countries and to find out the economic impacts of these RTAs on East Asian countries. Fujita, Kuroiwa & Kumagai 2011:325).
The reduction of the tariffs for particular products between selected nations is known as preferential trade agreement. As per Leung (2000), the majority ...Download file to see next pagesRead More
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