GTAP Resources: Resource Display
| GTAP Resource #1266 |
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"Towards Formation of Close Economic Cooperation Among Asian Countries " by Kumar, Nagesh, Saroj Mohanty, Sanjib Pohit and Saikat Sinha Roy Abstract In recent years, some efforts have been made to give an identity to the Asian region as a dynamic economic community. Considering the level of endowments existing in different parts of Asia, it is felt that the whole of Asian region is a vibrant economic space in the world economy and a successful RTA can be formed in this part of the region. The consolidation of high growth economies of the region, particularly the formation of the ASEAN-plus-three, has indicated that they can form a meaningful regional cooperation in Asia, and in terms of expected level of intra-regional trade, it could be similar to that of FTAA. In November 2002, the ASEAN Summit had not only made an attempt to reduce gaps between ten plus three (Japan, South Korea and China) countries in Asia, but also allowed India to join in the group as an effective regional partner. In recent years, various attempts have been made to expand the level of cooperation between the regional countries. Under the Chiang Mai Initiatives, the ten plus three countries of the region are attempting to forge a monetary cooperation among themselves with a view to expand intra-regional trade. Simultaneously the Plus Three countries of the ASEAN are also attempting to initiate bilateral FTA with number of other ASEAN partners. The most interesting trend in Asia is that in the post-crisis period, more and more vibrant economies of the region are showing interest to create a free trade zone around ASEAN countries. The present paper argues that there is wastage of energies and resources to go for bilateral FTAs with different pairs of countries, since most of the associated countries in the ASEAN process are having faith in outward-oriented policies. In this context, one can visualize a wider FTA in Asia, comprising some of the vibrant economies of the continent. In this process, Japan can take the lead in shaping the FTA. For this paper, we will be using CGE model and also applying GTAP trade model for solving the problem. For operational convenience, fifteen regions are identified consisting of some ASEAN countries, Japan, Korea, China, India, a few other important Asian countries and the rest of the world. Depending upon the important tradable sectors in the region, we have identified 26 sectors for the analysis. We will be using monopolistic version of the model to analyse the impact of FTA on the regional partners and the global economy as a whole. We are also attempting to decompose the supply of labour in to skilled unskilled ones. We believe that there is some possibility of labour movement in the skill labour category across these countries. We will develop macro closures suitably to accommodate movements of natural persons. Besides the paper will highlight on the broad policy initiatives taken by the regional partners, production and trade structure of the regional partners, etc. The study will also examine macro-economic fundamentals of the region to undertake FTA proposal on a fast track. |
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- Asia (East) |
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Public Access  PDF version (135.0 KB) Replicated: 0 time(s)Restricted Access No documents have been attached. Special Instructions No instructions have been specified. |
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Last Modified: 9/15/2023 2:05:45 PM
