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GTAP Resource #3940

"An EU-ASEAN Free Trade Area with a focus on Singapore and Malaysia"
by Sonmez, Yontem and Scott McDonald

International trade liberalisation is one of the important consequences of globalisation in addition to international labour migration and financial liberalisation. After World War II, the first round of multilateral trade negotiations started under the auspices of the General Agreement on Tariffs and Trade (GATT) and the trend toward global trade liberalisation accelerated leading to the proliferation of the preferential trade agreements.
European Union (EU) is the leading entity regarding the regionalisation activities in Europe.Under GATT Article 14, the EU concludes bilateral trade agreements on Customs Unions (CU), Free Trade Areas (FTA), and association agreements and devises specific trading policies with third countries.
With the help of globalisation, Asia has emerged as one of the important regions comprising dynamic emerging economies of ASEAN. Therefore, cooperation on global issues with such a diverse and dynamic region is important for the EU. While many wide-ranging agreements (trade, FDI, climate change, tourism, nuclear research) are under discussion, the EU already opened negotiations for a free trade agreement with Singapore and Malaysia in 2010. The EU market plays a significant role in the external trade of ASEAN since, after China, it is ASEANs second largest trading partner, accounting for around 11% of ASEAN trade. ASEAN is also an important trade partner of the EU since it is EUs third largest trading partner outside Europe with more than €175 billion of trade in goods and services in 2010. The EUs main exports to ASEAN are chemical products, machinery and transport equipment; whereas its main imports from ASEAN are machinery and transport equipments, agricultural products as well as textiles and clothing. The EU is also the largest investor in the region (EU Commission, 2011).

This paper reports an analysis of the economy-wide effects of a free trade area agreement between the EU and ASEAN countries, studying the economy-wide imp...

Resource Details (Export Citation) GTAP Keywords
Category: 2012 Conference Paper
Status: Published
By/In: Presented at the 15th Annual Conference on Global Economic Analysis, Geneva, Switzerland
Date: 2012
Version: 1
Created: Sonmez, Y. (4/30/2012)
Updated: Sonmez, Y. (4/30/2012)
Visits: 2,226
- Preferential trading arrangements
- Economic development
- The GTAP Data Base and extensions
- Asia (East)

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