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GTAP Resource #4719

"The Effects of China-US Free Trade Agreement (CHUSFTA)"
by Songfeng, Cai, Yaxiong Zhang and Jianqin Yuan

The terrain of the world trading system is shifting, with negotiations now under way among 12 countries in the Asia-Pacific for the Trans-Pacific Partnership (TPP),16 countries in Asia for the Regional Comprehensive Economic Partnership(RCEP),between the European Union and the United States for the Transatlantic Trade and Investment Partnership(TTIP),and between the European Union and Japan economies producing nearly 80 percent of world GDP are engaged in one or more of these initiatives. None of the negotiations, however, includes both China and the United States, the world’s two largest economies. Any such negotiation would be challenging: the two countries are close trade partners, but also competitors. Direct cooperation between China and the United States would be enormously productive in this context. The vision of a comprehensive China US free trade agreement (CHUSFTA) provides a compelling framework for the efforts. We link improved GTAP model with SICGE (GEMPACK)based CGE model in China developed by State Information Center) to assess the direct and spillover effects of CHUSFTA. In the simulation, we mainly do the work in two aspects. Firstly, we reduce both tariff and non-tariff barriers (NTBs) between China and US. Secondly, the simulations that are carried out also take into account two sets of possible spillover effects beyond bilateral liberalization. The direct spillover is based on the assumption that improved regulatory conditions negotiated between the China and US will also result in a limited fall in related trade costs for third countries, which export to the China and US. The indirect spillover effect occurs when third countries adopt some of the common standards agreed between the China and US.

Resource Details (Export Citation) GTAP Keywords
Category: 2015 Conference Paper
Status: Published
By/In: Presented at the 18th Annual Conference on Global Economic Analysis, Melbourne, Australia
Date: 2015
Created: Songfeng, C. (4/14/2015)
Updated: Songfeng, C. (4/14/2015)
Visits: 2,402
- Non-Tariff barriers
- Non-Tariff measures in services
- Asia (East)
- North America

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