Description
Book SynopsisThis unique compilation of essays addresses a core political economy question: how do market forces and trade regulation interact? Its fresh Asian perspective offers a much-needed contribution to our understanding of how treaty-based regional and bilateral economic integration is driven by the Factory Asia phenomenon. The authors also compellingly show where the World Trade Organization could fit in. An informative read for scholars and experts alike.'
- Manfred Elsig, University of Bern, Switzerland
The global financial crisis exposed great shortcomings in the global economic architecture, generating extensive international debate about possible remedies for these deficiencies. The postwar global architecture was guided by major developed economies, centered around the IMF, the GATT, and the World Bank. Today, the balance of economic power is shifting toward emerging economies. Global governance and economic policy must reflect this shift. With contributions from prominent Asian and international trade experts, this book critically examines key changes occurring in the world trading system and explores policy implications for Asia.
The world trading system, led by the World Trade Organization (WTO), is under pressure to evolve and address 21st-century trade issues. Meanwhile, economically salient Asia has built deep supply chains over decades, whilst experimenting with mega-regional trade agreements and economic policies to sustain growth amid a fragile economy. The Asian-led Regional Comprehensive Economic Partnership (RCEP) and the United States-led Trans-Pacific Strategic Economic Partnership (TPP) are competing to set standards for Asia's trade and supply chains. Lessons from the Asian experience offer new approaches and economic policies to sustain growth, presenting the WTO as a forum for action to improve global and regional trade governance in the 21st century.
Policy makers will benefit from the expert knowledge and policy lessons presented in this book, and development economists and researchers will profit from its critical examination of the world trading system. Undergraduate and postgraduate students interested in development, development economics, international development, and related fields will find this essential supplementary reading.
Contributors: R. Baldwin, S.Y. Chia, B. Dhar, S.J. Evenett, S. Inomata, M. Kawai, P. Low, M. Nakatomi, R. Pomfret, V. Pontines, J. Tijaja, S. Urata, R. Wang, G. Wignaraja, Y. Zhang
Trade Review‘This unique compilation of essays addresses a core political economy question: how do market forces and trade regulation interact? Its fresh Asian perspective offers a much-needed contribution to our understanding of how treaty-based regional and bilateral economic integration is driven by the Factory Asia phenomenon. The authors also compellingly show where the World Trade Organization could fit in. An informative read for scholars and experts alike.’ -- Manfred Elsig, University of Bern, Switzerland
Table of ContentsContents: Preface Foreword Pascal Lamy 1. Introduction and Overview Richard Baldwin, Masahiro Kawai and Ganeshan Wignaraja 2. WTO 2.0: Governance of Global Supply-Chain Trade Richard Baldwin 3. Trade in Value-added Cocept, Development, and an East Asian Perspective Satoshi Inomata 4. Joining the Supply Chain: A Firm-level Perspective Ganeshan Wignaraja 5. Effective Industrial Policies and Global Value Chains Patrick Low and Julia Tijaja 6. Mapping Crisis-era Protectionism in the Asia-Pacific Region Simon J. Evenett 7. Exchange Rate Policy and Regional Trade Agreements: A Case of Conflicted Interests? Victor Pontines and Richard Pomfret 8 Policy Challenges Posed by Asian Free Trade Agreements: A Review of the Evidence Masahiro Kawai and Ganeshan Wignaraja 9. Constructing and Multilateralizing the Regional Comprehensive Economic Partnership: an Asian Perspective Shujiro Urata 10. The ASEAN Economic Community: Progress, Challenges and Prospects Siow Yue Chia 11. The Future of the World Trade Organization Biswajit Dhar 12. Plurilateral Agreements: A Viable Alternative to the World Trade Organization? Michitaka Nakatomi 13. Role of Foreign Direct Investment Flows and a Possible Multilateral Agreement Yunling Zhang and Rongyan Wang Index
