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Trade-led Growth

A Sound Strategy for Asia

image of Trade-led Growth
The global economic crisis triggered changes in real economies and trade in all countries, including those in Asia, which adopted the so-called export-led growth model. With these drastic changes in trade flows, and the need to counteract potential adverse effects, the old debate on the advantages and flaws of the export-led model has re-opened. It aims to provide some theoretical and empirical reasons towards an argument that for developing Asian economies, export-led growth is still a valid model of stable, equitable and sustainable growth. It also combines local research with that of established ones. While there is extensive literature focusing on the role of openness and trade in a country’s development, much of it dates to before the most recent global crisis. Volumes that were recently published argue against an export-led growth strategy, while this volume argues in defence of trade-led growth for the Asian region.

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From the P4 agreement to the Trans-Pacific partnership: Explaining expansion interests in the Asia-Pacific region

This chapter investigates two puzzling issues in the possible evolution of the P4 Free Trade Agreement (FTA) with Singapore, New Zealand, Chile and Brunei Darussalam into a Trans-Pacific Partnership (TPP) trade agreement with the possible addition of the United States, Australia, Peru and Viet Nam (at least as an observer). First, what prompted a set of small, largely open economies that have very little trade with one another to launch free trade negotiations in the first place? Trade negotiations consume scarce resources, particularly in small countries with limited bureaucratic staff resources. The Trans-Pacific Strategic Economic Partnership Agreement (TPSEP, more commonly known as the P4 Agreement) talks ran to more than five rounds (with additional negotiations on financial services and investment scheduled for completion after the original agreement had been finished). Ultimately, as outlined briefly in this chapter, the economic gains from greater liberalization in the P4 Agreement have been minimal and are likely to remain small.

English

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