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.



Trans-Pacific strategic economic partnership agreement: High standard or missed opportunity?

Since its inception in 2005, the Trans-Pacific Strategic Economic Partnership Agreement (P4 Agreement) has enjoyed great attention and has been referred to by many commentators as a “high-standard” free trade agreement (FTA).1 There is, in fact, no official definition of what constitutes a “high standard” FTA; however, since the central purpose of FTAs is to reduce trade barriers and promote trade liberalization, the degree of trade liberalization should be used as the basis for judging whether the “standard” of an FTA is “high” or not. To be more specific, in line with the requirements under General Agreement on Tariffs and Trade (GATT) Article XXIV and General Agreement on Trade in Services (GATS) Article V, a “high standard” FTA should satisfy the following requirements


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