Trade liberalization and the new regionalism in the Asia-Pacific: Taking stock of recent events

Abstract

In the aftermath of the regional financial crisis of 1997-98, many Asian economies have underscored the need consciously and aggressively to explore alternative liberalization paths or 'fallback positions'. This is where the 'new regionalism' or new regional trade agreements (RTAs) become relevant. This paper explores some of the primary rationale behind, and main concerns regarding, the proliferation of bilateral and plurilateral trade pacts in the Asia-Pacific region. It also considers the 'dynamic time path' of Asian RTAs. Do they facilitate or hinder multilateral trade liberalization? © Oxford University Press and the Japan Association of International Relations 2005, all rights reserved.