The United States and the New Regionalism/Bilateralism

26 Pages Posted: 14 Feb 2006

See all articles by Yongzheng Yang

Yongzheng Yang

International Monetary Fund (IMF) - African Department

Alvin D. L. Hilaire

International Monetary Fund (IMF)

Date Written: October 2003

Abstract

Current U.S. trade policy stresses establishing free trade areas (FTAs) with partners spanning the globe. Motivations include enhancing goods and services trade; stimulating investment flows; extending standards on intellectual property rights, labor, and the environment; and addressing geopolitical concerns. Simulations of FTAs with the United States highlight the importance of trade complementarity, trade diversion, and welfare losses for nonmembers. Agriculture and textiles play a central role in determining welfare outcomes. Initial improvement in market access enjoyed by participants could be eroded progressively as global liberalization proceeds, and this preference erosion might act as a disincentive to participate in multilateral liberalization.

Keywords: integration, regionalism, free trade, global trade analysis, United States

JEL Classification: C15, F15, F47

Suggested Citation

Yang, Yongzheng and Hilaire, Alvin D. L., The United States and the New Regionalism/Bilateralism (October 2003). IMF Working Paper, Vol. , pp. 1-26, 2003. Available at SSRN: https://ssrn.com/abstract=880861

Yongzheng Yang (Contact Author)

International Monetary Fund (IMF) - African Department ( email )

1700 19th Street, NW
Washington, DC 20431
United States
202-623-4339 (Phone)
202-623-4237 (Fax)

Alvin D. L. Hilaire

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
90
Abstract Views
913
rank
297,552
PlumX Metrics