`East Asia is the region of the world that is changing fastest in
terms of trade arrangements. Dozens of free-trade agreements are
signed every year, turning a complex situation into the East Asian
"noodle bowl" of FTAs. This book addresses the crucial question
posed by these new agreements - how do they affect business? While
many studies have focused on government-to-government issues, this
book gets to the heart of the matter, studying what it means for
the firms actually doing the trade and investment. I recommend this
book to any serious student of trade, particularly those interested
in understanding the rapidly evolving landscape in this most
dynamic part of the world.' - Richard Baldwin, Professor of
International Economics, Graduate Institute, Geneva, Switzerland
`The pursuit of more than one hundred Free Trade Agreements in East
Asia is quietly producing a fundamental change in the global
economic architecture. This path-breaking new volume provides an
indispensable guide to the practical effect of such agreements on
commercial transactions in the region. It is a must-read for
businessmen and policymakers who seek to both understand the impact
of FTAs in the real world and expand their contributions to
economic growth and development.' - C. Fred Bergsten, Director,
Peterson Institute for International Economics, US `[East Asia]
needs to think about appropriate measures to overcome the Asian FTA
noodle bowl in the future. In this vein, the study suggests several
practical measures including encouraging rationalization and
flexibility of rules of origin, upgrading origin administration,
improving business participation in FTA consultations, and
strengthening institutional support systems for SMEs. . . It is
hoped that this study will contribute to strengthening regional
trade policies in Asia and compatibilities with global trade
rules.' - Haruhiko Kuroda, President, Asian Development Bank `This
is a valuable contribution in a crowded field. Kawai and Wignaraja
have gone beyond familiar arguments about the relative merits of
regionalism and multilateralism to ask businesses what it all means
to them. Policymakers should take note.' - Patrick Low, Chief
Economist, WTO `For policymakers in the region, the debate is no
longer between regionalism and multilateralism. The real question
is how we should create the model for regionalism that will become
the building blocks to a multilateral trading system and avoid
raising costs of doing business from the noodle bowl effect.
Therefore the comparative and micro-level research found in this
book provides valuable insights on the impact of FTAs on
businesses. These insights will be relevant input as policymakers
forge ahead in implementing regional FTAs, thinking of ways to
amend and improve on them and, most importantly, harmonize or
consolidate between existing regional FTAs in East Asia.' - Mari
Pangestu, Minister of Trade, Indonesia The spread of Asia's free
trade agreements (FTAs) has sparked an important debate on the
impact of such agreements on business activity. This pioneering
study uses new evidence from surveys of East Asian exporters -
including Japan, the People's Republic of China, the Republic of
Korea and three ASEAN economies of the Philippines, Singapore and
Thailand - to shed light on the FTA debate. Critics are concerned
that FTAs erode the multilateral trading process and foster an
alarming `noodle bowl' of overlapping regulations and rules of
origin requirements - which may be costly to business. Asia's Free
Trade Agreements makes key recommendations for improving business
use of FTA preferences, reducing costs of FTAs and creating a
region-wide FTA. This well-researched and documented book will
appeal to undergraduate and postgraduate students in international
business, international economics, economic development, public
administration and public policy. Academics, researchers and
members of think-tanks around the world will also benefit from this
book as will trade negotiators and trade policy officials from
developed and developing countries.
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