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Edited by Richard Baldwin, Masahiro Kawai and Ganeshan Wignaraja

The global financial crisis exposed great shortcomings in the global economic architecture, generating extensive international debate about possible remedies for these deficiencies. The postwar global architecture was guided by major developed economies, centered around the IMF, the GATT, and the World Bank. Today, the balance of economic power is shifting toward emerging economies. Global governance and economic policy must reflect this shift. With contributions from prominent Asian and international trade experts, this book critically examines key changes occurring in the world trading system and explores policy implications for Asia.
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Siow Yue Chia

what is promised in the AEC Blueprint of objectives and strategic actions and measures. In going forward, a SWOT analysis of ASEAN’s current strengths, weaknesses, opportunities, and threats are shown below. 10.1.1  ASEAN’s Strengths Strategically located in dynamic Asian region; generally robust economic growth; good macroeconomic fundamentals (especially among Brunei Darussalam, Indonesia, Malaysia, Philippines, Singapore, and Thailand, known as the ASEAN6); market of 600 million people; abundance of natural resources and biodiversity; wide-­ranging productive 269

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Biswajit Dhar

maintained that they have a substantial interest in services trade liberalization. The future of the World Trade Organization ­319 11.2.1 Doha Negotiations on Agriculture: Rebalancing the Agreement on Agriculture Agriculture negotiations in the Doha Round are being guided by two sets of mandates. The first set, provided in Article 20 of the WTO AoA, has three clear guidelines. First, members are expected to take into account their experience of implementing the reduction commitments (made at the end of the Uruguay Round), which spanned the three ‘pillars’ of the AoA

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Shujiro Urata

region for foreign direct investment.3 The 1992 agreement provided for the liberalization of tariff measures under common effective preferential tariffs (CEPT). The target year for achieving tariff liberalization was originally set for 2008, but was later moved forward to 2002. The AFTA process was completed among the original six AFTA members – Brunei Darussalam, Indonesia, Malaysia, the Philippines, Singapore, and Thailand – in January 2002 when their tariff rates on intra-­AFTA trade were reduced to 0–5 percent, though the exclusion list from tariff reduction and

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Patrick Low and Julia Tijaja

market failures, including a range of positive and negative spillovers. Whatever interventions are chosen, these will not have proportionate effects across an economy, making sound decision-­making even more challenging, especially in the face of limited resources and capacity. The key interest of firms, on the other hand, is to maximize profits. Lead firms on vertically integrated value chains typically seek to locate activities where they yield the highest returns. This may or may not offer participatory or upgrading opportunities for particular economies and value

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Yunling Zhang and Rongyan Wang

may be timely for the WTO to initiate a new agenda on investment promotion and facilitation. 13.2 ROLE OF FOREIGN DIRECT INVESTMENT FLOWS Foreign direct investment flows have become increasingly important in supporting global economic growth, and the growth rate of FDI has actually exceeded that of GDP since the 1990s. There have been many theoretical studies that examine the relationship between trade and FDI either as substitutes or as complements (Mundell 1957; Helpman 1984; Markusen 1984; Markusen and Venables 1998), but they have still not come up with an

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Masahiro Kawai and Ganeshan Wignaraja

8. Policy challenges posed by Asian free trade agreements: a review of the evidence Masahiro Kawai and Ganeshan Wignaraja 8.1 INTRODUCTION Asian economies face important policy challenges regarding the use of free trade agreements – primarily their scope and their impact on regionalization trends. These topics are at the forefront of contemporary negotiations and of great interest to policy makers. This chapter reviews existing literature, provides new data on the use of FTA preferences from certificates of origin and enterprise surveys, uses new analytical tools

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Asia and Global Production Networks

Implications for Trade, Incomes and Economic Vulnerability

Edited by Benno Ferrarini and David Hummels

This timely book deploys new tools and measures to understand how global production networks change the nature of global economic interdependence, and how that in turn changes our understanding of which policies are appropriate in this new environment. Bringing to bear an array of the latest methods and data to study global value chains, this unique book assesses the evolution of global value chains at the firm level, and how this affects competitiveness in Asia.
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Thomas Hertel, David Hummels and Terrie L. Walmsley

base case, we choose to fix capital stock in each sector in the short run closure. This seems reasonable, since opportunities for adjusting manufacturing capital in the wake of a natural disaster appear to be quite limited. On the other hand, we allow for the free movement of unskilled labor across sectors in response to the shock. In addition, we fix real wages for unskilled workers and allow for changes in the rate of employment. While clerks and other low-­skill workers must be given notice prior to layoffs in many economies, we believe that some adjustment along

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Hubert Escaith

the way the actors (nodes) interact. From an historical perspective, the best-­known example of graph analytics is the Königsberg Bridge Problem solved by the Swiss mathematician Euler (1707– 1783). Its modern version is the Traveling Salesman Problem, one of the cornerstones of operation research. The increasing importance of social networks and improved computer software has recently revived the interest in this subject, fostering the development of new indicators. 292 Asia and global production networks Graph theory, the mathematical approach to networks, may