Economic Regionalization in the Asia-pacific
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Economic Regionalization in the Asia-pacific

Challenges to Economic Cooperation

M. Dutta

This original and comprehensive book provides a unique insight into the development of economic regionalization, with special reference to the Asia-Pacific. It presents international globalization strategies from a historical perspective and then analyses the effects on the development of Asia-Pacific Economic Cooperation (APEC). Focusing on APEC itself, the author provides a detailed investigation into its organization and agenda, and thorough personal interviews with some of the most influential people who have worked for APEC.
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Chapter 29: The North American Free Trade Area (NAFTA)

M. Dutta

Extract

Page 269  29  The North American Free Trade Area (NAFTA)  Following fast track action by the President and Congress of the United States and parallel actions by Canada and Mexico, the North American Free Trade Area of  the three sovereign economies became operational on January 1, 1994. Indeed, it broadened the Free Trade Area Agreement of Canada and the United States, signed  in 1988, effective from January 1, 1989. The only other Free Trade Area Agreement the United States had signed was with Israel in 1985. The U.S.­Isreal Agreement  is beyond the framework of region­specific economic regionalization.  Our review points out that AFTA has reported significant progress in intra­ASEAN trade liberalization by 1994, and is forging ahead with a well­specified agenda for  progressive trade liberalization five years sooner than the 15­year target; and that ANZ­CER has very much accomplished its goal of Australia­New Zealand trade  liberalization by July 1, 1990, five years ahead of the target date. The EU, of course, is indeed a program beyond the typical FTA and has accomplished liberalization  of trade in final products—goods as well as services—and also in an intraregional free flow of factors of production—capital and labor.  NAFTA is at its initial stage, and it begins with a much lower threshold of intra­NAFTA trade barriers. However, NAFTA will have to accomplish a great deal more  before intra­North American trade liberalization achieves a comparable performance.  With a population base of 360 million,...

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