Growing Together: Economic Integration for an Inclusive and - escap

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CHAPTER TWO 45 Towards a broader integrated market BOX II.2. Continued of the TPP preferences. Thus, a new TPP agreement should replace existing arrangements as businesses across the nine member countries would be working from the same agreement. This would streamline trade flows by allowing exporters to, for example, make only one rule of origin calculation before shipping goods to multiple TPP members. Another argument for a wholly new agreement is that it would increase incentives for government officials and business leaders to take the talks seriously. Ignoring existing agreements and starting over with new negotiations might be easier for negotiators who could then aim for an ideal outcome from the beginning. However, economic and political realities in some member countries make this approach problematic. Many of the provisions in existing RTA agreements were carefully crafted compromises, offering a balance of benefits, opportunities and cost to the economic interests in each member. Thus, replacing existing agreements with a common one would alter or even undermine the balance of benefits in place and may unravel the partnerships between States from previous deals. Therefore, the United States proposed the hybrid model that each country will conduct bilateral negotiations with TPP member countries with which it does not already have a RTA. It would then have eight different bilateral deals and anything not already covered in these bilateral agreements could be addressed multilaterally among the TPP members. The final document, then, would include a partially common agreement that would apply to all nine countries as well as some separate annexes and schedules with specific commitments for individual countries. The second round of TPP talks in June 2010 failed to settle the issue of how the TPP would sit in relation to other RTAs. The United States came out as a strong supporter of keeping existing market access agreements from bilateral RTAs while Australia, Singapore and New Zealand argued hard for a comprehensive agreement in the TPP that would supersede existing RTA agreement. On a practical level, the amount of work it would take to manage a hybrid system would be significant. The issue is most stark in market access for goods, since all of the existing RTAs contain various provisions for reducing barriers to trade in goods. a Although a deal could not be reached by APEC Leader’s meeting in November 2011, as targeted, a five-page “broad outlines” of the agreement was released to the public. The statement noted the following defining features for the TPP: comprehensive market access; fully regional agreement; cross cutting trade issues (the ‘horizontal issues’); new trade challenges (digital economy and green technology); and a living agreement. Sources: Elms and Lim (2012). a As an example, suppose a manufacturer of nails was eligible for zero tariffs under the Canada- U.S. RTA while Mexican nails were still subject to an interim tariff of six percent. Officials had to create a rule that all incoming products needed to be marked with a country of origin label in order to differentiate between Canadian, American and Mexican nails crossing the border. Customs officials then have to apply the correct tariff rates to the particular shipment.
FIGURE TITLE II.10. Network of trade agreement between countries in Asia and the Pacific Source: ESCAP based on APTIAD Trade Agreements database; and ASEAN Secretariat. Available from www.aseansec.org/20182.htm and www. aseansec.org/22765. Notes: Solid lines represent concluded agreements. Dashed lines represent both agreements formally under negotiation and two proposed agreements, EAFTA and CEPEA, for which formal negotiations have not started. models have shown that both EAFTA and CEPEA hold significant welfare gains for their member countries. Higher welfare gains were reported for CEPEA compared with alternative options because of the larger market size and synergies brought about by the three additional members, Australia, India and New Zealand. 54 More recently, at the nineteenth ASEAN Summit held in Bali, Indonesia in November 2011, an ASEAN Framework for Regional Comprehensive Economic Partnership was adopted to broaden and deepen its engagement with the dialogue partners. During the Summit, three working groups in the areas of trade in goods, trade in services and investment were established to define the specific principles and a template under which ASEAN will engage with its partners. As elaborated below, these proposals could serve as stepping stones to the development of a broader and unified Asia-Pacific market and economic community. 46
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iv Growing Together articulates a n
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vi The following experts prepared t
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viii CONTENTS (continued) Page Chap
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x FIGURES I.1. Real rates of growth
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xii TABLES I.1. Transitions from mi
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xiv ABBREVIATIONS (continued) CEPA
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xvi ABBREVIATIONS (continued) RCM R
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xviii The term “Pacific” in thi
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xx opportunities for all social gro
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xxii Many of the labour flows withi
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CHAPTER SIX 135 Towards an inclusiv
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CHAPTER SIX 137 Towards an inclusiv
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139 Annex Technical notes Photo by
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141 Annex Technical notes ii. Expor
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143 Annex Technical notes of the ag
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References 145 Photo by Warren Fiel
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References 147 __________ (2009). E
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References 149 Brenner, Cath (2009)
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References 151 __________ (2010b).
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References 153 Hertel, T., ed. (199
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References 157 Quah, Danny (2010).
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References 161 United Nations, Econ
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