Growing Together: Economic Integration for an Inclusive and - escap

More documents

Recommendations

Info

CHAPTER TWO 57 Towards a broader integrated market Simulation studies indicate that such an agreement has the potential to generate the largest welfare gains for the region (figure II.16) of up to $140 billion or over 1 per cent of the region’s GDP with broad and comprehensive coverage. When trade facilitation measures are also included in the agreement, as it should be this case, the average gains are 36 per cent higher than without trade facilitation measures. The additional gains accruing from trade facilitation are largest in North and Central Asia (almost 100 per cent higher), reflecting the potential benefits for the subregion’s landlocked developing countries,, but they are also important for South-East Asia (67 per cent higher), reflecting the potential gains from integration for countries such as Cambodia, the Lao People’s Democratic Republic and Myanmar, whose current trade costs are very large. A comparative picture of the welfare impacts from the three options in absolute terms and as percentages of the GDP are summarized in table II.10. It shows that even though the overall magnitude of the welfare gains would be at nearly $50 billion, APEA could be highly rewarding for the members participating in subregional groupings of ASEAN, SAARC, ECO and PICTA. The ASEAN plus approach could bring in up to $85 billion worth of welfare gains with the accession of other economies. The APTA-II approach, due to its universal coverage, would generate the larger welfare gains, of $140 billion, of the three approaches considered. In addition, countries with special needs such as least developed countries, landlocked developing countries (LLDCs) and small island developing States (SIDS), tend to have higher welfare gains as a proportion of GDP than others, corroborating results discussed in chapter one. Furthermore, the welfare gains for the countries with special needs would rise if special and differential treatment, technical and economic assistance is provided to poorer regions, as proposed in this study. Reaching out across the region As this chapter has highlighted, the Asia- Pacific region has steadily been integrating its markets for trade and investment, and to a certain extent for labour is now a good time to consolidate these initiatives and build on them a broader integrated market that would unleash the huge potential of efficiencyseeking industrial restructuring for creating value for all the participating economies and subregions. A key factor supporting a successful integration is infrastructure, which is the focus of the next chapter. ENDNOTES 1 ESCAP, 2011a and 2011b. 2 An important caveat is that this indicator does not take into account the costs of trade and transportation. 3 Among the earliest initiatives is UNCTAD’s TRAINS which is accessible through the World Bank’s WITS software application but it has not been regularly updated. A multiagency initiative (MAST) was started in 2006. A report on pilot studies, with new definition and classification of NTMs was issued in 2010 (see UNCTAD, 2010b; and Basu, Kuwahara and Dumesnil, 2011). 4 For details, see ESCAP, “Facilitating Intraregional Trade”, in Asia-Pacific Trade and Investment Report 2011: Post-crisis Trade and Investment Opportunities (Bangkok, 2011a), pp. 89-100. 5 ADB and ESCAP, 2009. 6 The comprehensive trade cost estimate is an objective measure based on macroeconomic data rather than perception survey data. It is a very broad aggregate measure of international trade costs including, inter alia, direct and indirect costs related to fulfilling regulatory import and export requirements as well as costs resulting from differences in currencies, languages, culture and geographical distance. Domestic and international shipping and logistics costs associated with imports and exports are also included. 7 Duval and Utoktham, 2011a. 8 Duval and Utoktham, 2011b. 9 For more details on this issue, see ESCAP, 2011c. 10 Source: WTO and UNCTAD, WTO International Trade Statistics online (accessed 12 April 2012).
11 All these numbers are underestimates because of the limited number of trading partners for which data are available. 12 UNWTO, “UNWTO and Asia Pacific Ambassadors Discuss Global Tourism Issues,” March 2012. Available from http:// asiapacific.unwto.org/en/news/2012- 03-23/unwto-and-asia-pacific-ambassadors-discussglobal-tourism-issues. 13 Because of the non-standardize reporting across countries, it was not possible to obtain information for all the Asia-Pacific subregions. For example, the Pacific island developing economies and the countries of North and Central Asia other than the Russian Federation were not included systematically by all reporting countries. Thus, the share of tourism arrivals originated in the region reported in the table underestimates the actual share. 14 Available from www.uis.unesco.org/Pages/default. aspx. 15 Denisenko, 2010. 16 Mahapatra et. al. ,2011. 17 ESCAP, 2012. 18 The member States of the GCC are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates. 19 Regional Thematic Working Group on International Migration Including Human Trafficking, 2012; Huguet, Chamratrithirong and Kerry Richter, 2011. 20 Denisenko, 2010. 21 Ivakhnyuk, 2006. 22 ESCAP, 2010a. 23 Hayes, 2010. 24 Regional Thematic Working Group on International Migration Including Human Trafficking, 2012. 25 Boston Consulting Group, “Global Challengers 2011”. Available from https://www.bcgperspectives. com/ content/articles/globalization_companies_on_ the_ move_2011_global_challengers/. 26 Kumar, 2008. 27 Ramamurti, 2011. 28 ESCAP, 2011a. 29 ESCAP calculations based on ASEAN, 2006 and 2011a. 30 Available from www.vietpartners.com/Statistic-fdi. htm. 31 Majumdar and Verma, 2008. 32 Singapore has dominated South-East Asia’s FDI to India. It accounted for 81 per cent of it in 2010. 33 This issue may be revisited to examine if India’s neighbouring countries may also use Mauritius as an intermediary to facilitate their investment to India. In addition to India, Mauritius holds the double tax treaties with four South Asian countries, i.e., Bangladesh, Nepal, Pakistan and Sri Lanka (LOWTAX, 2011). 34 fDi Intelligence, 2011. 35 Bangladesh, Board of Investment, 2012. 36 IMF, Coordinated Direct Investment Survey 2011. Available from http://cdis. imf.org/ (accessed 4 January 2012). 37 Salidjanova, 2011. 38 OECD, 2011. 39 UNCTAD, 2011a. 40 According to UNCTAD, 2011d. 41 UNCTAD, 2011a. 42 Pacific Trade and Invest, 2010. 43 Wesley, 2011. 44 Available from www.state.gov/r/pa/ei/bgn/2797.htm #econ. 45 Available from www.pacifictradeinvest.com/wp/?p =278. 46 ESCAP calculations based on UNCTAD, 2011a. 47 IMF, Coordinated Direct Investment Survey 2011. Available from http://cdis. imf.org/ (accessed 4 January 2012). 48 Hoekman 2011; Baldwin, 2011. 49 Trejos, 2005. 50 ESCAP, 2011a. 58
Page 4 and 5:
ii Photo by Warren Field
Page 6 and 7:
iv Growing Together articulates a n
Page 8 and 9:
vi The following experts prepared t
Page 10 and 11:
viii CONTENTS (continued) Page Chap
Page 12 and 13:
x FIGURES I.1. Real rates of growth
Page 14 and 15:
xii TABLES I.1. Transitions from mi
Page 16 and 17:
xiv ABBREVIATIONS (continued) CEPA
Page 18 and 19:
xvi ABBREVIATIONS (continued) RCM R
Page 20 and 21:
xviii The term “Pacific” in thi
Page 22 and 23:
xx opportunities for all social gro
Page 24 and 25:
xxii Many of the labour flows withi
Page 26 and 27:
xxiv development gaps. Land routes
Page 28 and 29:
xxvi development agencies and priva
Page 30 and 31:
xxviii weighted mean Gini coefficie
Page 32 and 33:
CHAPTER ONE 1 UNDP Photo The case f
Page 34 and 35:
CHAPTER ONE 3 FIGURE TITLE The case
Page 36 and 37:
CHAPTER ONE 5 The case for regional
Page 38 and 39: CHAPTER ONE 7 The case for regional
Page 40 and 41: CHAPTER ONE 9 The case for regional
Page 42 and 43: CHAPTER ONE 11 The case for regiona
Page 50 and 51: CHAPTER TWO 19 Towards a broader in
Page 52 and 53: CHAPTER TWO 21 FIGURE TITLE Towards
Page 92 and 93: CHAPTER THREE UN Photo - Kibae Park
Page 94 and 95: CHAPTER THREE 63 Building seamless
Page 104 and 105: CHAPTER THREE 73 TABLE TITLE Buildi
Page 114 and 115: CHAPTER THREE 83 FIGURE TITLE Build
Page 120 and 121: CHAPTER THREE 89 29 EIA, 2010b. 30
Page 122 and 123: CHAPTER FOUR 91 Enhancing regional
Page 132 and 133: CHAPTER FOUR 101 FIGURE TITLE Enhan
Page 138 and 139:
CHAPTER FOUR 107 TABLE TITLE Enhanc
Page 140 and 141:
CHAPTER FOUR 109 Enhancing regional
Page 142 and 143:
CHAPTER FIVE 111 UN Photo - Kibae P
Page 144 and 145:
CHAPTER FIVE 113 Economic cooperati
Page 146 and 147:
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
CHAPTER FIVE 125 FIGURE TITLE Econo
Page 158 and 159:
Page 160 and 161:
Page 162 and 163:
CHAPTER FIVE 131 FIGURE TITLE Econo
Page 164 and 165:
Page 166 and 167:
CHAPTER SIX 135 Towards an inclusiv
Page 168 and 169:
CHAPTER SIX 137 Towards an inclusiv
Page 170 and 171:
139 Annex Technical notes Photo by
Page 172 and 173:
141 Annex Technical notes ii. Expor
Page 174 and 175:
143 Annex Technical notes of the ag
Page 176 and 177:
References 145 Photo by Warren Fiel
Page 178 and 179:
References 147 __________ (2009). E
Page 180 and 181:
References 149 Brenner, Cath (2009)
Page 182 and 183:
References 151 __________ (2010b).
Page 184 and 185:
References 153 Hertel, T., ed. (199
Page 186 and 187:
References 155 __________ (2005). P
Page 188 and 189:
References 157 Quah, Danny (2010).
Page 190 and 191:
References 159 Thailand, National E
Page 192 and 193:
References 161 United Nations, Econ
Page 194:
References Photo by Warren Field 16
show all

Growing Together: Economic Integration for an Inclusive and - escap

Create successful ePaper yourself

Delete template?

Save as template?