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Regional Trading Arrangements and Regional Integration
Author(s) -
Lloyd P. J.
Publication year - 1996
Publication title -
asian economic journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.345
H-Index - 28
eISSN - 1467-8381
pISSN - 1351-3958
DOI - 10.1111/j.1467-8381.1996.tb00155.x
Subject(s) - harmonization , regional integration , economic integration , subsidy , commodity , scope (computer science) , economics , international trade , convergence (economics) , free trade , international free trade agreement , deep integration , competition (biology) , international economics , trade barrier , market economy , economic growth , ecology , physics , acoustics , computer science , biology , programming language
The formation of new or geographically expanded regional trading arrangements is one of the dominant trends in the world economy. This paper reviews the changing nature of regional trading arrangements. In the 1980s and 1990s a new generation of arrangements has gone much beyond the removal of border‐trade barriers to the harmonization of non‐border instruments such as national subsidies and commodity taxes, standards, business law regulations and competition policy. They also, in some cases, cover service trade and factor trade. These extensions beyond the scope of traditional customs unions and free trade areas pose new questions about the meaning of regional integration. This paper proposes a new definition of regional integration in terms of price convergence and looks at the extent of regional integration in East Asia.