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By Christopher M. Dent (auth.)

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We discuss the many reasons for this throughout the book. Taking the Japan–South Korea FTA project as an illustrative example of how long bilateral FTAs can take to gestate, this was first officially proposed at the very early stages of the new Asia-Pacific FTA trend back in late 1998 but it took a full five years before negotiations commenced in December 2003, and talks were still far from concluded two years later. g. Japan–Chile. FTA heterogeneity Furthermore, each bilateral FTA is different to another, being crafted in accordance to the particular political economic interaction of the two trade Free Trade Agreements in the Asia-Pacific 19 partners involved.

CISFTA (Commonwealth of Independent States Free Trade Area, whose membership overlaps with the EAEC’s and which comprises Moldova, Kazakhstan, Uzbekistan, Kyrgyz Republic, Azerbaijan, Tajikistan and Georgia), EAEC (Eurasian Economic Community). ru/WIN_E/), various government and media sources. 6 33 34 New Free Trade Agreements in the Asia-Pacific republics of Central Asia, which have been busy establishing FTA links between themselves in recent years. 6). These developments are in many ways reconstructing preexisting economic links between the ex-Soviet Republics.

This process leads to greater productive and allocative efficiencies being captured, lower consumer prices and a greater specialisation in the economy’s comparative advantages. The extent of these changes will depend on what levels of trade protection the FTA is removing. Moreover, the net welfare effect will also depend upon what level of external barriers remain imposed on third countries (Kemp and Wan 1976). e. the simultaneous import and export of goods from the same industries) within the FTA, the wider the scope for trade creation opportunities.

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