The Eu's New Trade Strategy and Regionalisation in the World Economy
Lloyd, Peter J
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Summary
The "new generation of Free Trade Agreements" announced by the Commission of the European Community signals an intention to substantially extend the geographic coverage of its reciprocal, preferential trade agreements. We review the development of regionalism in East Asia by listing the existing bilaterals and those under negotiation and conclude that the EC's initiative will have minimal effect in this region. However, globally, there are two super-hubs, namely the EC and the US, each with its network of spokes and associated rules. They are likely to compete to design any new multilateral rules which are WTO-plus.
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The Eu's New Trade Strategy and Regionalisation in the World Economy
The European Community (EC) has, since its establishment, been central to the proliferation of regional trade agreements in the world economy. The formation of the EC1 led rapidly to the formation of the EFTA and began the modern era of regionalism. Subsequently, the EC has built a network of reciprocal regional trading agreements (RTAs) with countries in the EuroMediterranean area and outside it. Many regional trading agreements have copied the EC's measures and modalities for individual areas of goods and services trade, and a number have adopted the EC's goals of a "common market" and, more recently, a "single market". In addition to its reciprocal agreements, the EC has had two non-reciprocal agreements, namely, the Cotonou Agreement2 (formerly the Lomé Agreement) with the Africa, Caribbean and Pacific (ACP) countries and a Generalised System of Preferences (GSP) scheme.
The new external trade policy in the communication of the EC (COMMISSION OFTHE EUROPEAN COMMUNITIES 2006a and b) announces a "new generation of Free Trade Agreements". In particular, it signals a desi...See the full content of this document
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