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1、Regional Trading ArrangementsInternational EconomicsChapter 5Chapter 5 Regional Trading Arrangementsn5.1 Types of Regional Trading Arrangements n5.2 Effects of Customs Union n5.3 Practice of Regional Integration 5.1 Types of Regional Trading Arrangements nFree Trade AreauThe most common scheme is re
2、ferred to as a free trade area (FTA), in which all members of the group remove tariffs on each others product, while at the same time each member retains its independence in establishing trading policies with nonmembers.lNorth American Free Trade Agreement (NAFTA)5.1 Types of Regional Trading Arrang
3、ementsnCustoms UnionuLike a free trade association, a customs union (CU) is an agreement among two or more trading partners to remove all tariff and nontariff trade barriers among themselves. lBelgium, the Netherlands, and Luxembourg (BENELUX)5.1 Types of Regional Trading ArrangementsnCommon Marketu
4、A common market is a group of trading nations that permits the free movement of goods and services among member nations, the initiation of common external trade restrictions against nonmembers, and the free movement of factors of production across national borders within the economic bloc. lThe Trea
5、ties of Rome in 1957 established a common market within the European Community (EC).5.1 Types of Regional Trading ArrangementsnEconomic UnionuBeyond these stages, economic integration could evolve to the stage of economic union, which includes all features of a common market but also implies the uni
6、fication of economic institutions and the coordination of economic policy throughout all member nations.lThe Treaties of Rome in 1957 established a common market within the European Community (EC).5.1 Types of Regional Trading ArrangementsSome Regional Trading Arrangements in the World EconomyOrgani
7、zationsIncluded NationsAssociation of Southeast Asian Nations (ASEAN)Brunei, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, VietnamEconomic Community of West African States (ECOWAS)Benin, Burkina Faso, Cape Verde, Cote dIvoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Ma
8、li, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, TogoEuropean Union(EU)Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, the United KingdomLatin American Integration Association (LAIA)Argentina, Bolivia, Brazil, Chile
9、, Colombia, Ecuador, Mexico, Paraguay, Peru, Uruguay, VenezuelaNorth American Free Trade Agreement (NAFTA)Canada, Mexico, the United StatesSouth African Customs Union (SACU)Botswana, Lesotho, Namibia, South Africa, SwazilandChapter 5 Regional Trading Arrangementsn5.1 Types of Regional Trading Arrang
10、ements n5.2 Effects of Customs Union n5.3 Practice of Regional Integration 5.2 Effects of Customs Union nStatic EffectsuCountry A, B, and C. uAssuming that A is the world high-cost producer of beer, and that initially A protects its producer with an ad valorem tariff of 100 percent against all forei
11、gn producers. uSuppose that, in autarky, beer would cost $5 per bottle in A, and B would be willing to export beer to A for $2 per bottle, while C, the low-cost world producer, is willing to export beer at a price of $1.5 per bottle. 5.2 Effects of Customs UnionStatic Effects of Customs Union5.2 Eff
12、ects of Customs UnionuNow, recall that we have assumed that A has a 100 percent tariff in place. The effect of this tariff is to double the price of imported beer. Thus, the price of beer imported from C rises to $3 per bottle. u Suppose that A were to negotiate a CU with Country B. Under such an ar
13、rangement, goods coming to A from Country B would not be charged a tariff. The tariff would remain on any goods coming from Country C. Then, consumers in A could buy beer from B at a price of $2. If they were to buy from C instead, the price would be $3. 5.2 Effects of Customs UnionuAs this example
14、shows, the formation of a CU can have two effects on international trade.lFirst, there is the shift in the source of trade from C, the lowest-cost world producer, to B, the lowest-cost CU member nation. This shift in the source of trade is known as trade diversion. lThe second effect of the formatio
15、n of the CU is that trade expands for Country A. Imports rise from EF to GH. This comes about because consumers are able to pay a lower price for imports. The expansion of trade that results from CU formation is known as trade creation. 5.2 Effects of Customs UnionuLet us calculate the welfare impac
16、t on Nation A of the creation of a CU between A and B. lIf A forms a CU with Country B, consumers in As benefit. The price they pay fall from $3 to $2. Consumer surplus rises by a+b+c+d. Producer surplus falls by a, while tariff revenue falls by c+e. Netting out these changes in surpluses yields a w
17、elfare impact on A of (b+d)e. lBecause of the trade diversion, A no longer trades with Country C. The impact of this is for tariff revenues to fall. Part of this loss of tariff revenues, c, accrues to domestic residents in the form of lower prices. The remaining loss of tariff revenues, Area e, meas
18、ures the amount of the effect of trade diversion.5.2 Effects of Customs UnionlConsumers in A pay a lower price to purchase the good, and hence, trade expands. The benefits of international trade are the familiar triangles equal in value to b+d. lThe lengths of the bases of the two triangles sum to e
19、qual the amount that trade has increased because of the CU. Thus, the sum of these two triangles represents the gain to A from trade creation. Thus, Areas b+d measure the amount of the effect of trade creation. 5.2 Effects of Customs UnionuWhat about the other nations? lB gains on the export side fr
20、om this arrangement. It obtains export markets in A that it had previously been unable to penetrate. On the other hand, if A is a higher-cost producer than C, then when B lowers its tariffs on goods from A, it faces ambiguous welfare prospects. Meanwhile, Country C loses because its producers have l
21、ost markets. lClearly, since the effect on A and B is ambiguous and C loses, the worldwide welfare effect of the formation of CU or other preferential trading relationships is anything but certain. 5.2 Effects of Customs UnionuIn general, A would eliminate its tariff with respect to Country C. The p
22、rice of beer would fall to $1.5, and imports from C would expand to IJ. uThe increase in imports represents pure trade creation. That is, in this example, trade diversion would be zero, since, both before and after the agreement, A trades with C. uFor A, the welfare gains of the formation of a CU re
23、lative to tariff are b+f+g+d+h+i. uCountry C gain as well, because its exports rise. B neither gains nor loses in this case, because its trade has not been affected. 5.2 Effects of Customs UnionThe Welfare Effects of a CU on Country AItemsWelfare Changes (Area)Change in consumer surplusabcdChange in
24、 producer surplusacChange in government revenueeNet welfare change (for Country A)bde5.2 Effects of Customs UnionnDynamic effects uwhen a CU is formed and trade barriers among member nations are eliminated, producers in each nation become more efficient to meet the competition of other producers wit
25、hin the union. uA second possible benefit from the formation of a CU is that economies of scale are likely to result from the enlarged market.uAnother possible benefit is the stimulus to investment to take advantage of the enlarged market and to meet the increased competition. pThese dynamic gains r
26、esulting from the formation of a CU are presumed to be much greater than the static gains discussed above and to be very significant. Chapter 5 Regional Trading Arrangementsn5.1 Types of Regional Trading Arrangements n5.2 Effects of Customs Union n5.3 Practice of Regional Integration 5.3 Practice of
27、 Regional Integration nEuropean UnionuIn the 1950s, Western Europe began to dismantle its trade barriers in response to successful tariff negotiations under the auspices of the General Agreement on Tariffs and Trade (GATT).u the European Union (EU), first known as the European Community, was created
28、 by the Treaty of Rome in 1957. uThe EU initially consisted of six nations: Belgium, France, Italy, Luxembourg, the United Kingdom and Ireland, and then Denmark had joined the trade bloc. uGreece became the tenth member in 1981, and the entry of Spain and Portugal in 1987 raised the membership to 12
29、 nations. In 1995, Austria, Finland, and Sweden were admitted into the EU. 5.3 Practice of Regional IntegrationuMembers of the EU first dismantled tariffs and established a free-trade area by 1968. In 1970, the EU became a full-fledged customs union when it adopted a common external tariff system fo
30、r its members. On January 1, 1993, the EU removed all remaining restrictions on the free flow of goods, services, and resources among its members, thus becoming a single unified market. uThe formation of the EU significantly expanded trade in industrial goods with nonmembers. This was due to:lThe ra
31、pid growth of the EU, which increased its demand for imports of industrial products from outside the union.lThe reduction to very low levels of the average tariff on imports of industrial products as a result of the Kennedy and Tokyo Rounds of GATT. 5.3 Practice of Regional IntegrationuAt the Lome C
32、onvention in 1975, the EU eliminated most trade barriers on imports from 46 developing nations in Africa, the Caribbean, and the Pacific region that were former colonies of EU nations. uQuotas and tariffs on developing nations exports are now scheduled to be gradually reduced as a result of the Urug
33、uay Round of GATT completed in December 1993. uIn February 2000, Lome IV expired and was replaced by a new agreement has the same general purpose as the Lome Convention and is to remain in force for 20 years, subject to revisions every five years.5.3 Practice of Regional IntegrationuOther highlights
34、 in the operation of the EU are as follows: lMember nations have adopted a common value-added tax system, under which a tax is levied on the value added to the product at each stage of its production and passed on to consumers. lThe Commission (the executive body of the EU headquartered in Brussels)
35、 proposes laws, monitors compliance with treaties, and administers common policies such as antitrust policies. lThe Council of Ministers (whose members represent their own national governments) makes final decisions but only on the recommendation of the Commission. lPlans have also been drawn for ha
36、rmonization of monetary and fiscal policies, and eventual full political union.5.3 Practice of Regional IntegrationnNorth American Free Trade AgreementuThe United States discussed for a free-trade agreement with Canada, which became effective in 1989. This paved the way for Mexico, Canada, and the U
37、nited States to form the North American Free Trade Agreement (NAFTA) that went into effect in 1994. uThe establishment of NAFTA was expected to provide each member nation better access to the others markets, technology, labor and expertise. lThe United States would benefit from Mexicos pool of cheap
38、 and increasingly skilled labor, while Mexico would benefit from the U.S. investment and expertise. lNAFTA eliminates tariffs among the three member nations over a 15-year period and at the same time substantially reduces nontariff barriers. 5.3 Practice of Regional IntegrationuIn the case of automo
39、biles, Mexican tariffs were immediately reduced from 20 to 10 percent and were scheduled to decline to zero over the next 10 year. uIn the textile and apparel industry, trade barriers were eliminated on 20 percent of U.S.-Mexican trade and barriers on an additional 60 percent are to be removed over
40、a 6-year period. uWith respect to foreign investment and financial services in general, all barriers to the movement of capital were immediately dropped. uNAFTA was the first regional agreement among nations with such diverse income levels 5.3 Practice of Regional IntegrationnAssociation of Southeas
41、t Asian NationsuThe Association of Southeast Asian Nations (ASEAN) now comprises 10 members: Brunei, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Laos, Myanmar and Cambodia. uIn 1992, ASEAN signed ASEAN Free Trade Area (AFTA) agreement supporting local manufacturing in all members
42、. uThe primary goals of AFTA seek tol Increase ASEANs competitive edge as a production base in the world market through the elimination of tariffs and non-tariff barriers within ASEAN.lAttract more foreign direct investment to ASEAN. 5.3 Practice of Regional IntegrationuASEAN Plus Three is a forum t
43、hat functions as a coordinator of cooperation between ASEAN and the three East Asian nations of China, Japan, and South Korea. uThe ASEANChina Free Trade Area (ACFTA) is a free trade area among the ten members of ASEAN and China. The initial framework agreement was signed in 2002 with the intent on
44、establishing a free trade area among the eleven nations by 2010. uThe free trade area came into effect on 1 January 2010. ACFTA is the largest free trade area in terms of population and the third largest in terms of nominal GDP. By July 2010, ASEAN had become Chinas third largest trade partner and China had been ASEANs largest trade partner.
