International trade has, for decades, been central to economic growth and improved standards of living for nations and regions worldwide. For most of the advanced countries, trade has raised standards of living, while for most emerging economies, growth did not begin until their integration into the global economy. The economic explanation is simple: international trade facilitates specialization, increased efficiency and improved productivity to an extent impossible in closed economies. However, recent years have seen a significant slowdown in global trade, and the global system has increasingly come under attack from politicians on the right and on the left. The benefits of open markets, the continuation of international co-operation, and the usefulness of multilateral institutions such as the World Trade Organization (WTO), the International Monetary Fund and the World Bank have all been called into question. While globalization has had a broadly positive effect on overall global welfare, it has also been perceived by the public as damaging communities and social classes in the industrialized world, spawning, for example, Brexit and the US exit from the Trans-Pacific Partnership.
The purpose of this volume is to examine international and regional preferential trade agreements (PTAs), which offer like-minded countries a possible means to continue receiving the benefits of economic liberalization and expanded trade. What are the strengths and weaknesses of such agreements, and how can they sustain growth and prosperity for their members in an ever-challenging global economic environment?
The Handbook is divided into two parts. The first, Global Themes, offers analysis of issues including the WTO, trade agreements and economic development, intellectual property rights, security and environmental issues, and PTAs and developing countries. The second part examines regional and country-specific agreements and issues, including NAFTA, CARICOM, CETA, the Pacific Alliance, the European Union, EFTA, ECOWAS, SADC, TTIP, RCEP and the TPP (now the CPTPP), as well as the policies of countries such as Japan and Australia.
Table of Contents
Preface; Acknowledgements; The Editor and Contributors; Acronyms and Abbreviations; Part I Global Themes; 1. Introduction Robert E. Looney; 2. RTAs: Myths and Misconceptions Kati Suominen; 3. The WTO and Regional/Bilateral Trade Agreements Kimberly Ann Elliott; 4. International Agreements on Intellectual Property Rights: TRIPS and Beyond Keith E. Maskus; 5. The Spread of International Trade Agreements: A Dynamics Towards The ‘Spaghetti Bowl’ Phenomenon? Zakaria Sorgho; 6. The Economic Effects of FTAs Holger Breinlich; 7. Trade Agreements and Economic Development Christopher Stevens; 8. The Investment Component of Trade Agreements Wolfgang Alschner; 9. Trade Agreements and National Security: An Economic Approach Jonathan Lipow and Ryan Garcia; 10. Economic Reform and Service Liberalization in Developing Countries: Can Preferential Trade Agreements Help? Leonardo Baccini; 11. Gender Rights and Trade Agreements Sophia Price; 12. Trade Agreements and the Environment Inkyoung Kim; 13. Neoliberal Globalization and Its Opponents Anne L. Clunan; Part II Regional/Country Analysis 14. NAFTA Robert A. Blecker; 15. CAFTA-DR: Diverging Trajectories and Uneven Development Mary Finley-Brook; 16. CARICOM Lester Henry; 17. Mexico’s Approach to Preferential Agreements Luz Maria de la Mora; 18. CETA Kurt Hubner; 19. Mercosur Walter Antonio Desiderá Neto; 20. The Pacific Alliance Gian Luca Gardini; 21. ALBA Asa Cusack; 22. The European Union Christian Schweiger; 23. TTIP Christoph Scherrer; 24. EFTA Aslak Berg and Marius Vahl; 25. Eastern Partnership Countries Immaculada Martínez-Zarzoso; 26. Trade Agreements and Regional Integration: The European Union After Brexit Annette Bongardt and Francisco Torres; 27. The GCC Trade Agreements: Regional Integration Challenges and Opportunities Joseph A. Kéchichian; 28. Liberalization Without Integration: Egypt and PTAs (1990-2010) Amr Adly; 29. The African Union and the European Union: Trade Reciprocity and/or Economic Development? Mark Langan; 30. ECOWAS: An Economic Commitment that needs Political Strengthening Osaore Aideyan; 31. The SADC: Towards a Deeper and Wider Union? Donald L. Sparks; 32. COMESA: A Case Study B. Seetanah, RV Sannassee, and S. Fauzel; 33. The RCEP and Asian Economic Integration Ganeshan Wignaraja; 34. The TPP: Origins and Outcomes Jeffrey J. Schott; 35. Japan’s Approach to PTAs Gregory P. Corning; 36. Australia’s Approach to PTAs Richard Pomfret
Robert E. Looney is a Distinguished Professor in the National Security Affairs Department at the Naval Postgraduate School, Monterey California, USA. He received his PhD in Economics from the University of California, Davis. He specializes in issues relating to economic development in the Middle East, Latin America and Africa. He has published 22 books, including: Economic Policymaking in Mexico: Factors Underlying the 1982 Crisis (Duke University Press), and Iraq’s Informal Economy: Reflections of War, Sanctions and Policy Failure (The Emirates Center for Strategic Studies and Research). He has also edited four Routledge International Handbooks: Handbook of US-Middle East Relations (2009), Handbook of Oil Politics (2012), Handbook of Emerging Economies (2014), and Handbook of Transitions to Energy and Climate Security (2016). He is also the editor of the Routledge Europa Emerging Economies series.