The Emergence and Proliferation of Free Trade Agreements in East Asia

Urata, Shujiro
June 2004
Japanese Economy;Summer2004, Vol. 32 Issue 2, p5
Academic Journal
This article reports that globalization of economic activities, which has been accelerating rapidly as cross-border movements of goods, money, information, and people have expanded remarkably in recent years. Although globalization has allegedly brought some negative consequences such as the widening of income gaps among countries as well as within countries, on the whole it has brought positive impacts such as rapid economic growth and technological progress. One factor that has contributed to globalization is substantial trade liberalization, carried out under the auspices of the General Agreement on Tariffs and Trade/World Trade Organization. Against the background of rapid globalization, regionalization has emerged in various parts of the world in recent years. Regionalization takes two forms. One type of regionalization arises as a result of natural economic developments in that the benefits of agglomeration including economies of scope, scale, and speed outweigh the costs of agglomeration, such as congestion.


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