economic cooperation and FTAs

Question 1

types of economic co-operation?

Answer 1

1. free trade areas: member countries abolish tariffs and non-tariff barriers
2. customs union: free trade areas + common set of trade barriers against non-member countries
3. common mkt: customs union + no restriction of mvmt of FOP w/in the common mkt
4. WTO (world trade org): aims to ensure trade flows smoothly, predictably, and freely → administers trade agreements, negotiations, handles disputes, etc
   
   • BUT: consensus building is slow

Question 2

singapore’s FTAs?

Answer 2

• sg benefits due to heavy reliance on X (sg has a small k)

CPTPP: the Comprehensive and Progressive agreement for Trans-Pacific Partnership

- aus, ca, jap, mexico, nz, sg, vietnam 
- eliminated tariffs for 94% of sg’s exports to these countries 

RCEP: Regional Comprehensive Economic Partnership
- ASEAN countries, aus, china, jap, korea, nz