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"The shape of economic integration in the global and regional economies--and the extent to which goods, services and factors of production move more or less freely across borders--depends not only upon underlying economic conditions but also upon politics. Whether integration is market-led, as has been the case in Asia, or institution-led as in Europe, there are political elements that affect all forms of regional and international economic integration. While geopolitics influences international economic integration, so too does domestic politics. Economic integration in Asia has been driven by rapid unilateral trade and investment liberalization and, while trade and investment patterns have been determined largely by comparative advantage, political forces have also affected patterns of economic interdependence. The form that regional institutions take, and their effectiveness, also depends on political relations between countries. The particular circumstances in Asia, and the relationships between regional economies has profoundly shaped regional institutions and will continue to do so. The chapters in this volume draw on papers originally presented to the 33rd Pacific Trade and Development Conference held in Taipei in 2009 to look in original ways at how politics shape economic integration and its various dimensions in Asia and the Pacific and globally."--Publisher's description

Taiwan has had discriminatory trade and investment policies towards China, severely limiting economic engagement across the Strait. Not having free and open trade with China, one of the largest and most important parts of the East Asian economy, has resulted in Taiwan's underperforming in attracting foreign direct investment, effectively cut Taiwan off from participating fully in East Asian production networks and prevented the deepening of its specialisation in the regional and international economy. The Economic Cooperation Framework Agreement is a watershed in cross-Strait relations and gives Taiwan the opportunity to integrate more fully into the East Asian economy. There is pressure now for Taiwan to pursue preferential trade deals with other countries. This is not the best way forward; rather, Taiwan should pursue a multilateral trade strategy and focus on domestic reforms that will bring larger economic gains, economic diversification and avoid the political risks to the cross-Strait relationship associated with preferential deals.

The large and rapidly growing trade relationship between Japan and China has occurred against a backdrop of political tensions. This study measures performance of the trade relationship, benchmarking it against other trade flows worldwide, and examines the impact of the politics on bilateral trade performance. To do this, a frontier gravity model is estimated using core determinants of trade. This gives a benchmark against which to measure trade performance, explained using resistances to trade. While the economic relationship is not independent from the politics, an important conclusion is that trade has not been diminished or disturbed by politics to a significant extent. China's commitment to the global trading system from the mid-1980s and its accession to the WTO 2001 has meant that tensions the political relationship with Japan from time to time have not derailed, but rather have increasingly come to be dominated, by the economic relationship.

Taiwan has had discriminatory trade and investment policies towards China, severely limiting economic engagement across the Strait. Not having free and open trade with China, one of the largest and most important parts of the East Asian economy, has resulted in Taiwan's underperforming in attracting foreign direct investment, effectively cut Taiwan off from participating fully in East Asian production networks and prevented the deepening of its specialisation in the regional and international economy. The Economic Cooperation Framework Agreement is a watershed in cross-Strait relations and gives Taiwan the opportunity to integrate more fully into the East Asian economy. There is pressure now for Taiwan to pursue preferential trade deals with other countries. This is not the best way forward; rather, Taiwan should pursue a multilateral trade strategy and focus on domestic reforms that will bring larger economic gains, economic diversification and avoid the political risks to the cross-Strait relationship associated with preferential deals.

The large and rapidly growing trade relationship between Japan and China has occurred against a backdrop of political tensions. This study measures performance of the trade relationship, benchmarking it against other trade flows worldwide, and examines the impact of the politics on bilateral trade performance. To do this, a frontier gravity model is estimated using core determinants of trade. This gives a benchmark against which to measure trade performance, explained using resistances to trade. While the economic relationship is not independent from the politics, an important conclusion is that trade has not been diminished or disturbed by politics to a significant extent. China's commitment to the global trading system from the mid-1980s and its accession to the WTO 2001 has meant that tensions the political relationship with Japan from time to time have not derailed, but rather have increasingly come to be dominated, by the economic relationship.

AbstractThe global trading system has underpinned huge growth in trade and the integration of economies that have signed on to it, whether they are political allies or not—none more so than in the Asia‐Pacific region. It has prevented political disputes between Japan and China adversely affecting trade and investment flows between the two countries. The World Trade Organisation continues to play an important role. This is evidenced by the number of countries still willing to join the organisation, its record in keeping markets open during crises and the effectiveness of the dispute settlement mechanism. Yet the global trading system faces challenges. The rules and agenda, as well as the single undertaking mode of negotiations, are not effective or relevant to commerce in the twenty‐first century. The shift to mega‐regional agreements further undermines its primacy. A weakened global trading system could also have negative spillovers for political relations between countries.