What are the choices the Asia-Pacific community will face if it proceeds further down the path of developing preferential regional trading arrangements? Fragmentation of the region into preferential trading arrangements on a bilateral or subregional basis promises relatively little economic gain and considerable risk of increased trade conflict. Larger preferential trading blocs, spanning the whole of East Asia, the Western Pacific, or the APEC membership, offer greater potential economic benefits but also face formidable political obstacles.

In this study, Scollay and Gilbert weigh the...

The origins, evolution and impact of the Australia New Zealand Closer Economic Relations Trade Agreement are examined in this book. ANZCERTA is often referred to as a benchmark for trade agreements. Not only does the book examine the agreement and how it evolved, but it also provides lessons for others, particularly in ASEAN, as they work on regional on bilateral economic relations. The special features of the Agreement are identified, and its evolution is charted. Current debates are reviewed, and assessments of its impact are discussed. Ten lessons for the designers of other agreements are...