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This paper provides an analysis of the two channels of regional integration: integration via markets and integration via agreements. Given that East Asia and Latin America are two fertile regions where both forms of integrations have taken place, the authors examine the experiences of these two areas. There are four related results. First, East Asia had been integrating via markets long before formal agreements were in vogue in the region. Latin America, by contrast, has primarily used formal regional trade treaties as the main channel of integration. Second, despite the relative lack of formal regional trade treaties until recently, East Asia is more integrated among itself than Latin America. Third, from a purely economic and trade standpoint, the proper sequence of integrations seems to be first integrating via markets and subsequently via formal regional trade agreements. Fourth, regional trade agreements often serve multiple constituents. The reason why integrating via markets first can be helpful is because this can give stronger political bargaining power to the outward-looking economic-oriented forces within the country.

Emerging Markets --- Free Trade --- International Bank --- International Economics & Trade --- International Trade --- Law and Development --- Policy Research --- Private Sector Development --- Public Sector Development --- Regional Agreements --- Regional integration --- Regional trade --- Regional trade agreements --- Trade and Regional Integration --- Trade Law --- Trade Policy --- Trade policy --- Treaties --- World Trade Organization

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The footwear case provides an example of the complexities of World Trade Organization (WTO) rules on the use of safeguards, and of the interaction of multilateral and regional processes of liberalization. As a result both of Argentina's unilateral liberalization and the removal of barriers within Mercosur, imports of footwear increased rapidly. As Mercosur provides no intra-regional safeguard mechanism, the government of Argentina responded by applying import relief and WTO safeguards against third countries. The WTO Dispute Settlement Body addressed these measures and as a consequence, Argentina dismantled most of them, leading to four main conclusions: The jurisprudence of the WTO's Appellate Body has created serious uncertainty as to when a country can use safeguards. This does not contribute to the political balance that has to be maintained when developing countries implement trade liberalization programs. In fact, it detracts from this crucial goal. It is an error to negotiate ambiguous multilateral agreements on the expectation that the WTO Dispute Settlement mechanism will clarify them. An overvalued currency heightened the industry's problems. In the case of footwear, the decline in imports following the recent devaluation was more important than that following the implementation of earlier relief measures. The political economy of liberalization also indicates the need for regional agreements to include adequate transition mechanisms that will facilitate adjustment to free trade and to maintain support for it.

Appellate Body --- Currencies and Exchange Rates --- Dispute Settlement --- Dispute Settlement Body --- Dispute Settlement Mechanism --- Economic Theory and Research --- Emerging Markets --- Exchange Rate --- Finance and Financial Sector Development --- Free Trade --- Import Relief --- International Economics & Trade --- International Trade --- Law and Development --- Liberalization Of Trade --- Macroeconomics and Economic Growth --- Multilateral Agreements --- Policy Research --- Private Sector Development --- Public Sector Development --- Regional Agreements --- Regional Integration --- Regional Integration Agreements --- Regional Trade --- Safeguard Measures --- Trade --- Trade Barriers --- Trade Law --- Trade Liberalization --- Trade Policy --- World Trade Organization

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This book analyzes the Central Asian economies of Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan, from their buffeting by the commodity boom of the early 2000s to its collapse in 2014. Richard Pomfret examines the countries' relations with external powers and the possibilities for development offered by infrastructure projects as well as rail links between China and Europe.The transition of these nations from centrally planned to market-based economic systems was essentially complete by the early 2000s, when the region experienced a massive increase in world prices for energy and mineral exports. This raised incomes in the main oil and gas exporters, Kazakhstan and Turkmenistan; brought more benefits to the most populous country, Uzbekistan; and left the poorest countries, the Kyrgyz Republic and Tajikistan, dependent on remittances from migrant workers in oil-rich Russia and Kazakhstan. Pomfret considers the enhanced role of the Central Asian nations in the global economy and their varied ties to China, the European Union, Russia, and the United States. With improved infrastructure and connectivity between China and Europe (reflected in regular rail freight services since 2011 and China's announcement of its Belt and Road Initiative in 2013), relaxation of United Nations sanctions against Iran in 2016, and the change in Uzbekistan's presidency in late 2016, a window of opportunity appears to have opened for Central Asian countries to achieve more sustainable economic futures.

Economic development --- 2000-2099 --- Asia, Central --- Economic conditions --- 1997 Agreement on Peace and National Reconciliation. --- 1998 Russian crisis. --- Central Asia. --- Central Asian countries. --- Central Asian economies. --- China. --- China–Europe Landbridge. --- EU. --- Eurasia. --- Eurasian Economic Union. --- Europe. --- GDP. --- Kazakhstan. --- Kumtor goldmine. --- Kyrgyz Republic. --- Kyrgyz migration. --- Russia. --- Russian economy. --- Soviet economy. --- Tajikistan. --- Turkmenistan. --- USA. --- Uzbekistan. --- World Trade Organizations. --- abundant resource. --- banking crisis. --- bilateral relations. --- central planning. --- civil war. --- commodity boom. --- connectivity. --- contract enforcement. --- cotton exports. --- cotton prices. --- cotton. --- currency devaluation. --- economic development. --- economic distress. --- economic diversification. --- economic growth. --- economic liberalization. --- energy exports. --- energy prices. --- external economic powers. --- foreign exchange controls. --- foreign exchange. --- foreign policy. --- forex controls. --- gas exports. --- gas. --- global economy. --- growing economies. --- hard infrastructure. --- income inequality. --- integration. --- international trade. --- market economy. --- market-based economies. --- mineral exports. --- minerals. --- multilateralism. --- nation-building. --- national economy. --- natural resources. --- oil prices. --- oil. --- peace negotiations. --- pipeline politics. --- political transition. --- poverty. --- primary product dependence. --- private foreign investors. --- rail links. --- regional agreements. --- regional disintegration. --- resource curse. --- resources. --- rule of law. --- soft infrastructure. --- trade facilitation. --- transitional recession. --- world economy.