Industrial Adjustments and Optimum Sequencing of FTAs: A Dynamic CGE Analysis of Regional Integration in Asia

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In response to the lack of progress on multilateral trade negotiations, Asian countries have actively implemented free-trade agreements (FTAs) in recent years. In this research, we examine what might be a desirable sequencing of FTAs for Asian countries. First, we find that it would be beneficial for countries to pursue region-wide FTAs, rather than bilateral FTAs. Second, since it is likely to require some time before realizing an Asia-wide FTA such as RCEP, Japan should first become a member of TPP, followed by an FTA with the EU and the formation of RCEP in the not too distant future.