The economic growth fueled by the growing in size of trade and investment in the region despite the various results of the performance of nations become visible in recent years.
These comprise the results of global financial crisis in —, the risk of protectionism, the tenacity of remaining behind-the-border regulatory barriers, the failure to conclude WTO multilateral trade negotiations, and corresponding exclusion of small- and medium-sized enterprises Kawai and Wignaraja These global issues prompted Asia economies to embark on various inventiveness, economic collaborations and integration in the sphere of trade and investment, innovation, and became interdependent among each other. The extant literature shows that efforts to investigate the impact of trade agreements and economic cooperation on trade growth are exerted.
Among them is the evaluation of the level of economic integration, the transfer of trade and commodities, resources and people between trade partner nations Kawai and Wignaraja The study finds that the two transparency aspects and free trade agreement policies are widely commencing to generate good results, i. The results uncover the deepening importance of transparency practices and free trade consensus utilization in the international trade and economic development.
The magnifying usefulness of these trade policies should not be ignored. They are regarded a beneficial trade policy tools not just in advancing competition and improving transparency, but also in robust transparent practices of predictability and accountability and productive utilization of free trade agreements in making international trading process to share trade with other countries. The evidence shows that higher predictability and accountability transparency practices in trade policy measures and increased in free trade consensus have an impact on trade growth upshot. The thorough practices of these two aspects of transparency and the increasing number of FTAs are significant factors to combat the difficult challenges of opacity and a determinant to intensify market-driven economic integration, respectively.
These trade policies will help to achieve the sustainability of increase growth in trade. However, trade policy change that adheres deeply to transparency practices raises long-term favorable impact to trade growth and economic performance of the countries in the region. The increase in trade activity is fostered by the key elements. Those are predictability and accountability transparency practices, and the number of FTAs signed and in effect. The role of international trade organizations, regimes, and policy-makers in this matter is essential as trade policy is vital to channel for the international trade market for modern governance.
It has been revealed in this empirical work that predictability aspect of transparency and the increase in free trade agreement have a significant contribution to trade growth. The result appears to imply that transparency practices and FTA policy will not steer to significant and crucial trade flows reductions, and rather they will push forward the Asia-Pacific region as the leading trade giant to continue to thrive in the world—succeeding both trade growth and economic performance.
The empirical model suggests that transparency is a contributing factor for growth as well as free trade agreement in the selected countries of the Asia-Pacific region. Therefore, for a country to increase growth in trade, the policy must be directed toward increasing transparency practices and induce free trade agreement in their trading activity.
The inter-linkages of the transparency practices and FTA exhibit their significance in trade policy, which are important for trading countries in advancing their trade activity by including provision for these policy measures that have a major influence to heighten growth in trade. As can be seen, the trade policy measures play an important function in trade where correspondingly increase in trade growth is a feature of increase in transparency and FTA collectively while decrease in trade growth is a feature of decrease in transparency measure specifically the accountability and lesser utilization of FTA.
It will be considerably worthwhile for future research to investigate the same trade policy issue and to consider other indicators on accountability measures that may represent a significant relationship to trade growth. The study also suggests the need for further thorough research to derive conclusions about the impact and relationship between transparency aspects and FTA policy and trade growth. J Int Econ — Baccini L Cheap talk: transaction costs, quality of institutions, and trade agreements.
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J Comp Econ 43 3 — Wolfe R, Halle M Did the protectionist dog bark? Transparency accountability, and the WTO during the global financial crisis. Stockholm, Sweden. Policy report 01, p 1— WTO Glossary—transparency. Accessed 14 July J Inf Policy — Download references. RP is involved in conception and design of the study, acquisition of data, performed analysis and interpretation of data, wrote draft manuscript and revised it critically for important intellectual content.
MCC supervised development of work and manuscript evaluation.
Missing Values for Gravity Model Trade, PPML, Panel Regression - Statalist
CM helped to evaluation and revision of the manuscript. All authors read and approved the final manuscript. The authors gratefully appreciate Jenny Beb Ebo for the technical help on this paper. We highly acknowledged Exequiel Cabanda for the comments and suggestions on the previous drafts of this paper. We are also very grateful for the comments and suggestions of the editor and anonymous reviewer.
The datasets and appendices supporting the conclusions of this paper are presented in the additional supporting files.
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