What Is a Single Market? : An Application to the Case of ASEAN

Peter Lloyd

34 citations0/0 files storedSoutheast Asian Economies

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Global trade and economics Global Financial Crisis and Policies Global Political and Economic Relations

Abstract

Four regional trading agreements have now set a goal of a "single market". These are the EU, CARICOM, ASEAN, and CER agreements. However, in none of them is the goal well defined. This paper defines a single market in terms of the concepts of economic integration. An area is completely integrated if the Law of One Price holds for all commodity and factor markets. The paper examines the conditions which are necessary for the Law to hold. It then measures the progress towards this goal in seven regional trading agreements. It examines the steps ASEAN needs to take if it is to be a single market.

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1980Theory of International Trade 1984The theory of international trade 1992Storage and Commodity Markets.1991The World Trading System: Law and Policy of International Economic Relations 1996Fair trade and harmonization : prerequisites for free trade?1991Storage and Commodity Markets 1985Theory of International Trade 1989The World Trading System

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