INTENSITY OF TRADE BETWEEN PACIFIC BASIN COUNTRIES*

Abstract

There has been considerable discussion in recent years of proposals \naimed at more closely integrating the market economies of the Pacific \nBasin through, among other things, regional trade liberalisation. This \ndiscussion has been premised on three related facts: that the major \ntrading partners of each Pacific Basin country are other countries in the \nregion: that it is easier politically for a country to liberalise its trade \npolicies if its major trading partners do likewise: and that the present \npattern of trade barriers. together with the wide differences in resource \nendowments across the region, ensure that trade liberalisation confined \nto the region would benefit mainly countries of the region, even without a \ncommon external tariff. The Pacific Basin initiative is thus seen as a way \nof making faster progress towards freer trade than seems possible via \nunilateral action or global negotiations while, at the same time, not \ncontravening the General Agreement on Tariffs and Trade.

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