TPP: Is the best path to regional integration of Asia Pacific?

Abstract

Asia-Pacific has distinguished itself for its high levels of interdependence and its fast economic growth, however, it lacks of a strong regional institutional framework. Despite the existence of APEC as a forum which includes the region’s diversity of economic development levels and cultural differences, its voluntary approach which relays on open regionalism has not allowed member economies to advance towards its ambitious goals of trade and investment liberalization. Therefore, several of its members have decided to embrace binding schemes, at a bilateral and multilateral basis, among them the TPP, which due to its comprehensive approach, for many represents the better route to achieve regional integration. However, there are questions raised regarding the convenience for Asia-Pacific to transit from a flexible model towards a reciprocal one, and the possible costs involved in such process.

Keywords

• APEC
• TPP
• institución
• regionalismo abierto
• integración