Abstract
On paper free trade and open economies maximize global efficiency in the production and distribution of both goods and services. However, in the real world where distortions are the norm the ideal of free trade is difficult, if not impossible, to achieve. In consequence, countries and economies have become increasingly involved in the pursuit of the “second-best” solution in the form of regional or subregional free trade arrangements. This paper examines the rationale for, and impact of, these arrangements in the ESCAP region and suggests that there is considerable potential for further trade cooperation between the various free trade arrangements formed in the different subregions of ESCAP. In this regard, the paper makes a number of recommendations that emphasize the need for the bigger economies of the region to take the lead in furthering trade liberalization.
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