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ASEAN'S TRADE AND FOREIGN DIRECT INVESTMENT: LONG-TERM CHALLENGES FOR ECONOMIC INTEGRATION

机译:东盟贸易和外国直接投资:经济一体化的长期挑战

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This paper explores the long-term challenges for economic integration of the Association of Southeast Asian Nations (ASEAN) through trade and foreign direct investment (FDI). The region has emerged as an important production base for global multinational corporations by joining East Asia's supply chains. While proceeding to establish the ASEAN Economic Community (AEC) by the end of 2015, ASEAN has also forged five major free trade agreements (FTAs) with its dialogue partners (China, India, Japan, Republic of Korea, and Australia-New Zealand) and is currently negotiating the Regional Comprehensive Economic Partnership. In addition, four ASEAN member states have completed Trans-Pacific Partnership negotiations. Econometric evidence suggests that (i) trade flows and inward FDI mutually reinforce each other, i.e., an increase in trade flows stimulates inward FDI and vice versa; (ii) a larger market tends to attract more inward FDI; (iii) FTAs tend to help stimulate inward FDI; and (iv) strong institutions, good physical infrastructure, and low costs of doing business are critical in boosting inward FDI. The paper suggests that in the long run it is ASEAN's interest to further integrate itself with the rest of Asia and the world (through a Free Trade Area of the Asia-Pacific and an Asia-Europe FTA), while substantially deepening its internal integration (by moving from the AEC to a customs and economic union) and thereby maintaining ASEAN centrality.
机译:本文探讨了通过贸易和外国直接投资(FDI)对东南亚国家联盟(ASEAN)进行经济整合的长期挑战。通过加入东亚的供应链,该地区已成为全球跨国公司的重要生产基地。在2015年底建立东盟经济共同体(AEC)的同时,东盟还与其对话伙伴(中国,印度,日本,大韩民国和澳大利亚-新西兰)达成了五项主要的自由贸易协定(FTA)。目前正在与区域全面经济伙伴关系进行谈判。此外,四个东盟成员国已完成跨太平洋伙伴关系谈判。计量经济学证据表明:(i)贸易流量和外国直接投资相互促进,即贸易流量的增加刺激了外国直接投资,反之亦然; (ii)更大的市场倾向于吸引更多的外国直接投资; (iii)自由贸易协定往往有助于刺激外国直接投资; (iv)强大的机构,良好的物理基础设施以及较低的经商成本对于增加外来直接投资至关重要。该文件建议,从长远来看,东盟有兴趣进一步自身(通过亚太自由贸易区和亚欧自由贸易区)与亚洲其他地区和世界一体化,同时进一步深化其内部一体化( (从AEC转移到关税和经济联盟),从而保持ASEAN的中心地位。

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