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By Christopher M. Dent (eds.)

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Extra info for Asia-Pacific Economic and Security Co-operation: New Regional Agendas

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2. These were the North American Free Trade Agreement (NAFTA) and bilateral agreements with Israel and Jordan. 3. Deriving from the Uruguay Round of GATT, signed in 1994. 4. Namely the US, Japan, Canada, Britain, Germany, France, Italy and Russia. 5. See Eatwell (2000) for more on this. 6. See Chapter 5 for discussion on Japan’s AMF proposal. 7. Article XXIV covers the WTO’s prime rules on regional trade agreements. References Acharya, A. (2001) ‘Regionalism: The Meso Public Domain in Latin America and South-East Asia’ in D.

6 per cent in 2002 (OECD 2002). 7 per cent in 2003. Furthermore, it has acknowledged that even this degree of economic recovery is heavily dependent on the outlook for the United States, and that there might yet be ‘significant risk of a more subdued recovery’ (p. 11), given the problems besetting other G8 economies. Despite a 15 per cent rise in flows of foreign direct investment (FDI) to China in 2001, overall FDI flows to the developing economies of the Asia-Pacific Economic Regionalism 27 Asia-Pacific region have fallen by 24 per cent in 2001, reflecting a 53 per cent fall in global FDI to US$735 billion (UNCTAD 2002).

4 per cent of GDP) – will be used by Bush in the run-up to the November 2004 Presidential election to justify more aggressive, unilateralist and potentially punitive and damaging trade measures against Asia-Pacific economies. Indeed, the lack of American commitment to regional co-operation in trade has been noted by the President’s own annual report on United States’ trade which has conceded that while ‘there are 130 regional free trade and customs agreements in the world; the United States is a party to only three’2 (USTR 2002a: 10).

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