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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: East Asia's web of FTAs boosts business, ADB says AP - Wednesday, April 15 MANILA, Philippines - East Asia's web of free trade agreements boosts businesses in the region and could help counter falling trade and protectionism triggered by the global economic crisis, said a study released Tuesday by the Asian Development Bank. ADVERTISEMENT Critics of the agreements say the explosion of deals, with complex rules and variable tariffs, has increased transaction costs for small-and medium-sized enterprises which can least afford them, and has hindered the broader push toward a global free trade agreement. But the ADB Institute's study _ which draws on survey data collected in 2007 and 2008 from 609 exporters in Japan, Singapore, Korea, Thailand and Philippines _ found that the so-called "noodle bowl" of deals benefits rather than burdens companies. The study, authored by the institute's dean Masahiro Kawai and Ganeshan Wignaraja, an ADB principal economist, is the first comprehensive survey of the impact on business of East Asia's numerous trade pacts, the Manila-based ADB said in a statement. In 2000, only three free trade deals in East Asia were in effect. As of March 2009, ADB estimates there were 37 such pacts in effect, with another 72 in the pipeline. "The surveys clearly show that the noodle bowl of free trade agreements is not as harmful as many have suggested. Rather, the agreements provide net benefits to firms that use them," Kawai of the Tokyo-based ADB Institute said. Benefits include wider market access and preferential tariffs that make it easier to import intermediate materials needed for finished goods. Added costs as a result of multiple country rules of origin _ which determine the origin of goods for the purposes including quotas and labeling _ were not a significant hindrance, the study found. Bilateral and multilateral free trade agreements can also counter protectionism and provide a valuable stepping stone toward broader trade liberalization, the ADB said. Wignaraja said signs of protectionism in the form of non-tariff barriers, subsidy packages and 'buy local' conditions among trading partners are aggravating the current trade slowdown. "Free trade agreements, if designed in line with World Trade Organization principles and in the spirit of openness, may be critical in curbing economic isolationism and falling trade activity," he said. The study found a higher-than-expected 22 percent of the East Asian firms surveyed were taking advantage of the trade pacts. The figure will likely nearly double when future plans are included, it said. Some 27 percent of respondents said multiple rules of origin significantly added to business costs but the bulk of the companies did not think they were a problem. Implementation of policies, such as rationalization of rules of origin, can help mitigate negative effects, the study added. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Free Trade East Asia's web of FTAs boosts business, ADB saysAP - Wednesday, April 15 Japan, Peru agree to start trade talksAFP - Tuesday, April 14 SKorea expects FTA talks with US next monthAFP - Monday, April 13 Asia steps up efforts towards huge free-trade zoneAFP - Friday, April 10 Related Articles: Business Goldman Sachs calls repaying TARP a "duty"Reuters - 2 hours 21 minutes ago Italy's Astaldi bids to build Turkish motorwayReuters - 2 hours 28 minutes ago Saudi cbank cuts reverse repo rate, holds benchmarkReuters - 2 hours 30 minutes ago Stock futures point lower after dataReuters - 2 hours 42 minutes ago US STOCKS-Surprise drop in retail tempers optimism on economyReuters - 1 hour 5 minutes ago Related Full Coverage Free Trade Free Trade All Full Coverage Most Popular – Business Viewed Police nab Norwegian pair during high-speed sex Harry Potter actor arrested over cannabis find Goldman Sachs posts forecast-busting earnings Mummies found in ancient Egypt burial chamber US govt tells GM to prepare for bankruptcy filing View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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