OPEN REGIONALISM IN APEC: IMPACTS ON U.S. AGRICULTURE AND TRADE
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APEC's "open regionalism" calls for free-trade in APEC but with benefits also accruing to non-APEC members. This study shows that "open regionalism" provides strong incentives for non-APEC economies to also liberalize their policies to maintain competitiveness. Inclusion of agriculture is critical to total U.S. welfare gains because of current high protection rates in East Asia.