This collection of essays offers an assessment of the economic impact of preferential trade areas (PTAs) on member countries and the world. The text presents a theoretical analysis of the issues using economic models and also studies the relationahip between regionalism and multilateralism. Subsequent sections examine the role of PTAs in Asia, North America, and Latin America. The general theme of the volume is that, on balance, trade liberalization through PTAs is a mistake, and that the consequences of PTAs—increased tariffs for non-member countries—are likely to undermine the multilateral trading system.
Focus areas: International trade policy, economic development, economic reforms with focus on India
Arvind Panagariya holds a Ph.D. from Princeton University and is currently a Professor of Economics and the Jagdish Bhagwati Professor of Indian Political Economy in the School of International and Public Affairs at Columbia University.
In the past, he has been the Chief Economist of the Asian Development Bank. Professor Panagariya has authored more than a fifteen books. His book, Why Growth Matters, (with Jagdish Bhagwati) has been described by The Economist magazine as “a manifesto for policymakers and analysts.” Professor Panagariya’s scientific papers have appeared in the top economics journals such as the American Economic Review and the Quarterly Journal of Economics while his policy papers have appeared in Foreign Affairs and Foreign Policy. He writes a monthly column in the Times of India and his guest columns have appeared in the Financial Times, Wall Street Journal and India Today. The President of India recently honored Professor Panagariya with Padma Bhushan.