Free Trade Agreements Boost Prosperity Across Asia and Pacific
The research explores the effects of trade openness in Asia and the Pacific. It suggests that while global trade agreements have the most benefits, smaller regional deals are more practical in the short term. It's widely understood that free trade is good for small economies, but real-world factors often make it hard to apply this theory. Many countries prefer open trade and have joined international trade organizations like the WTO. The study shows that countries can make their trade policies more open on their own or by being part of global trade agreements, even though some discrimination is allowed under trade laws.