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WK4 Regional Economic Integration
1. WK4 Agenda Hot topic: News, students’ need, Gen R No class last week of July Exam I next week! Chapter1-7 Video & Info Search Discovery Homework Executive summary Whole class team work? Benefit, cost, risk analysis=>ASEAN outlook Verifiable information(challenging vs. impressive) “Those who know don’t talk, those who talk don’t know” vs. “Those who talk bulls_ _t, _ _upid kids don’t talk” Win win 1 MIB, BBA 2010
2. ASEAN From the Video clips: What countries are the ASEAN member? What’s ASEAN+3? What’s the benefit of ASEAN? What’s the road ahead? How do we start? MIB, BBA 2010 2
3. EU From the video clips: What’s the status form of economic integration for EU? Where are we? What’s political union? Should Turkey join EU? What’s the problem? MIB, BBA 2010 3
4. NAFTA From the video clips: Was NAFTA a mistake? What’s their problem? How will they fix the problem? MIB, BBA 2010 4
5. Info Search In 4 groups find out more information on ASEAN, EU, NAFTA, and WTO. Present your knowledge in a game. Who wants to be a millionaire? Are you smarter than the 5th grade? Press the button. MIB, BBA 2010 5
6. Homework In four groups find the information on the amount of trade, product types, rules, tariffs of the products to the outside producers, possible trade negotiation: Thai and EU Thai and the US. Thai and China Trade within ASEAN Compare your information with the Bilateral of Korea and EU, Korea and the US., and China bilateral with other countries. What’s the big picture of these jigsaws? MIB, BBA 2010 6
7. WK4.2 Agenda Hot topics: News: new TVs Tutoring vs. Internship Practice Listening “True or false” Lecture Mind map & Homework MIB, BBA 2010 7
8. Practice Listening “True or False” There are three organizations under WTO(GATS, TRIPS, and IMF) The development of GATT started with G7, G10, G15, G24 and G77. G to G is not allowed for WTO members. WTO irresolvable issues includes: government subsidies, intellectual property, human rights, and environmental protection. Dr. Supachai is the current director general of WTO. MIB, BBA 2010 8
14. Regional Economic Integration Regional Economic Integration: agreements between countries to reduce tariff and NTB to the free flow of goods, services and factors of production. Regional trade promote free trade Will trade blocks compete against each other? MIB, BBA 2010 14
16. Economic Integration Advantages Trade creation: low cost producers within the free trade replace high cost domestic producers Unanimity: greater political clout in world politic Political cooperation: dependency on each other reduces the likelihood of violent conflict Job opportunity Disadvantages Trade diversion: high cost suppliers within the free trade replace lower cost external suppliers Job loss Loss of national sovereignty: UK fear of less flexibility in national monetary policy MIB, BBA 2010 16
17. European Union 27 Member states of the European Union What countries are the original members? What are the candidate countries? MIB, BBA 2010 17
20. EU 2020 10 Year strategic plan for EU towards a green and innovative economy Smart growth – developing an economy based on knowledge and innovation. Sustainable growth – promoting a more resource efficient, greener and more competitive economy. Inclusive growth – fostering a high-employment economy delivering economic, social and territorial cohesion. Action: 3% R&D, Education, Digital Society MIB, BBA 2010 20
21. NAFTA The North American Free Trade Agreement(1994) consists of America, Canada, and Mexico. Removed all tariffs and barriers in 2008. Protects Intellectual Property Rights. Removed restrictions on FDI. Each country use its own environmental standards. Two commissions to impose fines and remove trade privileges when environmental standards, health and safety, labor, and minimum wage are ignored. NAFTA superhighway? MIB, BBA 2010 21
22. NAFTA Critics: Job loss and wage level would decline in the US and Canada Mexican workers would immigrate north Pollution would increase due to Mexican lower environmental standard Mexico would lose its sovereignty Supporters: All countries will benefit. Increase jobs in Mexico The US and Canada will have access to larger and more prosperous market, with lower consumer goods produced in Mexico The US and Canadian firms with production sites in Mexico will be more competitive on world market MIB, BBA 2010 22
23. NAFTA Hills The impacts was subtle. Political stability in Mexico. Other Latin American countries want to join. US and Canada are adopting a wait and see attitude. Others NAFTA didn’t deliver the promising result that the people had expected. It creates trade diversion Other problems still exist—drugs, immigration, pollution, and labor Other Latin American and South American countries are adopting a wait and see attitude—use Cuba as a litmus test with the US. MIB, BBA 2010 23
24. ASEAN Formed in 1967 Created ASEAN Free Trade Area(AFTA) in 1993 (10 years tariffs and barriers reduction plan, except for sensitive list until 2010) MIB, BBA 2010 24
25. AFTA Advantages Trade creation: lower price and better quality 500 million people, increase competitive advantage to ASEAN producers (economy of scales, factor of productions, attract FDI) Unanimity Political cooperation: dependency on each other reduces the likelihood of violent conflict, and not depend on the world super power countries Job opportunity MIB, BBA 2010 25
26. ASEAN 2020 TradeTechnology TradeBetter quality of life ASEAN AFTAAEC 2015ASEAN ONE 2020 ASEAN 2020—Partnership in Dynamic Development Prosperous ASEAN with stability High competitive advantage Economic Union (Free trade, free flow of factor of production, integrate economy, common currency, harmonize tax rate) Get rid of poverty and social inequality MIB, BBA 2010 26
27. Summary Why do countries participate in Economic integration? Level of integration? What organization regulate the trade rules? What’s the key success factor for economic integration? How can we apply sufficiency philosophy? What did you learn from NAFTA and EU? MIB, BBA 2010 27
29. WK4.3 Agenda Discussion ASEAN Companies Vocabularies TRIPS and NTM Mind map continue Homework discussion MIB, BBA 2010 29
30. Homework MIB, BBA 2010 30 What information can you get from the table? What would be the possible trade diversion? How can we solve this problem? What would be the competition?
