ASEAN-Latin America: Redefining Interregional Trade Cooperation
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Abstract
The Association of Southeast Asian Nations (ASEAN) and the Pacific Alliance
(PA) are committed to move interregional integration by strengthening their bilateral
ties. Accordingly, this study informs the policy debate on the scope for unlocking trade
potentials through inter-subregional mechanisms. The paper therefore focuses on the bisubregional
relationships between ASEAN with the PA, and the Common Market of the
South (MERCOSUR) and then estimates their trade efficiency levels within the context
of ASEAN and Latin America (LA). The study employs a stochastic frontier approach to
an augmented gravity model to estimate interregional (value-added) export performance
for the 1990 to 2019 period. The key findings indicate low interregional export efficiency
levels due to rising country-specific ‘behind-the-border’ effects. The paper concludes with
recommendations that ASEAN move forward with sub-interregional cooperation with the
PA and MERCOSUR, since both mechanisms display the trade capacity and efficiency
to engage more in value-added exports than the region-wide ASEAN-LA interregional
engagements.
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