140 See Table G.2 in General Appendix for description of various types of trading arrangements. **141** Agriculture's share of an economy generally declines as an economy develops.

142 The World Bank's World Development Indicators series provides a breakdown for the EMU as opposed to the EU.

143 Includes investment in fixed assets of the economy (such as land improvements; plant, machinery and equipment purchases; and construction of roads, railways, schools, offices, etc.) and net changes in inventories, per World Development Indicators 2001.

144 For low-income countries (Cambodia, Indonesia, Lao PDR, Myanmar, and Vietnam) the average GDS is 20%; for lower middle-income countries (Philippines, Thailand and China) the average is 30%; for upper middle-income countries (Malaysia and Korea) the average is 23%; and for high-income countries (Singapore and Japan) the average is 23%. World Bank (200 lb): 189 145 As estimated by the World Bank. 146 World Bank (200 lb: 189) 147 World Bank (2002: 326) 148 Import tariffs may also be imposed to obtain fiscal revenues as well as to protect certain domestic industries from foreign competition. Nontariff barriers, such as quotas, prohibitions, and licensing schemes, are also used for protection but they are not included in this data since they are difficult to combine into<sup>an</sup> aggregate indicator.

14 Singapore, Hong Kong, and Japan being notable exceptions.

150 Although tariffs were reduced significantly after the completion of the Uruguay Round in 1993, average import-weighted tariffs fell to about 2.6 percent for high-income countries but only to 13.3 percent for developing countries. World Bank (2001b: 316)

**151** In Figure 1, Mexico's average tariff appears to have risen during the 1990s but, in fact, this rise is recent in that Mexico raised most of its MFN import tariffs by 3 to 10 percentage points in 1999 to generate additional revenue for the government and these surcharges were retained for 2000. These increases, however, did not apply to countries having FTAs with Mexico. USTR (2000a: 284).

152 Although officially established in 1995 and 1994, the EU and NAFTA, respectively, had been<sup>making</sup> efforts toward liberalizing trade long before that (particularly in the case of the EU), whereas Asia has been slower to liberalize. 153 Except for Vietnam, which as a new AFTA member is allowed a longer period of time than older members to reduce its tariffs.

|**154**UNCTAD(2002:7)|
|---|
|_155_TayandEstanislao(2000:9)|
|156WorldBank(2001a)|

|**157**TheorganizationalstructureofASEANwillnotbediscussedinthispaper.This information(historical|
|---|
|and current)ispresentedindetail in several worksincludingTan(2000:22-31)andTongzon<sup>(1998:6-11).</sup>|
|<br>158TheASEANDeclaration(BangkokDeclaration),Thailand:8Aug.1967,<http://www.aseansec.org>.|
|159SeeKartadjoemena(2001:211)and referencescitedinTan(2000:21).<br>**'60**Tan(2000:11)|
|161Cfiia(1997:8)|

|162DeclarationofASEAN Concord,Indonesia:24Feb.1976,<http://www.aseansec.org>.<br>|
|---|
|163Soesastro(2000a: 202)|

'64 Tay (2000: 160) **165** Ariff (2000: 46)

|166Thongpakde(2001)|
|---|
|<br>**167**Tongzon(1998:58-59)|

168 See Appendix for list of members in each organization.

169 Fukase and Martin (2001: 7)

**170** Soesastro and Morrison (2001: 63)

**171** Urata (1998: 37)

**'72** Toh (1996: 55)

**173** US-ASEAN Business Council Web site <http://www.us-asean.org/afta.htmn>.

74 US-ASEAN Business Council Web site <http://www.us-asean.org/afta.htrn>.

175 Fukase and Martin (2001: 3) 176 Tan (2000: 270) 70