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Detroit ultimately, albeit reluctantly, acquiesced to a U.S.-South Korea trade pact touching on similar issues of non-tariff barriers to trade that Japan raises.
WSJ: Business Asia: Japan's New TPP Energy
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What happened was, is a group, a subset of APEC countries came together and said let's see if we can create a high-standard agreement that is dealing with tariffs and non-tariff barriers to trade, but let's also incorporate a whole range of new trade issues that are going to be coming up in the future -- innovation, regulatory convergence, how we're thinking about the Internet and intellectual property.
WHITEHOUSE: President Obama at the APEC Business Summit
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Nevertheless, for the past three years, it has made almost no progress in removing myriad non-tariff barriers to intra-group trade.
ECONOMIST: Mercosur’s malaise | The
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But switching from non-tariff barriers to tariffs can go only so far to promote agricultural trade.
ECONOMIST: Agricultural trade
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What's more, efforts to draw up shared procedures and standards for imports lag far behind tariff cuts even though such non-tariff barriers constitute the biggest drag on trade in the region, according to a recent World Bank study.
ECONOMIST: Trade in Asia
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The results from models of this type depend partly on the assumptions economists have to make for instance about the effect of removing non-tariff trade barriers.
ECONOMIST: Eastern promise