Consensus and Regional Institution Building:Is There any Prospect of a Free Trade Area in the Asia-Pacific?

Though a free trade area in the Asia-Pacific (FTAAP) is now being advocated, the prospects are doubtful. In fact, the region-wide FTA-buildings which were proposed twice in the past were at a standstill. Why is the region-wide FTA-building so difficult in the Asia Pacific? This paper addresses this question from the variables that have contributed to APEC’s evolution. Briefly speaking, “consensus” that has kept APEC stable and developed can be explained as an obstruction simultaneously. In order to explain why consensus may boost up and impede the regional governance, this paper deploys two factors that can make the opposite effects on consensus. One is the pending decision and another is the information gap. It will argue that consensus can impede the FTA-building through the examination of the past experiences. It will also suggest that the negative sites of consensus encourage creating bilateral FTAs. ..PAT.-Unpublished Manuscript [ABSTRACT FROM AUTHOR]