The Impact of the EU-U.S. TTIP on ASEAN’s 著者 Uprasen, Utai 引用hokuga.hgu.jp/dspace/bitstream/123456789/3292/1... · 5if gjoejoht gspn ui f 35* joefy bu uif ôejhju mfwfm

　

タイトルThe Impact of the EU-US TTIP on ASEANrsquos

Exports

著者 Uprasen Utai

引用北海学園大学経済学会 64(4) 45-60

発行日 2017-03-31

《特別寄稿》

The Impact of the EU-US TTIP on ASEAN`s Exports

Utai Uprasen

Division of International and Area StudiesCollege of Humanities and Social SciencesPukyong National University KOREA

Abstract

An EU-US TTIP is under negotiation and it is expected to be in force by 2018 Since the US is themajor export competitor of ASEAN countries in the EU market the implementation of an FTAagreement may have negative effects on exports from ASEAN to the EU market This paper aimsto identify the potentially-affected industries of ASEAN in the event of the application of such anFTA Two approaches are employed in the study The degree of export competition is observedthrough the elasticity of substitution approach while the export threats are measured by therivalry threat index (RTI index) The value of the elasticity of substitution between the exportquantity and the price variable is estimated at the SITC 2-digit industry level for 17 majorindustries using monthly time series data covering the period 2000-2015 The empirical findingsshow that ASEAN countries have higher degrees of competitiveness in exports in comparison tothose of the U S in various industries especially in SITC71 (power-generating machinery)Nonetheless the ASEAN countries may not be able to compete with exports from the US invarious industries such as SITC75 (office machines) SITC78 (road vehicles) and SITC79 (othertransport equipment) The findings from the RTI index at the 3-digit level of industry indicate thatthe high degree of export threat emanating from exports of the US occurs in various industriessuch as SITC751 (office machines) SITC895 (office and stationery supplies) and SITC718 (power-generating machinery)

JEL classifications F10 F14 F15Keywords Export competition Elasticity of substitution Rivalry threat index EU-US TTIP

ASEAN

― 45 ―

E-mail address utai_uprasenpknuackr

ⅠIntroduction

The European Union (EU) and the United States of America (US) have been negotiating toestablish a Transatlantic Trade and Investment Partnership (TTIP) or an EU-US Free TradeAgreement (FTA) since 2013 Both tariffs and non-tariffs barriers will be reduced significantlybetween the EU and the US Accordingly a significant increase in trade volume between bothentities is expected This will pose a threat to exports from The Association of South East AsianNations (ASEAN) composed of ten countries Brunei Cambodia Indonesia Laos MalaysiaMyanmar the Philippines Singapore Thailand and Vietnam as the engines of the economicgrowth of these countries rest mainly on exports The reason is that the patterns of trade betweenthe US the EU and ASEAN countries (see section 2) show that the EU is the second largestexport destination of ASEAN while the EU is also the second largest export destination of the USIn addition the export structure from ASEAN to the EU is similar to the export structure fromthe US to the EU market Hence the evidence implies that ASEAN may compete fiercely inexports to the EU market in certain product group vis-agrave-vis the exports from the US The US willturn out to be a stronger competitor of ASEAN for its exports after the implementation of theFTA

To know in which industries ASEAN has higher (and lower) export competitiveness against the US will help ASEAN determine its proper trade strategy in the EU market after the application ofthe EU-US FTA Therefore this article investigates the degree of export competition betweenASEAN and the US in the EU market by employing two approaches First the degree of exportcompetition is measured through the value of the elasticity of substitution between the exportquantity and the price variable The refined demand model is adopted in the study The regressionestimation is conducted at the SITC 2-digit industry level for the major exporting industries ofASEAN to the EU market Second the patterns of export competition are further observed at theSITC 3-digit industry level by calculating the rivalry threat index (RTI index) The rest of thepaper is organized as follows Section 2 describes the patterns of trade between ASEAN the USand the EU Section 3 reviews the literature on export competition Section 4 outlines themethodology upon which this study is based while the results of the study are presented insection 5 Section 6 outlines the conclusions of the research

ⅡPatterns of trade ASEAN the US and the EU

This section illustrates patterns of trade between the US the EU and ASEAN countries in detailAccording to Table 1 the EU is the second largest export destination of ASEAN (accounts for 138per cent of total exports) behind China (167 per cent) The EU is also the second largest exportdestination of the US (171 per cent of total exports) behind Canada (193 per cent) In additionTable 2 shows that the export structure from ASEAN to the EU is similar to the export structurefrom the US to the same destination The main export products from both ASEAN and the US to

― 46 ― 北海学園大学経済論集第 64 巻第 4 号(2017 年 3 月)

EU destination are machinery and transport equipment (SITC7) and miscellaneous manufacturedarticles (SITC8)

The above-mentioned two groups of products account for approximately 52 per cent of the US`stotal exports to the EU and account for 67 per cent of ASEAN`s total exports to the samedestination respectively The evidence implies that ASEAN and the US may compete strongly inexports to the EU market in these two product groups Given the significance of the EU marketfor ASEAN and also the high degree of similarity of export structures between the US andASEAN countries the EU-US FTA agreement may have a considerable negative impact onexports of ASEAN to the EU market

The potential increase in trade between the EU and the US emanating from the FTA application

― 47 ―The Impact of the EU-US TTIP on ASEAN`s Exports(Utai Uprasen)

Table 1 Patterns of trade USA EU28 ASEAN10 2015 (per cent)EU as importer USA as exporter ASEAN as exporter

Partner Per cent Partner Per cent Partner Per centChina 179 Canada 193 China 167USA 122 EU 28 171 EU 28 138Russia 108 Mexico 148 USA 128Switzerland 57 China 76 Japan 125Norway 52 Japan 41 Hong Kong 85Japan 33 South Korea 27 South Korea 54Turkey 32 Brazil 26 Australia 47South Korea 23 Hong Kong 25 India 45India 22 Singapore 19 Taiwan 41

628 726 83Row 372 Row 274 Row 17

Total 100 Total 100 Total 100

Source Author`s calculations based on the data from EUROSTAT ComExt

Table 2 Export structures classified by industry in 2015 (per cent)SITC Industry ASEAN 10 USA

0 Food and live animals 76 321 Beverages and tobacco 02 072 Crude materials inedible except fuels 27 433 Mineral fuels lubricants and related materials 16 804 Animal and vegetable oils fats and waxes 49 015 Chemicals and related products nes 88 2256 Manufactured goods classified chiefly by material 63 667 Machinery and transport equipment 439 3948 Miscellaneous manufactured articles 234 1269 Commodities not classified elsewhere in the SITC 04 26

Total 1000 1000


may reduce exports from ASEAN countries to the EU market especially in the two main productgroups SITC7 and SITC8 Accordingly this study aims to identify the industries of ASEANcountries which may encounter the greatest competition vis-agrave-vis the US on exports to the EUmarket after the EU-US FTA comes into force

ⅢLiterature review

The current literature related to the research can be broadly grouped into three categories Thefirst category includes previous studies on the elasticity of substitution approach while the secondcategory involves the export threat index The third category describes the existing literature onthe export competitiveness of ASEAN countries

First according to basic economic theory the degree of competition in exports between twocountries in a third market can be represented through the value of the elasticity of substitution ofthe export quantity of the two countries with respect to the price A high value of elasticity ofsubstitution implies that one country`s exports can easily substitute another country`s exportswhen the price is changed Therefore if the value of the elasticity of substitution is greater thanone (elastic) it indicates that the reviewed country has a higher degree of competitiveness inexports against its competitor in a third market The model which has been used to measure theelasticity of substitution between goods or markets is a demand model (Tinbergen 1956Harberger 1957) It is taken from the classical school of economics which states that only thedemand side plays a role in the economy and that the supply side plays no role The goods used intheir model are homogeneous This indicates that there is no difference between the goods whichare produced in the different countries (Leontief 1936 Brakman and Jepma 1990) The abovemodel has been modified by taking into account the concept of consumers` recognition of thedifference between domestic goods and imported goods (Armington 1969) The framework of theelasticity of substitution has been employed in researching export competition in various studiesKang (2008) estimated the elasticity of substitution between exports and prices in order tomeasure the export competition between Korea and China in the US market during 1998-2008 Astudy on export competition between Latin American countries and China in the US market wasalso conducted by Loacutepez-Coacuterdova et al (2008) The same concept has been refined substantially byBenkovskis and Woumlrz (2013) to investigate the non-price competitiveness in the exports of nineemerging economies

Second apart from the studies which were based on regression estimation the studies whichfocused at the disaggregate level of industry have been generally conducted by calculating certaintrade indices Normally trade competitiveness is examined through the Kreinin and Finger`sexport similarity index or K-F index (Kreinin and Finger 1979) However it measures thesimilarity between the composition of exports of two countries rather than the degree ofcompetition between them Fung and Iizaka (1998) took the difference in size of exports from two


countries into account in their rivalry index (R index) However this formula only provides a singlevalue of the degree of rivalry between a pair of exporting competitors Accordingly Andreosso-O`Callaghan and Uprasen (2012) developed the rivalry threat index (RTI index) in order tomeasure the degree of export competition between two exporting countries in a third market Theindex provides different values for each exporter depending on the size of exports Hence the RTIindex will be employed in this study

Third in previous studies on export competitiveness of ASEAN countries the statistics onexports to the world market showed that Singapore had the strongest presence in global marketsat around 2 per cent follows by Malaysia (14 per cent) Thailand (1 per cent) Indonesia (08 percent) and the Philippines (06 per cent) However Cambodia Laos Myanmar Vietnam and Bruneihad the weakest positions of the ASEAN countries in global export markets with approximatelyaround 0 05 to 0 2 per cent (Wong et al 2011) At the industry level Singapore remainedcompetitive in the export of high-end intermediate electronics components which arecharacterized by automation-intensive processes (Wu and Loy 2003) Beņkovskis and Woumlrz (2015)constructed an export price index to measure price and non-price competitiveness during2000-2011 The results indicated that Vietnam significantly maintained international competitive-ness in respect of the non-price factors while these factors decreased in competiveness forSingapore

Since China has increased its export role to become the largest exporter in the world the exportcompetition between ASEAN countries and China has been scrutinized Shafaeddin (2004) foundthat the export competition between China and Thailand was very significant in clothing(SITC843) miscellaneous household equipment (SITC775) and electric machinery (SITC778)while it was significant in furniture (SITC821) in respect of China and Indonesia MoreoverASEAN countries (especially Malaysia Singapore and Thailand) faced a major challenge withtheir exports of computer components vis-agrave-vis China since China has significantly increased itsshare of global computer components production (Fry 2010)

The export competition between ASEAN members in the East Asian market has beenresearched by He (2012) The study showed that in terms of market share Indonesia and Malaysiahold the biggest portions in East Asia However the dynamic shift-share analysis suggested thatthe Philippines Thailand and Malaysia improved their positive competitiveness effects during1998-2007

Apart from the East Asian market considering the export competition between ASEAN nationsSingapore possessed the highest degree of export competitiveness in office and data machines inthe U S and Japanese market during 1986-1995 while Indonesia had the highest degree ofcompetitiveness in the lower value-added category of apparel and clothing (Wilson and Mei 1999)Nonetheless when the export competition between China and the ASEAN countries in the US


market was explored Singapore faced the highest degree of export competition with China mostlyin manufacturing sectors while it was also in competition in primary goods with IndonesiaMalaysia the Philippines and Thailand (Liu and Ng 2010)

In the case of the EU market the export competitiveness of Singapore Thailand and Malaysia inthe EU market as well as in the US and Japan between 1983 and 1995 has been analyzed byWilson (2000) The study showed that both of Singapore and Malaysia retained a very strongexport competitiveness in office and data processing machines (SITC75) in the EU market Inaddition Malaysia had an export competitiveness in apparel and clothing (SITC84) and in electricalmachinery (SITC77) in the USA and the EU In the EU market Thailand also displayedcompetitiveness in apparel and clothing (SITC84) telecommunications and sound equipment(SITC76) and in miscellaneous manufactures (SITC89)

In summary the study of export competition at industry level between ASEAN and othercompetitors especially vis-agrave-vis the US in the EU market is scarce Only one such study has beenconducted and that was for the period 1983-1995 Therefore this study investigates the exportcompetition between ASEAN and the US in the EU market by using the up-to-date data for theperiod 2000-2015

ⅣMethodology

To examine the export competition between ASEAN and the U S the study employs twoapproaches First the elasticity of substitution between exporting products from ASEAN and theUS into the EU market is estimated Second the threat to ASEAN exports is calculated based onthe RTI index

1 Estimation of elasticity of substitution A demand modelIn this study the demand model is employed to estimate the elasticity of substitution The modelwas developed by Tinbergen (1956) and Harberger (1957) The elasticity of substitution can bepresented as the following

X＝F(Y) where X＝1107714 Q1108529

1108530 1107730 and Y＝1107714 1108529

1108530 1107730where Q1108529 and Q1108530 are the amounts of each good and P1108529 and P1108530 are the respective prices Theelasticity of substitution (e) can be derived as

e＝1107714 11077301107714

1107730However in order to estimate the elasticity of substitution by running the regression theelasticity should be specified in the logarithmic (or log) form Thus the log form of the elasticity ()is specified as


＝d1107719 ln1107746 1108529

1108530 1107762ln1107746 1108529

1108530 1107762 1107735Based on the log form of the elasticity of substitution the value of can be estimated by using thefollowing equation

ln1107714 1108529

1108530 1107730＝＋1107714ln1107746 1108529

1108530 11077621107730＋ (1)

where is the constant term and is the error termIn general the level of income and the exchange rate as well as the price level of imported goodscan be considered as the main factors to determine a country`s demand for imported goods fromforeign countries Therefore equation (1) is modified by introducing the income level of theimporting country and the exchange rate It turns into equation (2)

ln1107714 AQUQ 1107730

＝1108528＋1107714ln1107746 AEVUEV 11077621107730

＋1108529 ln(Y)＋11085301107714ln1107746 EXAEXU 11077621107730

＋ (2)

whereAQ ＝ quantity of ASEAN`s goods exports into the EU marketUQ ＝ quantity of the US`s goods exports into the EU marketAEV ＝ price of ASEAN`s goods exports into the EU marketUEV ＝ price of the US`s goods exports into the EU marketY ＝ income (proxied by the industrial production index) of the EU countriesEXA ＝ exchange rate between ASEAN and the EU countriesEXU ＝ exchange rate between the US and the EU countries ＝ elasticity of substitution between both countries` exports to the EU market ＝ error term

Equation (2) is used to estimate the elasticity of substitution between exports from ASEAN andthe US into the EU market at SITC 2-digit industry level The expected sign of is negative Thisis because if the price of export products from ASEAN increases the demand for imports to theEU market from ASEAN should reduce However the size of the estimated elasticity throughequation (2) shows the intensity of the competitive relationship between ASEAN`s and the US`sexports into the EU market If the value of in equation (2) is greater than one (elastic) this meansthat a small reduction in the price of the ASEAN product encourages a significant increase inexports from ASEAN relative to the exports from the US Hence the high value of implies thatthe ASEAN commodity has a higher competitiveness in comparison to the one from the US in theEU market For 1108530 it is expected to have a positive value as depreciation of currency promotesexports However the sign of 1108529 is unpredictable Increases in the income of the importing countryshould create higher demand for imports The value of the sign of 1108529 depends on the magnitude ofincreases in exports from the two countries


2 Degree of export threatIn order to investigate the patterns of export competition at the disaggregated level this studyanalyses the degree of export threat at the SITC 3-digit industry level The rivalry threat index(RTI) is designed to measure the degree of the export competitive threat at the level of each singleindustry Let countries A and B export product i to the same destination country C The RTI fromthe point of view of country A is calculated as follows

RTIABperpC＝11077461－ 1107840X

AC－XBC1107840

1107712XAC＋X

BC1107728 1107762 XAC

1057297X

AZ(3)

whereRTI

ABperpC＝ rivalry threat index between A and B in destination C from the point of view ofexporting country A

XAC ＝ exports of product i from exporting country A to destination country C

XBC ＝ exports of product i from exporting country B to destination country C

XAZ ＝ exports of product i from exporting country A to any destination z therefore 1057297

X

AZ

represents the exports of product i from country A to the world and XAC

1057297X

AZis the share of exports

of product i from country A to destination country C relative to total exports of product i bycountry A The latter ratio represents the relative size of the export market of product i from thepoint of view of country A The value of RTI rests between zero and one The higher the value ofRTI the greater the degree of export rivalry threat (from the point of view of a particularexporting country) and the value is equal to zero otherwise

3 DataThe following are data descriptions The data are used in two sections the estimation of theelasticity of substitution and the calculation of the RTI index First data for the estimation of theelasticity of substitution are monthly time series data The sample period of the study covers theyear 20001 to 201512 for the estimations of equation (2) The dataset covers 17 major exportindustries from ASEAN and from the US to the EU market based on the Standard InternationalTrade Classification (SITC Rev3) The estimation is conducted at the SITC 2-digit industry levelfor SITC7 (machinery and transport equipment) and SITC8 (miscellaneous manufactured articles)They are SITC71 (power-generating machinery) SITC72 (machinery for particular industries)SITC73 (metalworking machinery) SITC74 (general industrial machinery) SITC75 (officemachines) SITC76 (telecommunications equipment) SITC77 (electrical machinery) SITC78 (roadvehicles) SITC79 (other transport equipment) SITC81 (prefabricated buildings) SITC82(furniture and parts thereof) SITC83 (travel goods handbags) SITC84 (articles of apparel)SITC85 (footwear) SITC87 (scientific and controlling instruments) SITC88 (photographicapparatus) and SITC89 (miscellaneous manufactured articles) The data on the quantity of exports(tons) and value of exports from ASEAN and from the US to the EU market are collected from theEUROSTAT databases Due to limited data availability there are only 5 ASEAN exporters in theregression estimation Indonesia Malaysia the Philippines Singapore and Thailand The


importers comprise 5 major EU countries Germany France United Kingdom Netherlands andSweden

The empirical estimations constitute 960 observations per single industry Because of theunavailability of the real price of aggregated exports the study follows the method which issuggested by Richardson (1972) that the data on the price of export commodities can be proxiedby the unit value (value of exportsquantity of exports) The estimation in this study is conductedby using the monthly time series data However the data on the income (GDP) of the EU countryare available as annual and quarterly data Therefore the industrial production index is used as aproxy for the EU income in this study The industrial production index and the data on thebilateral exchange rate between ASEAN countries and the EU member states and between theUS and the EU countries also come from the EUROSTAT databases

Second in respect of the data for calculating the RTI index the index is calculated at the SITC3-digit industry level for 17 major export industries as mentioned above The export data areobtained from the EUROSTAT and UN Comtrade databases

ⅤEstimation results

The study makes estimates for 17 major export industries from ASEAN and from the US to theEU market To avoid spurious results the method of Levin et al (2002) is adopted to test forstationarity of the data before running the panel model If the data are not stationary the panel co-integration test by following the Kao (1999) technique is performed Only industries which passeither the stationarity test or the co-integration test are estimated under the fixed effects model(information on stationarity and co-integration tests can be obtained from the author uponrequest) The empirical results are presented in Table 3

According to Table 3 in each industry the estimated coefficients are presented together with thevalue of the standard errors of the coefficient Regression results indicate that most of the valuesof the elasticity of substitution in the model have the expected (negative) signs even though thereare differences in the magnitude of the elasticity across industries and across ASEAN countriesWhen the values of the coefficients of the elasticity of substitution are scrutinized closely all fiveASEAN countries have a higher degree of export competitiveness against the US (absolute valueof the coefficient is greater than one) in SITC71 (power-generating machinery) In addition exceptfor the Philippines the other four countries have a higher degree of export competitiveness inSITC79 (other transport equipment) Malaysia has the highest value of elasticity (－3792) for thisindustry This means that a decrease in the export price by 1 per cent gives rise to an increase of3972 per cent in the export quantity of other transport equipment products In the other words asmall reduction in the price of the Malaysian product encourages a significant increase in exportsfrom Malaysia relative to the exports from the U S It indicates that Malaysia has a higher



Table 3 Empirical results 20011-201512Indonesia

SITC Constant ln (AEVUEV) ln (Y) ln (EXAEXU) R2

71 －4618 －1037 －0625 0326 0719(3606) (0590) (0247) (0208)

74 －5853 0184 0302 0456 0540(3902) (0163) (0174) (0217)

77 －14343 －1883 －0250 1317 0777(9562) (1013) (0181) (0732)

79 －14354 －1104 －0281 1344 0555(6241) (0494) (0283) (0245)

82 15225 －0601 －0630 1220 0645(13557) (0342) (0358) (0530)

84 3060 －0881 －0715 0262 0598(1909) (0307) (0206) (0175)

85 －15748 －0393 －0334 1236 0622(6847) (0219) (0298) (0252)

87 －9089 －2322 －1404 1187 0413(6060) (1112) (0780) (0516)

89 －3816 1541 －0040 0160 0732(2246) (1189) (0094) (0080)

MalaysiaSITC Constant ln (AEVUEV) ln (Y) ln (EXAEXU) R2

71 1400 －1452 0096 2048 0688(0855) (0807) (0172) (1366)

77 －1611 －1531 0463 －0704 0520(0651) (0665) (0401) (0391)

79 0172 －3792 0075 1316 0668(0759) (2093) (0152) (0572)

82 －4697 －0137 0116 1670 0518(1737) (0076) (0347) (0928)

84 4886 －0837 －0709 －0787 0696(3257) (0492) (0131) (0163)

85 －7836 0202 0013 6593 0337(2285) (0088) (0459) (4395)

89 1091 －0312 －0361 －0991 0789(1216) (0171) (0105) (0902)

PhilippinesSITC Constant ln (AEVUEV) ln (Y) ln (EXAEXU) R2

71 －10959 －1110 0973 －0166 0302(9496) (0617) (0452) (0505)

72 －8512 0008 －0502 0915 0346(3847) (0022) (0600) (0655)

75 －10580 －0467 1153 0527 0573(6183) (0259) (0649) (0528)

79 0286 －1724 －0273 －0344 0869(1202) (0958) (0188) (0205)

82 －11784 0221 0790 1638 0599(10493) (0147) (0435) (0295)

84 －19599 －0910 0181 4633 0718(11785) (0490) (0204) (2439)

89 －9709 －0544 0192 1235 0719(0745) (0363) (0116) (0686)

competitiveness against exports from the US to the EU market in this industry IndonesiaSingapore and Thailand also show a higher degree of competitiveness in SITC87 (scientific andcontrolling instruments) while both Malaysia and Indonesia exhibit a higher degree ofcompetitiveness in SITC77 (electrical machinery)

The empirical findings show that the values of elasticity are less than one (inelastic) in sixindustries This means that the US possesses a higher degree of export competitiveness againstthe ASEAN countries Apart from Singapore the U S has a higher degree of exportcompetitiveness against the other four ASEAN countries in SITC84 (articles of apparel) The UShas a higher degree of export competitiveness against Indonesia and Thailand in SITC85(footwear) and against Indonesia and Malaysia in SITC82 (furniture and parts thereof) Moreoverthe values of the elasticity are less than one in SITC75 (office machines) for the Philippines SITC78(road vehicles) for Singapore and SITC89 (miscellaneous manufactured articles) for Malaysia Thecoefficients of income show mixed results The empirical results show that the exchange ratedetermines exports of ASEAN countries in a few industries However the role of the exchangerate in determining exports is relatively obvious in the case of Indonesia


SingaporeSITC Constant ln (AEVUEV) ln (Y) ln (EXAEXU) R2

71 －0908 －1728 －0125 0184 0744(0732) (0494) (0157) (0128)

76 －5846 －0618 0459 3338 0540(1124) (0425) (0242) (1854)

78 －5846 －0618 0459 3338 0742(6502) (0343) (0242) (1854)

85 1204 0169 －1259 4506 0242(2215) (0073) (0476) (3004)

87 －3276 －1559 0079 0163 0765(0565) (0866) (0122) (0104)

ThailandSITC Constant ln (AEVUEV) ln (Y) ln (EXAEXU) R2

71 1592 －1903 1176 －2364 0706(1005) (1057) (0511) (2668)

77 0280 －0743 0558 －1195 0378(1351) (0744) (0213) (0796)

79 －0071 －2649 －0201 0235 0710(0815) (1120) (0136) (0121)

84 －0444 －0958 －0314 0455 0815(0902) (0536) (0157) (0303)

85 －1880 －0725 －0433 1401 0616(0813) (0302) (0289) (0779)

87 －3924 －0445 0190 0377 0717(2616) (0204) (0073) (0199)

Note 1 The dependent variable is ln (AQUQ)Note 2 Statistical significance is denoted as () 1 () 5 () 10

(Standard errors are in parenthesis)


Table 4 Rivalry threat index (RTI)SITC Industry 2005 2007 2009 2011 2013 2015

Indonesia712 Steam turbines 01 01 01 03 01 01761 Television receivers 03 03 02 04762 Radio-broadcast receivers 01 02 02 01 02 02763 Sound recorders 01 01 01 01 01 01771 Electric power machinery 01 01 01 01821 Furniture and parts thereof 03 04 04 03 03 03831 Trunks suitcases vanity cases 05 04 02 03 05 05841 Men`s or boys` coats jackets 01 01 01 01 00 01842 Women`s or girls` coats jackets 01 01 01 01 02 01844 Women`s or girls` coats jackets 01 01 01 01 01 01845 Articles of apparel of fabrics 02 02 02 01 01 01846 Clothing accessories of fabrics 05 05 04 04 03 03848 Articles of apparel 03 03 03 02 03 03894 Baby carriages toys games 01 01 01 01 01898 Musical instruments and parts 01 01 02 02 01 01

Malaysia746 Ball- or roller bearings 01 01 01 01751 Office machines 03 02 08 08 05 08759 Parts and accessories 02 03 02 03 03763 Sound recorders 01 01 01 01 01 01764 Telecommunications equipment 01 02 02 05 03 03771 Electric power machinery 01 01 01 01 00 01775 Household-type electrical equip 01 01 02 02 02 02776 Thermionic cold cathode 02 01 02 02 01 01778 Electrical machinery 01 01 01 01785 Motor cycles and cycles 01 01 01 01 01 01812 Sanitary plumbing heating fix 01 01 01 01821 Furniture and parts thereof 02 02 02 02 01 01841 Men`s or boys` coats jackets 01 01 01 01 01 01843 Men`s or boys` coats jackets 01 01 01 01 02 02844 Women`s or girls` coats jackets 02 02 02 02 02 01845 Articles of apparel of fabrics 04 04 01 01 01846 Clothing accessories of fabrics 04 03 03 03 02 02851 Footwear 04 03 03 01873 Meters and counters 02 01 01 02893 Articles nes of plastics 01 01 01 01 01895 Office and stationery supplies 01 01 05 05 05 02

Philippines714 Engines amp motors non-electric 01 01 04 03718 Power-generating machinery 01 09 05 05747 Taps cocks valves 01 02 01 01751 Office machines 01 01 02 02 06 01761 Television receivers 01 01 01 06 05771 Electric power machinery 08 01 01 01 01 02776 Thermionic cold cathode 02 01 01 02 01 01813 Lighting fixtures 02 02 02 01 01841 Men`s or boys` coats jackets 01 01 01 03 02 02843 Men`s or boys` coats jackets 01 01 01 01 01 01845 Articles of apparel of fabrics 03 02 01 02 01 01846 Clothing accessories of fabrics 01 01 01 01848 Articles of apparel 02 03 07 02 06 04874 Measuring checking instrument 02 02 01 01 01884 Optical goods 01 01 01 01897 Jewelry goldsmiths` wares 01 01 01 01 01

It is worth comparing the results of this study with a previous study While Wilson (2000) foundthat both Malaysia and Thailand had an export competitiveness in apparel and clothing (SITC84)during 1983-1995 the empirical results of this study show that it is the US which possesses thehighest degree of export competitiveness in the same product during 2000-2015 NonethelessMalaysia has maintained the highest export competitiveness in electrical machinery (SITC77)from 1983 to-date

According to Table 4 the patterns of export threat between ASEAN and the US are observed atthe disaggregated level of industry To obtain a clearer picture the researchers choose to consideronly the industries for which the value of RTI is greater than 01 for at least four out of the sixstudied years The findings indicate that ASEAN countries especially Thailand encounter a highdegree of export threat mostly in miscellaneous manufactured articles (SITC8)

Nonetheless the overall image indicates that even though the FTA agreement between the USand the EU creates a rivalry threat on exports from ASEAN to the EU market the degree ofrivalry threat on exports from ASEAN is not extremely high in general The RTI indices in Table


SITC Industry 2005 2007 2009 2011 2013 2015Singapore

714 Engines amp motors non-electric 01 01 01 01751 Office machines 05 06 03 02752 Automatic data-processing mach 01 01 01 01 01 01793 Ships boats 08 01 01 02 03891 Arms and ammunition 02 01 06 07895 Office and stationery supplies 01 03 04 04

Thailand741 Heating-cooling equip 04 01 02 02 01 01751 Office machines 06 05 06 02 02 03752 Automatic data-processing mach 01 01 01 01 01 01762 Radio-broadcast receivers 01 01 01 01 01764 Telecommunications equipment 01 01 02 01 01 01771 Electric power machinery 01 01 01 01 01 01785 Motor cycles and cycles 01 01 02 02 01 02812 Sanitary plumbing heating fix 02 01 01 01 01 01821 Furniture and parts thereof 02 02 02 02 01 01831 Trunks suitcases vanity cases 02 03 04 03 03 03841 Men`s or boys` coats jackets 01 01 01 02 02 02842 Women`s or girls` coats jackets 02 01 02 03 02 01844 Women`s or girls` coats jackets 01 01 02 01 02 01845 Articles of apparel of fabrics 02 02 02 02 02 02846 Clothing accessories of fabrics 02 03 03 01 01 01848 Articles of apparel 02 02 01 01 01 01851 Footwear 02 01 01 01 01 02873 Meters and counters 05 03 02 01 01884 Optical goods 01 01 02 02 01 02894 Baby carriages toys games 01 01 01 01 01 01897 Jewelry goldsmiths` wares 05 05 03 03 02 02

Source Author`s calculations based on the data from EUROSTAT and UN Comtrade Only the products with an absolute value of RTI greater than 01 for at least 4 out of 6 studied years are reportedin the table

4 show that the degree of export competition ranges from 01 to 03 (10-30 per cent) in generalOnly in some selected industries may ASEAN countries encounter fierce competition with theexports from the U S for Indonesia they are SITC831 (trunks suitcases vanity cases) andSITC846 (clothing accessories textile fabrics) for Malaysia they are SITC751 (office machines)and SITC895 (office and stationery supplies) for the Philippines they are SITC718 (power-generating machinery) and SITC848 (articles of apparel) for Singapore they are SITC891 (armsand ammunition) for Thailand they are SITC751 (office machines) and SITC897 (jewelrygoldsmiths` wares)

It is worth noting that according to Liu and Ng (2010) while some ASEAN countries such asIndonesia Malaysia the Philippines and Thailand compete fiercely vis-agrave-vis China on exports ofprimary goods into the US market those same ASEAN countries including Singapore encountersevere competition on exports of manufactured articles (SITC8) against the exports from the USto the EU market

ⅥConclusion

The EU and the US are each other`s major trade partner An EU-US FTA is under negotiationand it is expected to be in force by 2018 Given that ASEAN and the US have similar exportstructures vis-agrave-vis the EU it is highly possible that the ASEAN countries will encounter threatsto their exports to the EU market emanating from an increase in exports from the US This studyattempts to identify the potentially-affected exporting industries from ASEAN`s point of view byemploying two approaches First the degree of export competition is measured through the valueof the elasticity of substitution between the export quantity and the price variable Second therivalry threat index (RTI index) is calculated The research findings show that ASEAN countrieshave a higher degree of competitiveness in exports against those of the US in various industriesespecially in SITC71 (power-generating machinery) followed by SITC79 (other transportequipment) and SITC87 (scientific and controlling instruments) respectively Nonetheless theASEAN countries may not be able to compete with exports from the US in SITC84 (articles ofapparel) SITC82 (furniture and parts thereof) SITC85 (footwear) SITC75 (office machines)SITC78 (road vehicles) and SITC79 (other transport equipment)

The findings from the calculation of the degree of export threat from the RTI index support theresults of the regression estimation but at the 3-digit industry level a high degree of exportthreat occurs in SITC751 (office machines) SITC846 (clothing accessories textile fabrics) SITC848(articles of apparel) SITC891 (arms and ammunition) SITC895 (office and stationery supplies) andSITC897 (jewelry goldsmiths` wares) Furthermore the degree of export threat is also high inSITC718 (power-generating machinery) and SITC831 (trunks suitcases vanity cases)

The findings of the study are very important to ASEAN countries if the US and the EU achieve


free trade in the near future The findings have policy implications ASEAN countries shouldsupport the exports of industries which show high values of elasticity of substitution between theexport quantity and the price variable and the industries which show low values on the RTI indexin order to be able to compete with exports from US in the EU market after the application of theUS -EU FTA agreement In addition ASEAN should be prepared to confront fiercer exportcompetition in certain industries where ASEAN does not hold a significant level of exportcompetitiveness and in the industries which display a high degree of export vulnerability

Bibliography

Andreosso-O`Callaghan B and U Uprasen (2012) lA qualitative analysis of the impact of the fifth EU enlargementon ASEANz ASEAN Economic Bulletin 29(1) pp46-64

Armington P S (1969) lA Theory of Demand for Products Distinguished by Place of Productionz InternationalMonetary Fund Staff Papers 16(1) pp159-178

Benkovskis K and J Woumlrz (2013) lNon-price Competitiveness of Exports from Emerging Countriesz WorkingPaper Series no1612November 2013 European Central Bank Germany

Beņkovskis K and J Woumlrz (2015) lSummary Measure for Price and Non-price Competitiveness for ASEAN＋3zAsian Economic Journal Special Issue New Industry-Level Analysis in Asia and Europe Integration ValueChains and Competitiveness 29(2) pp165-180

Brakman S and C J Jepma (1990) lOn the Elasticity of Substitution in International Tradez De Economist 138pp63-72

Fry J (2010) lASEAN Regional Trends in Economic Integration Export Competitiveness and InboundInvestment for Selected Industriesz Investigation No332-511 USITC Publication 4176 U S InternationalTrade Commission Washington DC

Fung K C and H Iizaka (1998) lJapanese and US Trade with China A Comparative Analysisz Review ofDevelopment Economics 2(2) pp181-190

Harberger A C (1957) lSome Evidence on the International Price Mechanismz The Journal of PoliticalEconomy 65(6) pp506-521

He S (2012) lCompetition among ASEAN members in the East Asia marketz Journal of Economic Studies 39(5)pp576-589

Kang S J (2008) lKorea`s Export Performancez Three Empirical Essays ProQuest publisherKao C (1999) lSpurious Regression and Residual-Based Tests for Cointegration in Panel Dataz Journal of

Econometrics 90 pp1-44Kreinin M and J M Finger (1979) lMeasure of Export Similarity and its possible usesz Economic Journal 89 pp

905-912Leontief W (1936) lComposite commodities and the problem of index numbersz Econometrica 4(1) pp39-59Levin A C F Lin and C Chu (2002) lUnit Root Tests in Panel Data Asymptotic and Finite-Sample Propertiesz

Journal of Econometrics 108 pp1-24Liu Y and B K Ng (2010) lFacing the Challenge of the Rising Chinese Economy ASEAN`s Responsesz Review of

Development Economics 14(3) pp666-682Loacutepez-Coacuterdova J E A Micco and D Molina (2008) lHow Sensitive Are Latin American Exports to Chinese

Competition in the US Marketz Policy Research Working Paper No4497 The World BankRichardson J D (1972) lOn Improving the Estimate of the Export Elasticity of Substitutionz The Canadian


Journal of Economic 5(3) pp349-357Shafaeddin S M (2004) lIs China` s accession to WTO threatening exports of developing countriesz China

Economic Review 15 pp109-144Tinbergen J (1956) lSome Measurements of Elasticities of Substitutionz The Review of Economics and Statistics

XXVIII (Aug) pp109-116Wilson P (2000) lThe export competitiveness of dynamic Asian economies 1983-1995z Journal of Economic

Studies 27(6) pp541-565Wilson P and W Y Mei (1999) lThe Export Competitiveness of ASEAN Economies 1986-95z ASEAN

Economic Bulletin 16(2) pp208-229Wong M-H R Shankar and R Toh (2011) ASEAN Competitiveness Report 2010 Singapore Asia

Competitiveness Institute SingaporeWu F and C B Loy (2003) lDeclining Global Market Share of Singapore`s Electronics Exports Is It a Concern

Commentaryz Thunderbird International Business Review 45(1) pp1-13


《特別寄稿》

The Impact of the EU-US TTIP on ASEAN`s Exports

Utai Uprasen

Division of International and Area StudiesCollege of Humanities and Social SciencesPukyong National University KOREA

Abstract

An EU-US TTIP is under negotiation and it is expected to be in force by 2018 Since the US is themajor export competitor of ASEAN countries in the EU market the implementation of an FTAagreement may have negative effects on exports from ASEAN to the EU market This paper aimsto identify the potentially-affected industries of ASEAN in the event of the application of such anFTA Two approaches are employed in the study The degree of export competition is observedthrough the elasticity of substitution approach while the export threats are measured by therivalry threat index (RTI index) The value of the elasticity of substitution between the exportquantity and the price variable is estimated at the SITC 2-digit industry level for 17 majorindustries using monthly time series data covering the period 2000-2015 The empirical findingsshow that ASEAN countries have higher degrees of competitiveness in exports in comparison tothose of the U S in various industries especially in SITC71 (power-generating machinery)Nonetheless the ASEAN countries may not be able to compete with exports from the US invarious industries such as SITC75 (office machines) SITC78 (road vehicles) and SITC79 (othertransport equipment) The findings from the RTI index at the 3-digit level of industry indicate thatthe high degree of export threat emanating from exports of the US occurs in various industriessuch as SITC751 (office machines) SITC895 (office and stationery supplies) and SITC718 (power-generating machinery)

JEL classifications F10 F14 F15Keywords Export competition Elasticity of substitution Rivalry threat index EU-US TTIP

ASEAN

― 45 ―

E-mail address utai_uprasenpknuackr

ⅠIntroduction












628 726 83Row 372 Row 274 Row 17





Total 1000 1000

















ⅣMethodology



X＝F(Y) where X＝1107714 Q1108529

1108530 1107730 and Y＝1107714 1108529


e＝1107714 11077301107714



＝d1107719 ln1107746 1108529

1108530 1107762ln1107746 1108529


ln1107714 1108529

1108530 1107730＝＋1107714ln1107746 1108529

1108530 11077621107730＋ (1)


ln1107714 AQUQ 1107730

＝1108528＋1107714ln1107746 AEVUEV 11077621107730

＋1108529 ln(Y)＋11085301107714ln1107746 EXAEXU 11077621107730

＋ (2)





RTIABperpC＝11077461－ 1107840X

AC－XBC1107840

1107712XAC＋X

BC1107728 1107762 XAC

1057297X

AZ(3)

whereRTI





X

AZ


1057297X















71 －4618 －1037 －0625 0326 0719(3606) (0590) (0247) (0208)

74 －5853 0184 0302 0456 0540(3902) (0163) (0174) (0217)

77 －14343 －1883 －0250 1317 0777(9562) (1013) (0181) (0732)

79 －14354 －1104 －0281 1344 0555(6241) (0494) (0283) (0245)

82 15225 －0601 －0630 1220 0645(13557) (0342) (0358) (0530)

84 3060 －0881 －0715 0262 0598(1909) (0307) (0206) (0175)

85 －15748 －0393 －0334 1236 0622(6847) (0219) (0298) (0252)

87 －9089 －2322 －1404 1187 0413(6060) (1112) (0780) (0516)

89 －3816 1541 －0040 0160 0732(2246) (1189) (0094) (0080)


71 1400 －1452 0096 2048 0688(0855) (0807) (0172) (1366)

77 －1611 －1531 0463 －0704 0520(0651) (0665) (0401) (0391)

79 0172 －3792 0075 1316 0668(0759) (2093) (0152) (0572)

82 －4697 －0137 0116 1670 0518(1737) (0076) (0347) (0928)

84 4886 －0837 －0709 －0787 0696(3257) (0492) (0131) (0163)

85 －7836 0202 0013 6593 0337(2285) (0088) (0459) (4395)

89 1091 －0312 －0361 －0991 0789(1216) (0171) (0105) (0902)


71 －10959 －1110 0973 －0166 0302(9496) (0617) (0452) (0505)

72 －8512 0008 －0502 0915 0346(3847) (0022) (0600) (0655)

75 －10580 －0467 1153 0527 0573(6183) (0259) (0649) (0528)

79 0286 －1724 －0273 －0344 0869(1202) (0958) (0188) (0205)

82 －11784 0221 0790 1638 0599(10493) (0147) (0435) (0295)

84 －19599 －0910 0181 4633 0718(11785) (0490) (0204) (2439)

89 －9709 －0544 0192 1235 0719(0745) (0363) (0116) (0686)





71 －0908 －1728 －0125 0184 0744(0732) (0494) (0157) (0128)

76 －5846 －0618 0459 3338 0540(1124) (0425) (0242) (1854)

78 －5846 －0618 0459 3338 0742(6502) (0343) (0242) (1854)

85 1204 0169 －1259 4506 0242(2215) (0073) (0476) (3004)

87 －3276 －1559 0079 0163 0765(0565) (0866) (0122) (0104)


71 1592 －1903 1176 －2364 0706(1005) (1057) (0511) (2668)

77 0280 －0743 0558 －1195 0378(1351) (0744) (0213) (0796)

79 －0071 －2649 －0201 0235 0710(0815) (1120) (0136) (0121)

84 －0444 －0958 －0314 0455 0815(0902) (0536) (0157) (0303)

85 －1880 －0725 －0433 1401 0616(0813) (0302) (0289) (0779)

87 －3924 －0445 0190 0377 0717(2616) (0204) (0073) (0199)


















ⅥConclusion






Bibliography

























ⅠIntroduction












628 726 83Row 372 Row 274 Row 17





Total 1000 1000

















ⅣMethodology



X＝F(Y) where X＝1107714 Q1108529

1108530 1107730 and Y＝1107714 1108529


e＝1107714 11077301107714



＝d1107719 ln1107746 1108529

1108530 1107762ln1107746 1108529


ln1107714 1108529

1108530 1107730＝＋1107714ln1107746 1108529

1108530 11077621107730＋ (1)


ln1107714 AQUQ 1107730

＝1108528＋1107714ln1107746 AEVUEV 11077621107730

＋1108529 ln(Y)＋11085301107714ln1107746 EXAEXU 11077621107730

＋ (2)





RTIABperpC＝11077461－ 1107840X

AC－XBC1107840

1107712XAC＋X

BC1107728 1107762 XAC

1057297X

AZ(3)

whereRTI





X

AZ


1057297X















71 －4618 －1037 －0625 0326 0719(3606) (0590) (0247) (0208)

74 －5853 0184 0302 0456 0540(3902) (0163) (0174) (0217)

77 －14343 －1883 －0250 1317 0777(9562) (1013) (0181) (0732)

79 －14354 －1104 －0281 1344 0555(6241) (0494) (0283) (0245)

82 15225 －0601 －0630 1220 0645(13557) (0342) (0358) (0530)

84 3060 －0881 －0715 0262 0598(1909) (0307) (0206) (0175)

85 －15748 －0393 －0334 1236 0622(6847) (0219) (0298) (0252)

87 －9089 －2322 －1404 1187 0413(6060) (1112) (0780) (0516)

89 －3816 1541 －0040 0160 0732(2246) (1189) (0094) (0080)


71 1400 －1452 0096 2048 0688(0855) (0807) (0172) (1366)

77 －1611 －1531 0463 －0704 0520(0651) (0665) (0401) (0391)

79 0172 －3792 0075 1316 0668(0759) (2093) (0152) (0572)

82 －4697 －0137 0116 1670 0518(1737) (0076) (0347) (0928)

84 4886 －0837 －0709 －0787 0696(3257) (0492) (0131) (0163)

85 －7836 0202 0013 6593 0337(2285) (0088) (0459) (4395)

89 1091 －0312 －0361 －0991 0789(1216) (0171) (0105) (0902)


71 －10959 －1110 0973 －0166 0302(9496) (0617) (0452) (0505)

72 －8512 0008 －0502 0915 0346(3847) (0022) (0600) (0655)

75 －10580 －0467 1153 0527 0573(6183) (0259) (0649) (0528)

79 0286 －1724 －0273 －0344 0869(1202) (0958) (0188) (0205)

82 －11784 0221 0790 1638 0599(10493) (0147) (0435) (0295)

84 －19599 －0910 0181 4633 0718(11785) (0490) (0204) (2439)

89 －9709 －0544 0192 1235 0719(0745) (0363) (0116) (0686)





71 －0908 －1728 －0125 0184 0744(0732) (0494) (0157) (0128)

76 －5846 －0618 0459 3338 0540(1124) (0425) (0242) (1854)

78 －5846 －0618 0459 3338 0742(6502) (0343) (0242) (1854)

85 1204 0169 －1259 4506 0242(2215) (0073) (0476) (3004)

87 －3276 －1559 0079 0163 0765(0565) (0866) (0122) (0104)


71 1592 －1903 1176 －2364 0706(1005) (1057) (0511) (2668)

77 0280 －0743 0558 －1195 0378(1351) (0744) (0213) (0796)

79 －0071 －2649 －0201 0235 0710(0815) (1120) (0136) (0121)

84 －0444 －0958 －0314 0455 0815(0902) (0536) (0157) (0303)

85 －1880 －0725 －0433 1401 0616(0813) (0302) (0289) (0779)

87 －3924 －0445 0190 0377 0717(2616) (0204) (0073) (0199)


















ⅥConclusion






Bibliography































628 726 83Row 372 Row 274 Row 17





Total 1000 1000

















ⅣMethodology



X＝F(Y) where X＝1107714 Q1108529

1108530 1107730 and Y＝1107714 1108529


e＝1107714 11077301107714



＝d1107719 ln1107746 1108529

1108530 1107762ln1107746 1108529


ln1107714 1108529

1108530 1107730＝＋1107714ln1107746 1108529

1108530 11077621107730＋ (1)


ln1107714 AQUQ 1107730

＝1108528＋1107714ln1107746 AEVUEV 11077621107730

＋1108529 ln(Y)＋11085301107714ln1107746 EXAEXU 11077621107730

＋ (2)





RTIABperpC＝11077461－ 1107840X

AC－XBC1107840

1107712XAC＋X

BC1107728 1107762 XAC

1057297X

AZ(3)

whereRTI





X

AZ


1057297X















71 －4618 －1037 －0625 0326 0719(3606) (0590) (0247) (0208)

74 －5853 0184 0302 0456 0540(3902) (0163) (0174) (0217)

77 －14343 －1883 －0250 1317 0777(9562) (1013) (0181) (0732)

79 －14354 －1104 －0281 1344 0555(6241) (0494) (0283) (0245)

82 15225 －0601 －0630 1220 0645(13557) (0342) (0358) (0530)

84 3060 －0881 －0715 0262 0598(1909) (0307) (0206) (0175)

85 －15748 －0393 －0334 1236 0622(6847) (0219) (0298) (0252)

87 －9089 －2322 －1404 1187 0413(6060) (1112) (0780) (0516)

89 －3816 1541 －0040 0160 0732(2246) (1189) (0094) (0080)


71 1400 －1452 0096 2048 0688(0855) (0807) (0172) (1366)

77 －1611 －1531 0463 －0704 0520(0651) (0665) (0401) (0391)

79 0172 －3792 0075 1316 0668(0759) (2093) (0152) (0572)

82 －4697 －0137 0116 1670 0518(1737) (0076) (0347) (0928)

84 4886 －0837 －0709 －0787 0696(3257) (0492) (0131) (0163)

85 －7836 0202 0013 6593 0337(2285) (0088) (0459) (4395)

89 1091 －0312 －0361 －0991 0789(1216) (0171) (0105) (0902)


71 －10959 －1110 0973 －0166 0302(9496) (0617) (0452) (0505)

72 －8512 0008 －0502 0915 0346(3847) (0022) (0600) (0655)

75 －10580 －0467 1153 0527 0573(6183) (0259) (0649) (0528)

79 0286 －1724 －0273 －0344 0869(1202) (0958) (0188) (0205)

82 －11784 0221 0790 1638 0599(10493) (0147) (0435) (0295)

84 －19599 －0910 0181 4633 0718(11785) (0490) (0204) (2439)

89 －9709 －0544 0192 1235 0719(0745) (0363) (0116) (0686)





71 －0908 －1728 －0125 0184 0744(0732) (0494) (0157) (0128)

76 －5846 －0618 0459 3338 0540(1124) (0425) (0242) (1854)

78 －5846 －0618 0459 3338 0742(6502) (0343) (0242) (1854)

85 1204 0169 －1259 4506 0242(2215) (0073) (0476) (3004)

87 －3276 －1559 0079 0163 0765(0565) (0866) (0122) (0104)


71 1592 －1903 1176 －2364 0706(1005) (1057) (0511) (2668)

77 0280 －0743 0558 －1195 0378(1351) (0744) (0213) (0796)

79 －0071 －2649 －0201 0235 0710(0815) (1120) (0136) (0121)

84 －0444 －0958 －0314 0455 0815(0902) (0536) (0157) (0303)

85 －1880 －0725 －0433 1401 0616(0813) (0302) (0289) (0779)

87 －3924 －0445 0190 0377 0717(2616) (0204) (0073) (0199)


















ⅥConclusion






Bibliography








































ⅣMethodology



X＝F(Y) where X＝1107714 Q1108529

1108530 1107730 and Y＝1107714 1108529


e＝1107714 11077301107714



＝d1107719 ln1107746 1108529

1108530 1107762ln1107746 1108529


ln1107714 1108529

1108530 1107730＝＋1107714ln1107746 1108529

1108530 11077621107730＋ (1)


ln1107714 AQUQ 1107730

＝1108528＋1107714ln1107746 AEVUEV 11077621107730

＋1108529 ln(Y)＋11085301107714ln1107746 EXAEXU 11077621107730

＋ (2)





RTIABperpC＝11077461－ 1107840X

AC－XBC1107840

1107712XAC＋X

BC1107728 1107762 XAC

1057297X

AZ(3)

whereRTI





X

AZ


1057297X















71 －4618 －1037 －0625 0326 0719(3606) (0590) (0247) (0208)

74 －5853 0184 0302 0456 0540(3902) (0163) (0174) (0217)

77 －14343 －1883 －0250 1317 0777(9562) (1013) (0181) (0732)

79 －14354 －1104 －0281 1344 0555(6241) (0494) (0283) (0245)

82 15225 －0601 －0630 1220 0645(13557) (0342) (0358) (0530)

84 3060 －0881 －0715 0262 0598(1909) (0307) (0206) (0175)

85 －15748 －0393 －0334 1236 0622(6847) (0219) (0298) (0252)

87 －9089 －2322 －1404 1187 0413(6060) (1112) (0780) (0516)

89 －3816 1541 －0040 0160 0732(2246) (1189) (0094) (0080)


71 1400 －1452 0096 2048 0688(0855) (0807) (0172) (1366)

77 －1611 －1531 0463 －0704 0520(0651) (0665) (0401) (0391)

79 0172 －3792 0075 1316 0668(0759) (2093) (0152) (0572)

82 －4697 －0137 0116 1670 0518(1737) (0076) (0347) (0928)

84 4886 －0837 －0709 －0787 0696(3257) (0492) (0131) (0163)

85 －7836 0202 0013 6593 0337(2285) (0088) (0459) (4395)

89 1091 －0312 －0361 －0991 0789(1216) (0171) (0105) (0902)


71 －10959 －1110 0973 －0166 0302(9496) (0617) (0452) (0505)

72 －8512 0008 －0502 0915 0346(3847) (0022) (0600) (0655)

75 －10580 －0467 1153 0527 0573(6183) (0259) (0649) (0528)

79 0286 －1724 －0273 －0344 0869(1202) (0958) (0188) (0205)

82 －11784 0221 0790 1638 0599(10493) (0147) (0435) (0295)

84 －19599 －0910 0181 4633 0718(11785) (0490) (0204) (2439)

89 －9709 －0544 0192 1235 0719(0745) (0363) (0116) (0686)





71 －0908 －1728 －0125 0184 0744(0732) (0494) (0157) (0128)

76 －5846 －0618 0459 3338 0540(1124) (0425) (0242) (1854)

78 －5846 －0618 0459 3338 0742(6502) (0343) (0242) (1854)

85 1204 0169 －1259 4506 0242(2215) (0073) (0476) (3004)

87 －3276 －1559 0079 0163 0765(0565) (0866) (0122) (0104)


71 1592 －1903 1176 －2364 0706(1005) (1057) (0511) (2668)

77 0280 －0743 0558 －1195 0378(1351) (0744) (0213) (0796)

79 －0071 －2649 －0201 0235 0710(0815) (1120) (0136) (0121)

84 －0444 －0958 －0314 0455 0815(0902) (0536) (0157) (0303)

85 －1880 －0725 －0433 1401 0616(0813) (0302) (0289) (0779)

87 －3924 －0445 0190 0377 0717(2616) (0204) (0073) (0199)


















ⅥConclusion






Bibliography


































ⅣMethodology



X＝F(Y) where X＝1107714 Q1108529

1108530 1107730 and Y＝1107714 1108529


e＝1107714 11077301107714



＝d1107719 ln1107746 1108529

1108530 1107762ln1107746 1108529


ln1107714 1108529

1108530 1107730＝＋1107714ln1107746 1108529

1108530 11077621107730＋ (1)


ln1107714 AQUQ 1107730

＝1108528＋1107714ln1107746 AEVUEV 11077621107730

＋1108529 ln(Y)＋11085301107714ln1107746 EXAEXU 11077621107730

＋ (2)





RTIABperpC＝11077461－ 1107840X

AC－XBC1107840

1107712XAC＋X

BC1107728 1107762 XAC

1057297X

AZ(3)

whereRTI





X

AZ


1057297X















71 －4618 －1037 －0625 0326 0719(3606) (0590) (0247) (0208)

74 －5853 0184 0302 0456 0540(3902) (0163) (0174) (0217)

77 －14343 －1883 －0250 1317 0777(9562) (1013) (0181) (0732)

79 －14354 －1104 －0281 1344 0555(6241) (0494) (0283) (0245)

82 15225 －0601 －0630 1220 0645(13557) (0342) (0358) (0530)

84 3060 －0881 －0715 0262 0598(1909) (0307) (0206) (0175)

85 －15748 －0393 －0334 1236 0622(6847) (0219) (0298) (0252)

87 －9089 －2322 －1404 1187 0413(6060) (1112) (0780) (0516)

89 －3816 1541 －0040 0160 0732(2246) (1189) (0094) (0080)


71 1400 －1452 0096 2048 0688(0855) (0807) (0172) (1366)

77 －1611 －1531 0463 －0704 0520(0651) (0665) (0401) (0391)

79 0172 －3792 0075 1316 0668(0759) (2093) (0152) (0572)

82 －4697 －0137 0116 1670 0518(1737) (0076) (0347) (0928)

84 4886 －0837 －0709 －0787 0696(3257) (0492) (0131) (0163)

85 －7836 0202 0013 6593 0337(2285) (0088) (0459) (4395)

89 1091 －0312 －0361 －0991 0789(1216) (0171) (0105) (0902)


71 －10959 －1110 0973 －0166 0302(9496) (0617) (0452) (0505)

72 －8512 0008 －0502 0915 0346(3847) (0022) (0600) (0655)

75 －10580 －0467 1153 0527 0573(6183) (0259) (0649) (0528)

79 0286 －1724 －0273 －0344 0869(1202) (0958) (0188) (0205)

82 －11784 0221 0790 1638 0599(10493) (0147) (0435) (0295)

84 －19599 －0910 0181 4633 0718(11785) (0490) (0204) (2439)

89 －9709 －0544 0192 1235 0719(0745) (0363) (0116) (0686)





71 －0908 －1728 －0125 0184 0744(0732) (0494) (0157) (0128)

76 －5846 －0618 0459 3338 0540(1124) (0425) (0242) (1854)

78 －5846 －0618 0459 3338 0742(6502) (0343) (0242) (1854)

85 1204 0169 －1259 4506 0242(2215) (0073) (0476) (3004)

87 －3276 －1559 0079 0163 0765(0565) (0866) (0122) (0104)


71 1592 －1903 1176 －2364 0706(1005) (1057) (0511) (2668)

77 0280 －0743 0558 －1195 0378(1351) (0744) (0213) (0796)

79 －0071 －2649 －0201 0235 0710(0815) (1120) (0136) (0121)

84 －0444 －0958 －0314 0455 0815(0902) (0536) (0157) (0303)

85 －1880 －0725 －0433 1401 0616(0813) (0302) (0289) (0779)

87 －3924 －0445 0190 0377 0717(2616) (0204) (0073) (0199)


















ⅥConclusion






Bibliography




























ⅣMethodology



X＝F(Y) where X＝1107714 Q1108529

1108530 1107730 and Y＝1107714 1108529


e＝1107714 11077301107714



＝d1107719 ln1107746 1108529

1108530 1107762ln1107746 1108529


ln1107714 1108529

1108530 1107730＝＋1107714ln1107746 1108529

1108530 11077621107730＋ (1)


ln1107714 AQUQ 1107730

＝1108528＋1107714ln1107746 AEVUEV 11077621107730

＋1108529 ln(Y)＋11085301107714ln1107746 EXAEXU 11077621107730

＋ (2)





RTIABperpC＝11077461－ 1107840X

AC－XBC1107840

1107712XAC＋X

BC1107728 1107762 XAC

1057297X

AZ(3)

whereRTI





X

AZ


1057297X















71 －4618 －1037 －0625 0326 0719(3606) (0590) (0247) (0208)

74 －5853 0184 0302 0456 0540(3902) (0163) (0174) (0217)

77 －14343 －1883 －0250 1317 0777(9562) (1013) (0181) (0732)

79 －14354 －1104 －0281 1344 0555(6241) (0494) (0283) (0245)

82 15225 －0601 －0630 1220 0645(13557) (0342) (0358) (0530)

84 3060 －0881 －0715 0262 0598(1909) (0307) (0206) (0175)

85 －15748 －0393 －0334 1236 0622(6847) (0219) (0298) (0252)

87 －9089 －2322 －1404 1187 0413(6060) (1112) (0780) (0516)

89 －3816 1541 －0040 0160 0732(2246) (1189) (0094) (0080)


71 1400 －1452 0096 2048 0688(0855) (0807) (0172) (1366)

77 －1611 －1531 0463 －0704 0520(0651) (0665) (0401) (0391)

79 0172 －3792 0075 1316 0668(0759) (2093) (0152) (0572)

82 －4697 －0137 0116 1670 0518(1737) (0076) (0347) (0928)

84 4886 －0837 －0709 －0787 0696(3257) (0492) (0131) (0163)

85 －7836 0202 0013 6593 0337(2285) (0088) (0459) (4395)

89 1091 －0312 －0361 －0991 0789(1216) (0171) (0105) (0902)


71 －10959 －1110 0973 －0166 0302(9496) (0617) (0452) (0505)

72 －8512 0008 －0502 0915 0346(3847) (0022) (0600) (0655)

75 －10580 －0467 1153 0527 0573(6183) (0259) (0649) (0528)

79 0286 －1724 －0273 －0344 0869(1202) (0958) (0188) (0205)

82 －11784 0221 0790 1638 0599(10493) (0147) (0435) (0295)

84 －19599 －0910 0181 4633 0718(11785) (0490) (0204) (2439)

89 －9709 －0544 0192 1235 0719(0745) (0363) (0116) (0686)





71 －0908 －1728 －0125 0184 0744(0732) (0494) (0157) (0128)

76 －5846 －0618 0459 3338 0540(1124) (0425) (0242) (1854)

78 －5846 －0618 0459 3338 0742(6502) (0343) (0242) (1854)

85 1204 0169 －1259 4506 0242(2215) (0073) (0476) (3004)

87 －3276 －1559 0079 0163 0765(0565) (0866) (0122) (0104)


71 1592 －1903 1176 －2364 0706(1005) (1057) (0511) (2668)

77 0280 －0743 0558 －1195 0378(1351) (0744) (0213) (0796)

79 －0071 －2649 －0201 0235 0710(0815) (1120) (0136) (0121)

84 －0444 －0958 －0314 0455 0815(0902) (0536) (0157) (0303)

85 －1880 －0725 －0433 1401 0616(0813) (0302) (0289) (0779)

87 －3924 －0445 0190 0377 0717(2616) (0204) (0073) (0199)


















ⅥConclusion






Bibliography

























＝d1107719 ln1107746 1108529

1108530 1107762ln1107746 1108529


ln1107714 1108529

1108530 1107730＝＋1107714ln1107746 1108529

1108530 11077621107730＋ (1)


ln1107714 AQUQ 1107730

＝1108528＋1107714ln1107746 AEVUEV 11077621107730

＋1108529 ln(Y)＋11085301107714ln1107746 EXAEXU 11077621107730

＋ (2)





RTIABperpC＝11077461－ 1107840X

AC－XBC1107840

1107712XAC＋X

BC1107728 1107762 XAC

1057297X

AZ(3)

whereRTI





X

AZ


1057297X















71 －4618 －1037 －0625 0326 0719(3606) (0590) (0247) (0208)

74 －5853 0184 0302 0456 0540(3902) (0163) (0174) (0217)

77 －14343 －1883 －0250 1317 0777(9562) (1013) (0181) (0732)

79 －14354 －1104 －0281 1344 0555(6241) (0494) (0283) (0245)

82 15225 －0601 －0630 1220 0645(13557) (0342) (0358) (0530)

84 3060 －0881 －0715 0262 0598(1909) (0307) (0206) (0175)

85 －15748 －0393 －0334 1236 0622(6847) (0219) (0298) (0252)

87 －9089 －2322 －1404 1187 0413(6060) (1112) (0780) (0516)

89 －3816 1541 －0040 0160 0732(2246) (1189) (0094) (0080)


71 1400 －1452 0096 2048 0688(0855) (0807) (0172) (1366)

77 －1611 －1531 0463 －0704 0520(0651) (0665) (0401) (0391)

79 0172 －3792 0075 1316 0668(0759) (2093) (0152) (0572)

82 －4697 －0137 0116 1670 0518(1737) (0076) (0347) (0928)

84 4886 －0837 －0709 －0787 0696(3257) (0492) (0131) (0163)

85 －7836 0202 0013 6593 0337(2285) (0088) (0459) (4395)

89 1091 －0312 －0361 －0991 0789(1216) (0171) (0105) (0902)


71 －10959 －1110 0973 －0166 0302(9496) (0617) (0452) (0505)

72 －8512 0008 －0502 0915 0346(3847) (0022) (0600) (0655)

75 －10580 －0467 1153 0527 0573(6183) (0259) (0649) (0528)

79 0286 －1724 －0273 －0344 0869(1202) (0958) (0188) (0205)

82 －11784 0221 0790 1638 0599(10493) (0147) (0435) (0295)

84 －19599 －0910 0181 4633 0718(11785) (0490) (0204) (2439)

89 －9709 －0544 0192 1235 0719(0745) (0363) (0116) (0686)





71 －0908 －1728 －0125 0184 0744(0732) (0494) (0157) (0128)

76 －5846 －0618 0459 3338 0540(1124) (0425) (0242) (1854)

78 －5846 －0618 0459 3338 0742(6502) (0343) (0242) (1854)

85 1204 0169 －1259 4506 0242(2215) (0073) (0476) (3004)

87 －3276 －1559 0079 0163 0765(0565) (0866) (0122) (0104)


71 1592 －1903 1176 －2364 0706(1005) (1057) (0511) (2668)

77 0280 －0743 0558 －1195 0378(1351) (0744) (0213) (0796)

79 －0071 －2649 －0201 0235 0710(0815) (1120) (0136) (0121)

84 －0444 －0958 －0314 0455 0815(0902) (0536) (0157) (0303)

85 －1880 －0725 －0433 1401 0616(0813) (0302) (0289) (0779)

87 －3924 －0445 0190 0377 0717(2616) (0204) (0073) (0199)


















ⅥConclusion






Bibliography


























RTIABperpC＝11077461－ 1107840X

AC－XBC1107840

1107712XAC＋X

BC1107728 1107762 XAC

1057297X

AZ(3)

whereRTI





X

AZ


1057297X















71 －4618 －1037 －0625 0326 0719(3606) (0590) (0247) (0208)

74 －5853 0184 0302 0456 0540(3902) (0163) (0174) (0217)

77 －14343 －1883 －0250 1317 0777(9562) (1013) (0181) (0732)

79 －14354 －1104 －0281 1344 0555(6241) (0494) (0283) (0245)

82 15225 －0601 －0630 1220 0645(13557) (0342) (0358) (0530)

84 3060 －0881 －0715 0262 0598(1909) (0307) (0206) (0175)

85 －15748 －0393 －0334 1236 0622(6847) (0219) (0298) (0252)

87 －9089 －2322 －1404 1187 0413(6060) (1112) (0780) (0516)

89 －3816 1541 －0040 0160 0732(2246) (1189) (0094) (0080)


71 1400 －1452 0096 2048 0688(0855) (0807) (0172) (1366)

77 －1611 －1531 0463 －0704 0520(0651) (0665) (0401) (0391)

79 0172 －3792 0075 1316 0668(0759) (2093) (0152) (0572)

82 －4697 －0137 0116 1670 0518(1737) (0076) (0347) (0928)

84 4886 －0837 －0709 －0787 0696(3257) (0492) (0131) (0163)

85 －7836 0202 0013 6593 0337(2285) (0088) (0459) (4395)

89 1091 －0312 －0361 －0991 0789(1216) (0171) (0105) (0902)


71 －10959 －1110 0973 －0166 0302(9496) (0617) (0452) (0505)

72 －8512 0008 －0502 0915 0346(3847) (0022) (0600) (0655)

75 －10580 －0467 1153 0527 0573(6183) (0259) (0649) (0528)

79 0286 －1724 －0273 －0344 0869(1202) (0958) (0188) (0205)

82 －11784 0221 0790 1638 0599(10493) (0147) (0435) (0295)

84 －19599 －0910 0181 4633 0718(11785) (0490) (0204) (2439)

89 －9709 －0544 0192 1235 0719(0745) (0363) (0116) (0686)





71 －0908 －1728 －0125 0184 0744(0732) (0494) (0157) (0128)

76 －5846 －0618 0459 3338 0540(1124) (0425) (0242) (1854)

78 －5846 －0618 0459 3338 0742(6502) (0343) (0242) (1854)

85 1204 0169 －1259 4506 0242(2215) (0073) (0476) (3004)

87 －3276 －1559 0079 0163 0765(0565) (0866) (0122) (0104)


71 1592 －1903 1176 －2364 0706(1005) (1057) (0511) (2668)

77 0280 －0743 0558 －1195 0378(1351) (0744) (0213) (0796)

79 －0071 －2649 －0201 0235 0710(0815) (1120) (0136) (0121)

84 －0444 －0958 －0314 0455 0815(0902) (0536) (0157) (0303)

85 －1880 －0725 －0433 1401 0616(0813) (0302) (0289) (0779)

87 －3924 －0445 0190 0377 0717(2616) (0204) (0073) (0199)


















ⅥConclusion






Bibliography



































71 －4618 －1037 －0625 0326 0719(3606) (0590) (0247) (0208)

74 －5853 0184 0302 0456 0540(3902) (0163) (0174) (0217)

77 －14343 －1883 －0250 1317 0777(9562) (1013) (0181) (0732)

79 －14354 －1104 －0281 1344 0555(6241) (0494) (0283) (0245)

82 15225 －0601 －0630 1220 0645(13557) (0342) (0358) (0530)

84 3060 －0881 －0715 0262 0598(1909) (0307) (0206) (0175)

85 －15748 －0393 －0334 1236 0622(6847) (0219) (0298) (0252)

87 －9089 －2322 －1404 1187 0413(6060) (1112) (0780) (0516)

89 －3816 1541 －0040 0160 0732(2246) (1189) (0094) (0080)


71 1400 －1452 0096 2048 0688(0855) (0807) (0172) (1366)

77 －1611 －1531 0463 －0704 0520(0651) (0665) (0401) (0391)

79 0172 －3792 0075 1316 0668(0759) (2093) (0152) (0572)

82 －4697 －0137 0116 1670 0518(1737) (0076) (0347) (0928)

84 4886 －0837 －0709 －0787 0696(3257) (0492) (0131) (0163)

85 －7836 0202 0013 6593 0337(2285) (0088) (0459) (4395)

89 1091 －0312 －0361 －0991 0789(1216) (0171) (0105) (0902)


71 －10959 －1110 0973 －0166 0302(9496) (0617) (0452) (0505)

72 －8512 0008 －0502 0915 0346(3847) (0022) (0600) (0655)

75 －10580 －0467 1153 0527 0573(6183) (0259) (0649) (0528)

79 0286 －1724 －0273 －0344 0869(1202) (0958) (0188) (0205)

82 －11784 0221 0790 1638 0599(10493) (0147) (0435) (0295)

84 －19599 －0910 0181 4633 0718(11785) (0490) (0204) (2439)

89 －9709 －0544 0192 1235 0719(0745) (0363) (0116) (0686)





71 －0908 －1728 －0125 0184 0744(0732) (0494) (0157) (0128)

76 －5846 －0618 0459 3338 0540(1124) (0425) (0242) (1854)

78 －5846 －0618 0459 3338 0742(6502) (0343) (0242) (1854)

85 1204 0169 －1259 4506 0242(2215) (0073) (0476) (3004)

87 －3276 －1559 0079 0163 0765(0565) (0866) (0122) (0104)


71 1592 －1903 1176 －2364 0706(1005) (1057) (0511) (2668)

77 0280 －0743 0558 －1195 0378(1351) (0744) (0213) (0796)

79 －0071 －2649 －0201 0235 0710(0815) (1120) (0136) (0121)

84 －0444 －0958 －0314 0455 0815(0902) (0536) (0157) (0303)

85 －1880 －0725 －0433 1401 0616(0813) (0302) (0289) (0779)

87 －3924 －0445 0190 0377 0717(2616) (0204) (0073) (0199)


















ⅥConclusion






Bibliography




























71 －4618 －1037 －0625 0326 0719(3606) (0590) (0247) (0208)

74 －5853 0184 0302 0456 0540(3902) (0163) (0174) (0217)

77 －14343 －1883 －0250 1317 0777(9562) (1013) (0181) (0732)

79 －14354 －1104 －0281 1344 0555(6241) (0494) (0283) (0245)

82 15225 －0601 －0630 1220 0645(13557) (0342) (0358) (0530)

84 3060 －0881 －0715 0262 0598(1909) (0307) (0206) (0175)

85 －15748 －0393 －0334 1236 0622(6847) (0219) (0298) (0252)

87 －9089 －2322 －1404 1187 0413(6060) (1112) (0780) (0516)

89 －3816 1541 －0040 0160 0732(2246) (1189) (0094) (0080)


71 1400 －1452 0096 2048 0688(0855) (0807) (0172) (1366)

77 －1611 －1531 0463 －0704 0520(0651) (0665) (0401) (0391)

79 0172 －3792 0075 1316 0668(0759) (2093) (0152) (0572)

82 －4697 －0137 0116 1670 0518(1737) (0076) (0347) (0928)

84 4886 －0837 －0709 －0787 0696(3257) (0492) (0131) (0163)

85 －7836 0202 0013 6593 0337(2285) (0088) (0459) (4395)

89 1091 －0312 －0361 －0991 0789(1216) (0171) (0105) (0902)


71 －10959 －1110 0973 －0166 0302(9496) (0617) (0452) (0505)

72 －8512 0008 －0502 0915 0346(3847) (0022) (0600) (0655)

75 －10580 －0467 1153 0527 0573(6183) (0259) (0649) (0528)

79 0286 －1724 －0273 －0344 0869(1202) (0958) (0188) (0205)

82 －11784 0221 0790 1638 0599(10493) (0147) (0435) (0295)

84 －19599 －0910 0181 4633 0718(11785) (0490) (0204) (2439)

89 －9709 －0544 0192 1235 0719(0745) (0363) (0116) (0686)





71 －0908 －1728 －0125 0184 0744(0732) (0494) (0157) (0128)

76 －5846 －0618 0459 3338 0540(1124) (0425) (0242) (1854)

78 －5846 －0618 0459 3338 0742(6502) (0343) (0242) (1854)

85 1204 0169 －1259 4506 0242(2215) (0073) (0476) (3004)

87 －3276 －1559 0079 0163 0765(0565) (0866) (0122) (0104)


71 1592 －1903 1176 －2364 0706(1005) (1057) (0511) (2668)

77 0280 －0743 0558 －1195 0378(1351) (0744) (0213) (0796)

79 －0071 －2649 －0201 0235 0710(0815) (1120) (0136) (0121)

84 －0444 －0958 －0314 0455 0815(0902) (0536) (0157) (0303)

85 －1880 －0725 －0433 1401 0616(0813) (0302) (0289) (0779)

87 －3924 －0445 0190 0377 0717(2616) (0204) (0073) (0199)


















ⅥConclusion






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71 －0908 －1728 －0125 0184 0744(0732) (0494) (0157) (0128)

76 －5846 －0618 0459 3338 0540(1124) (0425) (0242) (1854)

78 －5846 －0618 0459 3338 0742(6502) (0343) (0242) (1854)

85 1204 0169 －1259 4506 0242(2215) (0073) (0476) (3004)

87 －3276 －1559 0079 0163 0765(0565) (0866) (0122) (0104)


71 1592 －1903 1176 －2364 0706(1005) (1057) (0511) (2668)

77 0280 －0743 0558 －1195 0378(1351) (0744) (0213) (0796)

79 －0071 －2649 －0201 0235 0710(0815) (1120) (0136) (0121)

84 －0444 －0958 －0314 0455 0815(0902) (0536) (0157) (0303)

85 －1880 －0725 －0433 1401 0616(0813) (0302) (0289) (0779)

87 －3924 －0445 0190 0377 0717(2616) (0204) (0073) (0199)


















ⅥConclusion






Bibliography








































ⅥConclusion






Bibliography



































ⅥConclusion






Bibliography



























ⅥConclusion






Bibliography


























Bibliography

































Documents

The Impact of the EU-U.S. TTIP on ASEAN’s 著者 Uprasen, Utai 引用hokuga.hgu.jp/dspace/bitstream/123456789/3292/1... · 5if gjoejoht gspn ui f 35* joefy bu uif ôejhju mfwfm