Sherif S (2013) Intra-regional trade, evidence from the United Arab Emirates: a Int J Econ Perspect 7(3):57-65 Rahman K, Molla R, Murad M (2008b) China factor is moving the tip of the free trade agreement between Japan and Malaysia. Glob Econ J 8 (4): 1524-5861 If the parameters of a regression model are likely to change, its results would not be reliable and cannot be used for forecasts or guideline formulations. This means that there has been a structural change. To determine whether there is indeed a structural change in the relationship between dependent variables and their preachers (a practical test is the use of the Chow Breakpoint test (Gujarati and Porter 2009), this test uses F statistics to accept or reject the zero hypothesis without structural change, i.e. the primary objective of trade liberalization is to promote faster economic growth (Liu 2016). Although free trade has been seen as an instrument of development, it must also be taken into account that the aspect of natural competition can hinder the development of developing countries (Stoneman and Thompson 2007). Burger M, Oort F, Linders G (2009) For the specification of the commercial gravity model: zeroes, excess zeros and zero excessive estimates. Spa Econ Anal 4 (2):167-190 Hayakawa K, Ito T, Kimura F (2016) Effects of regional trade agreements on trade creation: reduction of tariffs compared to non-reduction of tariffs. Rev Dev Econ 20 (1): 317-326 Prime Minister Junichiro Koizumi of Japan and President gloria Macapagal-Arroyo of the Republic of the Philippines, which met in Tokyo, Japan, on 11 December 2003, decided that the two governments would begin negotiations on an economic partnership agreement between Japan and the Philippines in early 2004, based on discussions and the results of the working group and the joint coordination team of the agreement in 2002 and 2003, and that they would conclude the agreement within a reasonable time frame.

They also reaffirmed that the agreement would strengthen and strengthen the comprehensive economic partnership between Japan and ASEAN. Benedictis L, Taglioni D (2011a) The gravity model of international trade. Macerata University The model is revised (Table 2) and adds a delay variable, AT (-1), to present the lag effect of a lower average tariff rate on market value and the introduction of another dummy variable (D2) that represents the implementation of AJCEP in the first quarter of 2012, which could have had an impact on Philippine exports to Japan. The HAC method with Newey-West was used to statistically correct selfcorrelation. Garcia E, Pabsdorf M, Herrera E (2013) Gravity model analysis: an application to MERCOSUR trade flows. J Econ Policy Reform 16 (4):336-348 Tansey M, Hanson T (2011) The trade severity model applied to developing countries. South Bus Econ J 34 (3/4) :p 51 In order to facilitate bilateral trade in electrical products, the two sides will continue negotiations on a provision for mutual recognition of electrical products.

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