Conclusion and Policy Implications

After about a quarter century of countries having pursued deep regional integration through negotiating on deep regional trade agreements (RTAs), we observed a number of historical events that symbolize the curbing of the trend of globalization in 2016. On June 24, 2016, the people of the United Kingdom voted to leave the European Union (EU) in a referendum. On November 8, 2016, Mr. Donald Trump, who proposed the “America First” policy and a number of protectionist policies, such as the withdrawal from the Trans-Pacific Partnership Agreement and the construction of a substantial wall on the United States–Mexico border, during his presidential campaign, won the US presidential election.