America would be the largest preferential trade agreement in the world. Encompassing almost half of world GDP, it will have …

-sector gravity model with inter-sectoral linkages. We calibrate the model and perform a counterfactual analysis of China's WTO …-12% of the decrease in the world DVA ratio as observed between 2000-2007. For China, the counterfactual experiment robustly … replicates the increase in the DVA ratio, driven by the export-processing zones. Furthermore, our results imply that China's WTO …

rest of the world relative to the status quo. However, there is substantial heterogeneity across the 134 geographical …