Is the map of the new regional value chains emerging?
There is much talk about moving from global to regional value chains, with production becoming more organised on a regional basis (in Asia-Pacific, Europe and the Americas). Can we see an outline of these regional value chains when analysing trade figures? We would expect to see rapid growth in: US trade with Canada, Mexico, Latin America; Euro-zone trade with the United Kingdom, Central European countries, Turkey and North Africa; Chinese trade with Japan, India and the rest of Asia-Pacific. There is indeed an increase in intra-regional trade in the Americas and Europe. The case of China is a special case, since its trade with Africa is growing particularly rapidly.