关键词: 自由贸易协定, FTA投资规则深度, 全球价值链分工

Abstract:  Based on DESTA database, the depth index of FTA (Free Trade Agreement)investment rules is firstly constructed, and then the depth of investment rules of stock agreements signed by 31 developed countries and 26 developing countries is calculated.The impact of the depth of FTA investment rules on the Global Value Chain (GVC) division is analyzed byusing extended gravity model, and also the robustness test and national heterogeneity analysis are conducted. Empirical research shows that the depth of FTA investment rules can significantly promote GVC division status, while the number of FTA has a significantly negative effect on GVC division. The heterogeneity regression results show that, compared to developed countries, the depth of FTA investment rules signed by developing countries has a more significant effect on their GVC division status. For the FTA signed with developed countries, the depth of investment rules plays a significant role in improving the GVC division status of developing countries. Based on this, especially for developing countries, in the process of opening up, the negotiation on FTA provisions with developed countries is still a critical step, and promoting the depth of FTA investment rules must be grasped.

Key words: Free Trade Agreement, depth of FTA investment rules, GVC division