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Comparison of the Regional Comprehensive Economic Partnership and Other Free Trade Agreements

In: Regional Comprehensive Economic Partnership: Implications, Challenges, and Future Growth of East Asia and ASEAN

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  • Innwon Park

Abstract

This study evaluates the desirability of RCEP by comparing it with other mega-lateral FTAs. Evaluating the member-specific scale effects of the FTAs, we find that RCEP will generate significantly larger gains compared with the CPTPP. Evaluation of the provisionspecific depth effects of RCEP suggests the possibility of positive gains but these gains may not be significant compared with those derived from the CPTPP. The existing CGE model analyses reveal that RCEP will generate greater gains than the CPTPP. RCEP will be more desirable for China, Japan, and the Republic of Korea and the estimated gains for ASEAN will notably increase as the model explicitly specifies the diagonal RoO cumulation scheme. Considering the sequence of implementing FTAs, we find that the CPTPP will generate greater gains for dual members, but the marginal gains enjoyed by RCEP members will not be substantial.

Suggested Citation

  • Innwon Park, 2022. "Comparison of the Regional Comprehensive Economic Partnership and Other Free Trade Agreements," Chapters, in: Fukunari Kimura & Shandre Mugan Thangavelu & Dionisius Narjoko (ed.), Regional Comprehensive Economic Partnership: Implications, Challenges, and Future Growth of East Asia and ASEAN, chapter 3, pages 45-82, Economic Research Institute for ASEAN and East Asia (ERIA).
    • Handle: RePEc:era:chaptr:2022-rcep1-3
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    References listed on IDEAS

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    1. Yang, Shanping & Martinez-Zarzoso, Inmaculada, 2014. "A panel data analysis of trade creation and trade diversion effects: The case of ASEAN–China Free Trade Area," China Economic Review, Elsevier, vol. 29(C), pages 138-151.
    2. Mattoo,Aaditya & Rocha,Nadia & Ruta,Michele, 2020. "The Evolution of Deep Trade Agreements," Policy Research Working Paper Series 9283, The World Bank.
    3. Innwon Park, 2020. "Regional Trade Agreements in East Asia: Past and Future," Development Policy Review, Overseas Development Institute, vol. 38(2), pages 206-225, March.
    4. Innwon Park & Soonchan Park, 2021. "Socio-Political Determinants Of Interdependent Regional Trade Agreements: An Empirical Application," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 66(03), pages 721-742, June.
    5. Peter A. Petri & Michael G. Plummer, 2020. "East Asia Decouples from the United States: Trade War, COVID-19, and East Asia's New Trade Blocs," Working Paper Series WP20-09, Peterson Institute for International Economics.
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