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Economic Implications of the Regional Comprehensive Economic Partnership for Asia and the Pacific

Author

Listed:
  • Park, Cyn-Young

    (Asian Development Bank)

  • Petri, Peter A.

    (Brandeis International Business School)

  • Plummer, Michael G.

    (Johns Hopkins University)

Abstract

The Regional Comprehensive Economic Partnership (RCEP) presents strong potential to mold regional trade and investment patterns well into the future and to influence the direction of global economic cooperation at a challenging time. This paper evaluates the RCEP and estimates its potential effects on income, trade, economic structure, factor returns, and employment using a computable general equilibrium model. The results suggest that the RCEP agreement could generate global income gains that will be almost twice as large as those of the Comprehensive and Progressive Agreement on Trans-Pacific Partnership (CPTPP). RCEP effects on the region’s trade will also significantly deepen regional production networks and raise productivity. At the sectoral level, exports and imports of nondurable and durable manufactures will experience the most growth. The CPTPP and RCEP will especially strengthen the region’s manufacturing supply chains, increasing wages and employment.

Suggested Citation

  • Park, Cyn-Young & Petri, Peter A. & Plummer, Michael G., 2021. "Economic Implications of the Regional Comprehensive Economic Partnership for Asia and the Pacific," ADB Economics Working Paper Series 639, Asian Development Bank.
    • Handle: RePEc:ris:adbewp:0639
    as

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    File URL: https://www.adb.org/publications/regional-comprehensive-economic-partnership-asia-pacific
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    computable general equilibrium; Comprehensive and Progressive Agreement on Trans-Pacific Partnership; free trade agreement; Regional Comprehensive Economic Partnership; rules of origin; supply chains;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • F17 - International Economics - - Trade - - - Trade Forecasting and Simulation

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