The Regional Comprehensive Economic Partnership and Recent Trade Policy Developments in Asia and the Pacific: Detailed Results

44 Pages Posted: 15 Jun 2021

See all articles by Cyn‐Young Park

Cyn‐Young Park

Asian Development Bank

Peter A. Petri

Brandeis University - Brandeis International Business School; Brookings Institution; Brandeis University - Department of Economics

Michael Plummer

Organization for Economic Co-Operation and Development (OECD)

Date Written: June 13, 2021

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 provides detailed estimates on the effects of the RCEP on income, trade, economic structure, factor returns, and employment using a computable general equilibrium model. The results identify especially important areas to participating countries and provide priorities for updating and exploring the implications of the agreement, particularly as it deepens in scope and expands membership. The results suggest that the RCEP agreement could generate the global income gains that will be almost twice as big as the Comprehensive and Progressive Agreement on Transpacific Partnership (CPTPP). RCEP effects on the region’s trade will also significantly deepen regional production networks. At the sectoral level, exports and imports of non-durable and durable manufactures will experience the most growth. The CPTPP and RCEP will especially strengthen the region’s manufacturing supply chains, raising productivity and increasing wages and employment. enter Abstract Body]

Keywords: computable general equilibrium, Comprehensive and Progressive Agreement on Transpacific Partnership, free trade agreement, Regional Comprehensive Economic Partnership, rules of origin

JEL Classification: F13, F15, F17

Suggested Citation

Park, Cyn‐Young and Petri, Peter A. and Plummer, Michael, The Regional Comprehensive Economic Partnership and Recent Trade Policy Developments in Asia and the Pacific: Detailed Results (June 13, 2021). Available at SSRN: https://ssrn.com/abstract=3866164 or http://dx.doi.org/10.2139/ssrn.3866164

Cyn‐Young Park

Asian Development Bank

Peter A. Petri (Contact Author)

Brandeis University - Brandeis International Business School ( email )

Mailstop 32
Waltham, MA 02454-9110
United States

HOME PAGE: http://ppetri.com/

Brookings Institution ( email )

1775 Massachusetts Ave, NW
Washington, DC 20036
United States

Brandeis University - Department of Economics

Waltham, MA 02454-9110
United States

HOME PAGE: http://ppetri.com/

Michael Plummer

Organization for Economic Co-Operation and Development (OECD) ( email )

2 rue Andre Pascal
Paris Cedex 16, 75775
France

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