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RCEP, CPTPP, and Indo-Pacific Economic Framework - Is It Possible to Prevent Fragmentation and Blocization of the Regional Order?
Published February 18, 2022
Publication Source: IFANS
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On January 1, 2022, the Regional Comprehensive Economic Partnership Agreement (RCEP) took effect in six ASEAN countries—Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam—and four non-ASEAN countries—Australia, China, Japan, and New Zealand.

RCEP is the world’s largest mega Free Trade Agreement (FTA), covering a region that accounts for roughly 30% of global GDP, population, and trade, respectively, as of 2020. However, the most notable feature of the RCEP is the geoeconomic opportunities stemming from the substantial growth potential of the region. RCEP is the institutional integration of regional value chains (RVCs) composed of neighboring countries in a region that is driving the global economy. Moreover, the core members of RCEP-RVC are China, Japan, and Korea, advanced manufacturing powers and the world’s 2nd, 3rd, and 10th largest economies, in that order.

RCEP’s uniqueness, unprecedented in the history of economic integration, lies in the geopolitical risks of economic integration between strategic competitors; deep-rooted mutual mistrust harbored by neighboring countries resulting from multifarious conflicts, disputes, and power transitions.

This paper was published by IFANS. IFANS retains the copyright to this paper and invites readers to share and cite the work with attribution to both the author(s) and IFANS