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

Author

Listed:
  • Cyn-Young Park

    (Asian Development Bank)

  • Peter A. Petri

    (Brandeis International Business School)

  • Michael G. Plummer

    (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

  • Cyn-Young Park & Peter A. Petri & Michael G. Plummer, 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
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    References listed on IDEAS

    as
    1. Fan Zhai, 2008. "Armington Meets Melitz: Introducing Firm Heterogeneity in a Global CGE Model of Trade," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 23, pages 575-604.
    2. Robert McClelland & Shannon Mok, 2014. "Labor Force Participation Elasticities of Women and Secondary Earners within Married Couples: Working Paper 2014-06," Working Papers 49433, Congressional Budget Office.
    3. Krugman, Paul R, 1993. "What Do Undergrads Need to Know about Trade?," American Economic Review, American Economic Association, vol. 83(2), pages 23-26, May.
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    Cited by:

    1. Xiao, Keliang & Ridley, William, 2024. "The Regional Comprehensive Economic Partnership and its Implications for Global Trade," 2024 Annual Meeting, July 28-30, New Orleans, LA 344003, Agricultural and Applied Economics Association.

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    More about this item

    Keywords

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    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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