Comparative Analysis of Mega-Regional Trade Agreements in Asia and the Pacific

Abstract

The article conducts a comparative analysis of the trade mega-formats (mega-regional trade agreements) operating in the Asia-Pacific region (APR) in terms of emerging institutional structures and compliance with existing regulations of the World Trade Organization (WTO). As a result, the hypothesis of basing in the medium term the model of functioning of international trade on the rules and regulations of the emerging integration format of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) is substantiated, within the framework of which a single trade and economic institutional environment is created, which differs from the functioning environment and organizational structure of the WTO. The high standards set by the CPTPP will determine the rules and regulations of international trade, either through gradual introduction into WTO instruments or by extending the agreement itself to new territories in the process of joining the partnership of the following participants. It is shown that in the medium term it is advisable for the Russian Federation to focus on the integration format of the Regional Comprehensive Economic Partnership (RCEP), free from the geopolitical context and absorbing the main share of mutual trade of countries in the Asia-Pacific region. Potential accession to the CPTPP would require large-scale economic reforms, which could prove quite painful for the country’s economy in the short term. According to the author, the RCEP in its essence and structure is not a mega-regional integration format, but a new large free trade zone without creating a single institutional environment. The main concessions are the reduction of tariff barriers, while in other areas long transition periods are envisaged, allowing for changes without the emergence of shocks in the national economy. This will give Russia the opportunity to expand cooperation with the main trading partners in the region and receive significant economic benefits without resorting to large-scale transformations