The Regional Comprehensive Economic Partnership is the Largest Integration Association in Asia and the World

Abstract

The Regional Comprehensive Economic Partnership (RCEP) is a free trade area with prospects for deepening economic integration. It includes China, Japan, the Republic of Korea (ROK), all ASEAN countries, Australia and New Zealand. Negotiations on the creation of the RCEP began in 2012, the agreement on the creation of the RCEP was signed in 2020, the operation of the organization began on January 1, 2022. The RCEP is the world's largest free trade zone in terms of GDP with a population of 2.2 billion. The RCEP is based on the following key principles of regional integration: rules-based trade and investment, access to the markets of the participating countries, economic cooperation, the central position of ASEAN and the changing conditions and responsiveness provided by its status as a flexible agreement. In the RCEP, import tariffs remain in place for 20 years, although their reduction is planned. Commodity items in the tariffs are prescribed for detailed classification groups for the selective regulation of customs policy The member countries are open to trade in high-tech products (electronics and aviation equipment), and do not impose duties on imports of those types of raw materials, fuel and food that are not available in the country. The most protected import items are goods that ensure food security, as well as selectively those manufacturing industries that ensure the internal security of the population and ensure international competitiveness (automotive equipment). Of the 15 member countries, five account for more than 90 % of the total GDP of the RCEP: China — 61 %, Japan — 14 %, ROK — 6 %, Australia — 6 %, Indonesia — 5 %. The RCEP is the first experience of economic integration of countries so different in terms of economy and technology. The prospects in the RCEP are associated with the large size of its economy and population and the catching-up development of lagging member countries. The sources of risks are the inequality of countries and competitive integration projects organized by the United States.