Emerging integration projects in Eurasia: a search for new cooperation formats?

Abstract

The paper focuses on a series of integration projects and initiatives emerging across the Eurasian continent. China’s One Belt, One Road (OBOR) or New Silk Road initiative, the ASEAN’s Regional Comprehensive Economic Partnership (RCEP), the Trans-Pacific Partnership (TTP) previously led by the U.S., and the Eurasian Economic Union (EEU) promoted by Russia seem to be unsettling the existing balance of economic and political power between the members and the other indirectly involved countries. The emerging regional initiatives challenge the model established by B. Balassa. The TTP tries to promote new principles of international trade policy by debating with the WTO’s rules and focusing additionally on the protection of foreign direct investment, labour and environmental standards. The OBOR has a clear developmental purpose of industrialization in the countries with a lack of infrastructure. The EEU and the RCEP seemingly follow the traditional European model of integration. The authors compare the potential and sustainability of these initiatives through an analysis of economic indicators. The research realized shows that the RCEP has the best potential among the integration initiatives considered. The associations with the Russian Federation’s participation need to be enlarged by other countries’ neighbouring trading partners to increase their economic consolidation.