REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP: REGULATION OF FOREIGN TRADE

Abstract

The world's largest free trade area in terms of GDP and population – the Comprehensive Regional Economic Partnership (CEP) – has been operating since January 2022. It includes 15 countries of the Asia-Pacific region: China, Japan, the Republic of Korea, all ASEAN countries, Australia and New Zealand. The main agreements within the framework of the VREP relate to the liberalization of foreign trade in goods with the prospect of liberalizing the services market, mutual investments and labor market regulation. The VREP maintains import tariffs in trade between member countries for 20 years. The exception is Singapore, where there are no import duties. The agreement details the procedures for determining the origin of the goods. It provides for an acceleration in the rate of tariff reduction and a departure to previously reached agreements in the case if the existing level threatens the interests of the national economy. The article considers the specifics of regulating tariff policy in the trade of fuel, ferrous metals and clothing, as well as import tariffs on basic foodstuff (cereals and meat) for the most densely populated countries of the European Economic Area. It is noted that import tariffs are absent or reduced for raw materials (coal, oil), but remain the same for manufacturing products (petroleum products, rolled products and ferroalloys). In terms of clothing, both developing and developed countries defend certain positions. There are positions on food (rice, chicken meat) protected by most member countries. The author notes that the interests of food security are more important than the requirements of trade liberalization.