The Future of the Regional Comprehensive Economic Partnership (RCEP) in the Asia Pacific Region and Major Economies’ Strategies for the Regional Economic Integration

Abstract

The trade growth has played in major roles in the global economic growth, but lowered down since the GFC. It declined mainly because the trade conflict between China and the U.S, has taken place since 2017 caused global protectionism and declining demand. Despite the attempt of the Trump administration to weaken the WTO’s functions, the rest of the world has tried to restore the WTO’s roles in free trade and multilateralism. In order to overcome the U.S. unilateralism and protectionism, other major economies particularly in Asia have established the mega FTAs. The 15 member nations in the RCEP without the Indian participation completed it in 2020 and finally signed on it. The RCEP is the largest mega FTA in the world covering over 30 percent of the global GDP and contributes to strengthening regional economic integration and growth. The paper focuses on whether the RCEP could function properly with the absence of India or not. Furthermore, it investigates and analyzes how the RCEP will develop further and what are major economies’ strategies to deal with the RCEP in the region. It also discusses how to set the relationship as a competitor with the CPTPP overlapping the membership among the member nations.