Analyzing The Economic Impact Of Regional Comprehensive Economic Partnership On Trade Flow And Growth Outcomes In The Asia Pacific Region
Year: 2024
Type: article
Abstract: The Regional Comprehensive Economic Partnership (RCEP) represents a transformative step in global trade, uniting 15 Asia-Pacific nations in the largest trade agreement by GDP and population. This study investigates RCEP's impact on trade flows and economic growth within its member states. Drawing on Economic Integration Theory and panel regression analysis, the study used data from 2010 to 2023 to examines how trade liberalization, reduced barriers, and harmonized rules of origin enhance intra-regional trade. Using regression analysis on trade volumes, GDP growth, and foreign direct investment (FDI), the findings reveal that exports significantly drive economic growth, while trade imbalances and over-reliance on imports present challenges. Furthermore, cross-sectional dependence highlights the integrated nature of RCEP economies. This research underscores the need for balanced trade policies, equitable benefits for smaller economies, and domestic capacity-building to maximize RCEP's potential.
Author: Janet Cobbinah
Language: English
Topic: Global trade and economics
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4406250532