Formation of Regional Comprehensive Economic Partnership: prospects and consequences

Abstract

Development of regional economic integration in the Asia Pacific led to the creation of the basic integration center – the ASEAN. Recent trends in the integration processes involve the creation of large regional and inter-regional blocs with а large number of participants. The purpose of such blocs is not only to continue reducing tariff barriers, but also to harmonize internal regulation. Regional Comprehensive Economic Partnership (RCEP), which includes the ASEAN members, China, Japan, South Korea, India, Australia and New Zealand, has become one of such most important blocs in the Asia-Pacific.