Competition of Pan-regional Trade and Economic Liberalization Projects in the Asia-Pacific Region

Since multilateral trade talks are currently stalled and “spaghetti bowl” effect is becoming more apparent, the major world economic powers have been involved in the ambitious process of negotiating the next generation of free trade agreements called mega-regional (MRTAs). This study analyses in terms of their competitive advantages and substantial welfare gains 3 of them: the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the Regional Comprehensive Economic Partnership and the Free Trade Area of the Asia-Pacific. The convergence and homogeneity of trade and economic indicators of participating countries during the period from 2010 to 2019 year is assessed by the employment of comparative and cluster analysis. Based on the research the economies of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to date are the most compatible and effective ones among countries in the pan-regional trade agreements. This study may contribute to a better understanding of the major prerequisites for a conclusion of the mega-regional trade agreements in Asia and the Pacific region as well as identify possible gaps and practical obstacles in the Russian and Chinese economies to join such forms of engagement with countries.