Integration processes in the Asia-Pacific region: features and potential of expansion

Abstract

In the article, based on the analysis of theoretical and empirical studies, the features of integration processes in the Asia-Pacific region are determined, and the economic potentials of the large trade blocks in the sub-global economy are compared. The author shows that the noticeable results of the trade and economic ties expansion between the key countries of the Asia-Pacific region became possible by the production fragmentation and the trade barriers reduction. The assessment indicated that the weighed import duty in the trade interactions between the Asia-Pacific countries was characterized by the lower values compared to the other countries. The Asia-Pacific countries have a hidden potential for trade barriers increasing. It is shown that the main reason of the trade agreements expansion between the Asia-Pacific countries is to avoid the negative consequences of non-participation in such agreements. In the terms of economic, demographic and trade scales, the comparative potentials of various mega-formats in the Asia-Pacific region are shown. The author shows that only one trade mega-format was created in the sub-global economy, because the contradictions between the Asia-Pacific countries. The lack of mutual initiatives for a free trade zone creation between the United States and China significantly slows down the integration processes in the AsiaPacific region. It is shown that in the long term, Russia may face a competitive choice in integration with the Asia-Pacific countries, which can join either the “pro-American” or “proChinese” large trade blocs.