• East Asian Economic Review
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• v.25 no.3
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• pp.233-272
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• 2021

The Regional Comprehensive Economic Partnership (RCEP) agreement, signed in November 2020, comes shortly after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) entered into force and the US-China Trade War escalated. We use a computable general equilibrium model to assess the long-term effects of these three developments on income, trade, economic structure, factor returns and employment across the world, and especially in Asia-Pacific countries. The results suggest that RCEP could generate income gains that will be almost twice as large as those of the CPTPP, and that the two agreements together will largely offset the substantial negative effects of the US-China Trade War for the world as a whole. All three policy developments, but especially RCEP, will deepen East Asian production networks and will raise productivity and increase wages and employment in much of East Asia. At the sectoral level, regional trade in non-durable and durable manufactures will experience the most growth.

• East Asian Economic Review
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• v.21 no.4
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• pp.343-384
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• 2017

We assess the outcomes for the negotiating parties in the Trans-Pacific Partnership if the remaining eleven parties go ahead with the agreement as negotiated without the United States, as compared to the outcomes under the original twelve-member agreement signed in October 2016. We find that the eleven-party agreement, now renamed as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is a much smaller deal than the twelve-party one, but that some parties do better without the United States in the deal, in particular those in the Western Hemisphere - Canada, Mexico, Chile, and Peru. For the politically relevant medium term, the United States stands to be less well-off outside the TPP than inside. Since provisional deals can be in place for a long time, the results of this study suggest that the eleven parties are better off to implement the CPTPP, leaving aside the controversial governance elements, the implications of which for national interests are unclear and which, in any event, may be substantially affected by parallel bilateral negotiations between individual CPTPP parties and the United States.

• Ocean and Polar Research
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• v.45 no.1
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• pp.23-31
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• 2023

The core of the foreign policy of the Yoon Suk-yeol government is the promotion of active economic and security diplomacy as indicated in Policy Tasks No. 98. To this end, economic consultative bodies such as Regional Comprehensive Economic Partnership Agreement(RCEP), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and Indo-Pacific Economic Framework (IPEF) are taking the initiative to respond to the formation of supply chain, human rights, environment, and digital-related norms, and actively support Korean companies' overseas expansion. Due to the nature of the Ministry of Oceans and Fisheries (MOF) as an organization established centered on the space of the ocean, the MOF faces difficulties in bringing the functions of other ministries into the space of the ocean. Considering the vision, objectives, and detailed plans of the MOF, the contribution of the MOF in the field of active economic security, one of the main foreign policies of the Yoon Suk-yeol government, is perhaps too obvious. However, since the re-launch of the MOF, the ODA budget for the oceans and fisheries sector is too small compared to other ministries, so even if new policy demands are discovered, there are many difficulties in implementing these policies in practice. Recognizing these problems, this paper examines the background and contents of foreign policies that have been promoted for the efficient promotion of RCEP, CPTPP and IPEF and introduces the areas of cooperation in the oceans and fisheries sector in these foreign policies.

• East Asian Economic Review
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• v.22 no.2
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• pp.177-215
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• 2018

Trump's withdrawal from the Trans-Pacific Partnership (TPP) and his "America First" trade agenda ignite a second round of interest in mega-free trade agreements in the Asia-Pacific. Countries are evaluating alternative trade policy actions in a post-TPP era. Using national real GDP gains estimated by a modified GTAP model to construct "preference ordering" for 10 Association of Southeast Asian Nations members and their six regional dialogue partners, this paper comes up with several policy-oriented findings. First, when multilateral agreements are not possible, countries are better off with a regional trading agreement than without one. Second, the Regional Comprehensive Economic Partnership is likely to have higher beneficial impacts than the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Third, for dual-track countries, implementing both agreements is better than each separately. Fourth, impacts of open regionalism are likely to be higher than those of a closed and reciprocal one. Going forward, this paper argues that countries should adopt a "multi-track, multi-stage" approach to trade policy.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.771-780
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• 2021

The study assesses the impact of tariffs on Vietnam's trade in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Research data was conducted between 2001 and 2018 on the official website of the Uncomtrade and the World Bank. This paper uses the gravity model to estimate the relationship between data series and considers the impact of factors on Vietnam's trade with CPTPP countries. The results have proven that tariff reductions have a positive effect on Vietnam's trade. Besides, the trade openness of Vietnam and CPTPP countries has positive impacts on Vietnam's trade. The study also shows that Real Effective Exchange Rate (REER) between Vietnam's and CPTPP countries' currencies has no strong effect on Vietnam's trade. Based on these findings, the article also suggests a number of policies to promote Vietnam's trade in future. In order to support businesses to better utilize opportunities and promote exports to CPTPP countries, the government of Vietnam should: (1) focus on reducing costs and time to participate in the market for production and business investors; (2) improve business investment environment to mobilize resources for production; and (3) continue to organize information campaigns to raise businesses' awareness of how to take advantage of CPTPP preferences.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.22 no.9
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• pp.1271-1276
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• 2018

The CPTPP(Comprehensive and Progressive Agreement for Trans-Pacific Partnership) is a large-scale free trade agreement(FTA) in the Asia-Pacific region involving 11 remaining countries(Japan, Australia, New Zealand, Canada, Mexico, Chile, Peru, Singapore, Vietnam, Malaysia and Brunei) since the withdrawal of the US TPP in January 2017, Although the economic size is smaller than the TPP, the CPTPP has 12.9% of the world GDP and 14.9% of the trade volume, meaning that another mega FTA is born. Local economic experts believe that Vietnam's stable economic growth rate and the CPTPP agreement will have a positive impact on Vietnam's stock market and M&A market in 2018. The experts usually expect it will be come into force in 2018 and not later than 2019. The CPTPP is also very likely to enter into force in 2019 with the aggressive attitude of the member countries, simplifying the entry into force of the agreement.

• Electronics and Telecommunications Trends
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• v.37 no.5
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• pp.1-10
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• 2022

Digital trade rules are crucial in supporting the digital economy as the rules effectively reduce unnecessary trade barriers. This study introduces various approaches that major countries take regarding digital trade policies and rules. Comprehensive and Progressive Agreement for Trans-Pacific Partnership has introduced comprehensive rules on e-commerce, including binding articles on the free flow of information, location of computing facilities, and source code. More recent e-commerce provisions or digital trade agreements cover wider range of issues, from cyber security, artificial intelligence, and data innovation to electronic invoicing and payments. Multilateral negotiations on digital trade rules, including the World Trade Organization E-commerce Joint Statement Initiatives and Indo-Pacific Economic Framework, are in progress. Thus, countries involved are expected to respond to new digital trade issues with long-term strategies considering domestic policy objectives.

• East Asian Economic Review
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• v.26 no.1
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• pp.27-48
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• 2022

In the past decade, Korea and Japan have increasingly exhibited different strategic priorities in trade in face of China's rising global economic prowess and worsening US-China trade conflict. Japan's trade policy decisions have worked to reinforce its economic and security ties with the US as a means to counter China. Japan has used both bilateral and multilateral means to secure its ties with the US against China. In contrast, Korea's trade policy positions have been one of 'strategic ambiguity'. Korea has been more conciliatory towards China, reluctant to take actions that would counter China's interest. Korea has mainly resorted to bilateral channels to maintain favorable relations with both China and the US. Korea's reluctance to clearly ally with the US against China has been observed across different administrations with opposing political orientations. This paper examines Korea and Japan's diverging strategic priorities in trade through the 2017 World Trade Organization Ministerial Conference; the 2017 US imposition of Section 232 on steel; the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the Korea-US FTA renegotiation and the Korea-China FTA Phase Two Negotiation; and the 2019 Japan-US Trade Agreement.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.305-311
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• 2022

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is projected to provide several chances for Vietnam's banking industry to expand into the international market. This study examines the influence of foreign ownership on credit risk in Vietnamese commercial banks before the context of participation in the CPTPP. Using a sample of 28 commercial banks between 2009 and 2020, we find that foreign ownership has a negative relationship with bank credit risk. The regression methods used include the least-squares method, fixed-effects model, random effects model, and general least squares method. The research model adds interactive variables, which will help to reflect the role of intermediary factors more accurately such as listing on the stock market, capital ratio to the relationship between foreign ownership and bank credit risk. The test results reveal that increasing the foreign ownership ratio has a bigger impact on reducing credit risk for listed banks and banks with low capital than for other commercial banks. The government should flexibly adjust the foreign ownership ratio according to the capital size and role of each bank so that it can make good use of investment capital from abroad when Vietnam joins the CPTPP.

• Journal of Korea Trade
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• v.27 no.3
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• pp.147-160
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• 2023

Purpose - This paper aims to investigate the competitiveness and complementarity of the agricultural products trade between Korea and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) countries. The study evaluates the opportunities and challenges that Korea's agricultural sector faces after joining the CPTPP, and suggests strategies to deepen cooperation and expand Korea's agricultural products trade. Design/methodology - To achieve these objectives, we analyze the trade competition and cooperation relationship between Korea and CPTPP countries in the agricultural products trade. This study uses data from Chapters HS1-24 in UN Comtrade from 2012 to 2022, and applies the indices of revealed comparative advantage, export similarity, and trade complementarity to examine the trade dynamics. Furthermore, we use an Autoregressive Integrated Moving Average (ARIMA) model to predict the agricultural products trade complementarity index between Korea and CPTPP countries from 2022 to 2031. Findings - The findings of our analysis reveal that Korea's agricultural products trade competitiveness is weak compared to that of CPTPP countries, and Korea's agricultural products are at a competitive disadvantage. On the whole, the similarity index of agricultural products trade exports between Korea and CPTPP countries is low, the structure of agricultural products export is quite different, and trade competition is relatively moderate. The trade complementarity index between Korea and CPTPP countries is generally high, with strong complementarity and a large space for cooperation and development. The ARIMA model shows that in the next ten years, although the agricultural products trade complementarity index fluctuates, but is generally high, there will still be a complementarity advantage in the future. Originality/value - This study is the first attempt to investigate the competitiveness and complementarity of the agricultural products trade between Korea and CPTPP countries. We also introduce an ARIMA model to forecast and analyze the future agricultural products trade complementarity index. Our study provides new perspectives and solutions for the future development of Korea's agricultural products trade after joining the CPTPP.