Abstract
[The Regional Comprehensive Economic Partnership (RCEP) presents strong potential to mold regional trade and investment patterns well into the future and to influence the direction of global economic cooperation at a challenging time. This paper provides detailed estimates on the effects of the RCEP on income, trade, economic structure, factor returns, and employment using a computable general equilibrium model. The results identify especially important areas to participating countries and provide priorities for updating and exploring the implications of the agreement, particularly as it deepens in scope and expands membership. The results suggest that the RCEP agreement could generate the global income gains that will be almost twice as big as the Comprehensive and Progressive Agreement on Transpacific Partnership (CPTPP). RCEP effects on the region’s trade will also significantly deepen regional production networks. At the sectoral level, exports and imports of non-durable and durable manufactures will experience the most growth. The CPTPP and RCEP will especially strengthen the region’s manufacturing supply chains, raising productivity and increasing wages and employment. enter Abstract Body]