International Economic Integration in the Asia Pacific Region and Russia’s Interests: Results of 25 Years

Yana Valeryevna Dyomina ()
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Yana Valeryevna Dyomina: Economic Research Institute FEB RAS

Spatial Economics=Prostranstvennaya Ekonomika, 2017, issue 2, 16-40

Abstract: In 2017 Russia marked the 25th anniversary of economic reforms. In the sphere of foreign policy in the Asia-Pacific region (APR) it resulted in the FTA between Vietnam and the Eurasian Economic Union and membership in APEC. During the mentioned period Russia has not changed its role in the region: it’s still viewed as a supplier of raw materials and it’s not very attractive as FDI recipient. In recent years China has become the main trade partner of Russia and the APR’s share in the Russian foreign trade turnover has grown substantially (in imports from 11.8% in 1996 to 39.4% in 2016, in exports from 18.6% to 23.1%). As for the Russian Far East, the APR partners played a leading role in foreign trade relations throughout the studied period, however, they sharply devalued as investors (offshore territories and European countries occupied leading positions both in the Russian Far East and country as a whole). At the same time, during the years the APR’s integration area transformed significantly. Firs, there was enlargement of integration blocks. Second, integration processes became ‘deeper’ and ‘broader’ (agreements cover more and more issues). Now the formats of multilateral economic cooperation in the APR include following: APEC, NAFTA, ASEAN, TPP, etc. Among them the author emphasizes two blocs with hugest experience and ‘depth’ of integration processes development – NAFTA and ASEAN. During the period 1991–2015 each of these blocks was characterized by increasing share of mutual trade and the least developed members of the mentioned unions (Mexico in NAFTA and Laos, Myanmar, Cambodia and Vietnam in ASEAN) had the highest growth rates of merchandise exports and imports. Although the operation of each of the associations had a positive impact on the dynamics of foreign trade of their member countries the study fails to prove a direct relationship between NAFTA and AFTA functioning and economic growth of their member states. The estimates show that the greatest impact on economic growth of NAFTA members is made by the dynamics of the world GDP and economic growth of ASEAN member states depends on the HDI dynamics, i. e. changes in the level of development of the studied countries. As for Russia, currently it’s not an active participant in multilateral cooperation process in the APR (it has only one FTA with regional partner) which in the future may adversely affect long-term development and prosperity of not only the Russian Far East but the whole country

Keywords: international economic integration; free trade area; Asia Pacific region; FTAAP; NAFTA; ASEAN; TPP; APEC; Russia (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:far:spaeco:y:2017:i:2:p:16-40

DOI: 10.14530/se.2017.2.016-040

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