Issues of Interaction between BRICS and RCEP in the Framework of Global Economic Integration

Aleksey S. Kharlanov () and Galiya S. Ukubassova ()
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Aleksey S. Kharlanov: Diplomatic Academy of the Ministry of Foreign Affairs of Russia
Galiya S. Ukubassova: Esil University

Economic Consultant, 2022, vol. 3, issue 2, 13-22

Abstract: Introduction. Studying the issues of BRICS and RCEP integration is relevant, since in a changing world economy with traditional centers of power losing their dominant role, the integration of these associations can become an important factor for the formation of new economic and political alliances. The article aims to analyze and discuss the issues arising in the interaction of coalitions (BRICS and RCEP) in the context of global economic integration. Materials and methods. The materials were publications in peer-reviewed journals on international relations, economics and political science (Environmental Science and Pollution Research, etc.), official documents and reports: reports and documents published by the BRICS, RCEP and other international organizations. Results. The authors analyzed data on trade turnover between the BRICS countries and the rest of the world, as well as the share of trade of the member countries within the framework of the association from their total trade turnover. The analysis of the trade turnover of the RCEP countries as of 2019 (in billions of US dollars) showed that the bulk of the foreign trade of the RCEP member countries is with other countries that are members of the association; notably, China is the largest partner for most of the bloc’s states. For the majority of countries, the share of foreign trade with other residents of the EMEA is more than 50%, which indicates a high degree of developed trade relations and integration between them. The exceptions are China (intra-bloc trade share of 30%), which is explained by the scale of the Chinese economy itself and its foreign trade links; Singapore (42%), which comes from its specialization in services and financial activities; and Japan (47%), the level of which is quite close to that of other countries in the bloc. Thus, the average level of intra-bloc trade is about 44%. Consequently, the countries’ relations are very strong and reflect their desire to deepen integration and develop the economies of the region. Conclusion. The trade relations within the BRICS-RCEP interaction are at a very advanced level and further transit to a higher level of integration.

Keywords: BRICS; RCEP; Regional Comprehensive Economic Partnership (search for similar items in EconPapers)
JEL-codes: F12 F21 (search for similar items in EconPapers)
Date: 2022
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