Forging an inclusive international economic governance system: from TPP to China’s Belt and Road Initiative

SHEN Minghui1

(1.National Institute of International Strategy, Chinese Academy of Social Sciences (NIIS CASS))

【Abstract】Asia-Pacific regional economic cooperation has entered into a new stage when coexistence and competition of the Trans-Pacific Partnership Agreement (TPP) and Regional Comprehensive Economic Partnership jeopardize the regional integrity of Asia-Pacific. In order to bridge the institutional division in regional frameworks, to relieve the Spaghetti bowl effect and to decrease trade cost, importance needs to be attached to a series of inclusive arrangements including a China-US bilateral investment treaty, an agreement for the Free Trade Area of Asia-Pacific and global infrastructure cooperation framework under G20. In this way, an inclusive international governance system will become a new feature in China-US bilateral cooperation.

【Keywords】 Trans-Pacific Partnership Agreement (TPP); Regional Comprehensive Economic Partnership (RCEP); Free Trade Area of the Asia-Pacific (FTAAP); Belt and Road Initiative; Asian Infrastructure Investment Bank (AIIB); public goods; Spaghetti bowl effect;

【DOI】

【Funds】 National Social Science Fund of China (14AGJ010)

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This Article

ISSN:1003-7411

CN: 22-1180/C

Vol 25, No. 02, Pages 75-86+128

March 2016

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Article Outline

Abstract

  • 1 TPP stimulates and leads to dual-track competitions
  • 2 Free Trade Area of the Asia-Pacific (FTAAP) helps to narrow the institutional division
  • 3 Developing cooperation in infrastructure construction to further reduce trading costs
  • 4 Policy implications
  • References