Effects of Regional Comprehensive Economic Partnership Entry into Force on Aquatic Products Trade Among Parties

Asia accounted for 167.1 million tons of global fisheries and aquaculture production, 75 percent of the world's total. Seafood, especially aquaculture products, is a dominant and growing sector and crucial in the Asia-Pacific region for ensuring global food security, supporting sustainable livelihoods, reducing poverty for small-scale fisheries, and promoting environmental sustainability. However, amidst the current backdrop of the World Trade Organization (WTO)'s inefficiency and dysfunctional mechanism, coupled with a slowdown in global economic growth and the resurgence of trade unilateralism and protectionism, these challenges have created significant barriers to trade, limiting market access and hindering the sustainable growth of the seafood industry. The implementation of the Regional Comprehensive Economic Partnership (RCEP) offers Asia-Pacific economies a promising opportunity to expand trade and stimulate economic growth sustainably. In this study, we aim to provide a comprehensive overview of the potential effects of the RCEP on aquatic products trade among the parties. A key marginal contribution in our study is that we adjusted the existing tariff rates under other FTAs to the same period as tariff rates under RCEP and compared the concession rates between these different FTAs to clearly illustrate the potential tariff effects of RCEP. On the non-tariff side, we analyze specific provisions in the RCEP agreement that could potentially affect aquatic products trade and evaluate their possible impacts. The results showed that, as of 2022, in almost all RCEP parties, the average tariffs under the RCEP agreement are generally higher than those under other existing FTAs, which indicates that the tariff concession efforts under RCEP are limited for most parties. However, due to certain progressiveness compared to other FTAs in terms of its provisions on non-tariff measures, such as rules of origin, sanitary and phytosanitary measures (SPS) regulations, etc., RCEP has the potential to benefit a broader range of countries and products, making market access more convenient and inclusive for the seafood industry.