A Comparative Analysis of RCEP and IPEF from the China-U.S. Competition

Abstract

On January 1, 2022, the ASEAN-led Regional Comprehensive Economic Partnership (RCEP) came into effect. On May 23rd, 2022, the United States officially launched the "Indo-Pacific Economic Framework"(IPEF). The two agreements cover the major economies in Asia-Pacific region and have become the two most important paths for the economic cooperation in this region. However, there are conflicts of interest among these economies involved in RCEP and IPEF, and there are differences in cooperation objectives, binding forces, integration standard, as well as driving forces, which may lead to fierce competition among them in the process of Asia-Pacific economic integration. Based on the basic viewpoints of hegemony stability theory and power transition theory, this study compares the competitiveness of RCEP and IPEF from the background and contents. And analyzes the prospects of the two agreements from the global supply chain crisis, American foreign policy, the substantial progress of the two agreements and the geopolitical security in the Asia-Pacific region. Finally, some suggestions are put forward for China to meet the challenge of IPEF.