The effects of Asia-Pacific countries’ trade integration in the context of globalization and regionalization

The aim of the research is to assess the trade effects of integration in the Asia-Pacific region, arising from the processes of globalization and regionalization, which is manifested in the functioning of trade agreements and their proliferation. It is shown that mutual trade barriers are reduced in the context of the formation of a sub-global network of bilateral and multilateral trade agreements as part of the regionalization process in the Asia-Pacific region. It is determined that the vast majority of free trade zones functioning in the world is concentrated in the Asia-Pacific region while the share of intraregional trade is tending to increase. The authors reveal general regularities of integration processes in the Asia-Pacific region based on the decomposition assessment of the effects of trade agreements in the framework of a synthesized modern approach to the assessment of gravitational dependencies. Integration processes in the Asia-Pacific region in the long term have been generating the effect of creating trade for the countries of the sub-global region that concluded trade agreements, and the effect of globalization contributed to an increase in the overall effect of integration. Based on the obtained estimates, it is determined that the contribution of the globalization effect to the overall effect of integration between the Asia-Pacific countries was higher than from the conclusion of trade agreements. The effects of globalization more than doubled the overall effect of integration for the Asia-Pacific countries that concluded trade agreements. It is clarified that for the Asia-Pacific countries that are carrying out the proliferation of trade agreements, the increase in the overall effect of integration was mainly due to regionalization. The obtained estimate confirmed the assumption that there is discrimination against the economies of the Asia-Pacific countries that do not expand the geography of concluded trade agreements in the region. Based on the obtainedestimates, it is argued that the effective strategy for Russia is to increase the coverage of the Asia-Pacific countries to conclude trade agreements in order to diversify foreign trade and support export-oriented sectors of the economy.