The full implementation of the Regional Comprehensive Economic Partnership Agreement is expected to reshape trade landscape in the Asia Pacific region.Adopting the WITS-SMART model,this paper analyzes the impact of the agreement on trade effect,taxation effect and economic welfare of subdivided industries of China,Japan and the Republic of Korea.The results of this study indicate that the economic effect of the three countries has been substantially enhanced while the volume of China's import from Japan and the Republic of Korea significantly rises.This paper forwards policy proposals regarding the promotion of the upgrading of the manufacturing industry,in-depth participation in regional division of supply chains,and a dynamic study and judgement about the process of phased tax cuts based on the results of this study.
Regional Comprehensive Economic Partnership AgreementChinaJapan and the Republic of Koreatariff concessionstrade effect
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