The Evolution of the EU and ASEAN Approaches to the Conclusion of Regional Trade Agreements

The purpose of the proposed study is to identify the characteristic features of the changing approaches of the EU and ASEAN to the conclusion of regional trade agreements. The author's thesis is that despite the fact that the EU's approach to concluding an RTA is less flexible than the ASEAN approaches, a positive economic effect can be achieved by each of the blocs, in particular, within the framework of realizing the trade potential of the common RTA. The research is based on the fundamental theories and concepts of the authors, developed by experts from different countries, concerning issues of international integration and regulation of international trade. The methodology chosen is the construction of gravity models based on panel data, assessing the impact of various variables on the export of trade blocks, as well as the calculation of the ASEAN regional trade index. The paper identifies differences in the composition of the FTAs of the European Union and ASEAN, depending on the partners under the agreement; The conclusion is made regarding the approaches applied to the conclusion of agreements of each of the blocks; the impact of regional integration with third countries on the exports of the EU and ASEAN, respectively, is analyzed. It was revealed that both blocks receive positive effects on trade and FDI, however, the benefits for ASEAN partners are more pronounced compared to the association; The provisions in the EU and ASEAN RTAs have been identified, the presence of which statistically significantly affects the export of blocks and leads to the realization of export potential and fundamental differences in approaches to the conclusion of FTAs, which make the potential for concluding an agreement between the EU and ASEAN less realistic. The paper concludes that the application of EU approaches to the conclusion of RTAs has an impact on the development of world trade.