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The Research Coopeerative is only really good for the 5th level and is pretty bland otherwise as you don't get much else from it, and unless you're relying on another empire for tech then I don't think it's really worth it when you have better alternatives.
though can't seem to see a lot use from it aside from that. level 5 takes too long to get to. by the time i'd get to level 5 i would already have constructed all megastructures anyway.
if you are non-gestalt trade league seems to be a very good fed due to the better trade policy you get. i don't really build trade value anymore though. clerks are a job which sucks away tons of potential if you staff them, literally any other job is better in terms of output. thus in my mind a hegemony is slightly better since you get the fleet earlier and you don't pass leadership around. it's a gamble with other feds if you are going to be able to control the fed fleet if you get declared war on or a crisis is happening.
So depending on how fast your games go and how late you start a federation that level 5 might well be out of reach.
Playing the game in a non-metagaming way, Trade League is better in most ways. Access to trade league policy for trade value, better federation fleets, earlier federation fleets.
Playing in a metagaming way however:
Research federation research agreements count as a seperate agreement. While you wont be able to also sign a regular one with members of the federation you can still do so with empires that are not a part of the federation. Meaning you can effectively get 2x the bonus. (and more, since federation agreement gives higher %)
The federation fleet will still be bad, tho.
So an additional question. I need to do the full Mercantile tree still to unlock the Trade League. The closest MegaCorp empire to me asked me to be their overlord and our starting agreement has them voting how I do in the GC and Federations. Can I get a Research Cooperative going with the big empire I want to ally with, and then switch it over to a Trade League once I unlock that? I'm not sure if that's a unanimous or majority vote.
If you start a league late opt for martial alliance.
Why are you wasting a tradition tree when your not a trade build.
Besides, tech focus can kinda do anything. Gotta put that tech you unlock to use somewhere.