The replication frequency of plasmid R1 is determined by the availability of the initiator protein RepA. Synthesis of RepA is negatively controlled by an antisense RNA, CopA, which forms a duplex with the upstream region of the RepA mRNA, CopT. We have previously shown that the in vitro formation of the CopA‐CopT duplex follows second‐order kinetics and occurs in at least two steps. The first step is the formation of a transient (kissing) complex, which is subsequently converted to a persistent duplex. Here, we investigate the details of the reaction scheme and determine the rate constants of the pathway from the free RNAs to the complete duplex. Using a shortened CopA RNA (CopI) we have been able to determine the association and dissociation rate constants (k1,k‐1) for the kissing complex (which are inferred to be the same for CopI‐T and CopA‐T), and measured the hybridization rate constant k2 (for CopA‐T k2 is at least 1000‐fold greater than for CopI‐T). The analysis of CopA derivatives of mutant and wild‐type origin shows that the rate of formation of the kissing complex is rate‐limiting for the overall pairing reaction between CopA and CopT, both in vitro and in vivo. The biological implications of the kinetically irreversible RNA‐RNA binding reaction scheme are discussed.