Regional Comprehensive Economic Partnership (RCEP)

  • IASbaba
  • March 21, 2022
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Regional Comprehensive Economic Partnership (RCEP)

Part of: Prelims and GS-II International Relations

Context: Japan has still not given up hope that India might reconsider joining the Regional Comprehensive Economic Partnership (RCEP) from which it opted out in 2019.

Key takeaways 

  • The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA) among the China, Japan, South Korea, Australia and New Zealand and 10 members of the Association of South East Asian Nations (ASEAN)
    • ASEAN members are: tBrunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
  • The 15 member countries account for about 30% of the world’s population (2.2 billion people) and 30% of global GDP ($29.7 trillion)
  • It is the largest trade bloc in history. 
  • Signed in November 2020, RCEP is the first FTA among the largest economies in Asia.
  • It came into force in January 2022.

News Source: TH

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