RCEP

 

  • RCEP stands for Regional Comprehensive Economic Partnership
  • It is a proposed free trade agreement between countries of ASEAN(10 countries) and 6 other countries with which ASEAN has existing FTAs (including India). 

ias4sure.com - Regional Comprehensive Economic Partnership

  • 10 ASEAN nations are : 
    • Brunei,
    • Burma (Myanmar),
    • Cambodia,
    • Indonesia,
    • Laos,
    • Malaysia,
    • Philippines,
    • Singapore,
    • Thailand,
    • Vietnam
  •  6 Other Nations are :
    • Australia, 
    • China, 
    • India, 
    • Japan,
    • South Korea and 
    • New Zealand
  • RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia.
  • RCEP is viewed as an alternative to the Trans-Pacific Partnership trade agreement, which includes the United States but excludes China
  • RCEP potentially includes more than 3 billion people or 45% of the world’s population, and a combined GDP of about $21.3 trillion, accounting for about 40 percent of world trade
  • The combined GDP of potential of RCEP members surpassed the combined GDP of Trans-Pacific Partnership (TPP) members in 2007.