Regional Comprehensive Economic Partnership

About Regional Comprehensive Economic Partnership:

• It is a proposed agreement between the member states of the Association of Southeast Asian Nations (Asean) and its free trade agreement (FTA) partners.
• The pact aims to cover trade in goods and services, intellectual property, etc.
• Member Countries: The RCEP bloc comprises 10 ASEAN group members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six FTA partners – China, Japan, South Korea, Australia and New Zealand.
• RCEP negotiations were launched in November 2012 and entered into force on 1 January 2022
• Objective
  • RCEP aims to create an integrated market with 16 countries, making it easier for products and services of each of these countries to be available across this region.
  • The negotiations are focused on the following: Trade in goods and services, investment, intellectual property, dispute settlement, e-commerce, small and medium enterprises, and economic cooperation.

Q1: What is ASEAN?

It is a group of the Association of Southeast Asian Nations, which was established in 1967 with the signing of the Bangkok declaration.

News: India should join China-led RCEP, says Niti CEO

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