Regional Comprehensive Economic Partnership
08-11-2024
09:30 AM
1 min read
Overview:
In a departure from the government’s stated position, the top official from the Niti Aayog on said India should be part of the China-backed Regional Economic partnership (RCEP) trade bloc.
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.
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