In Today’s News:
RCEP, a mega trade bloc of 15 countries led by China came into existence on 15th November 2020.
Prelims GS – International Relations
- Regional Comprehensive Economic Partnership (RCEP), is a proposed Free Trade Agreement between ten ASEAN member states (Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and VietNam) and their six Free Trade Agreement (FTA) partners namely India, Australia, China, Japan, New Zealand, and the Republic of Korea.
- Members of RCEP account for 30% of the global GDP.
- During the 3rd RCEP Leaders Summit which was held on 4 November 2019 in Bangkok, India stated that the current structure of RCEP did not reflect the RCEP Guiding Principles or address the outstanding issues and concerns of India.
- Then, India decided to opt-out of RCEP negotiations in November 2019.
- The RCEP negotiation includes trade in goods, trade in services, investment, economic and technical cooperation, intellectual property, competition, dispute settlement, e-commerce, small and medium enterprises (SMEs), and other issues.
Click here to know more about RCEP.
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