Prime Minister Narendra Modi announced that India was dropping out of the RCEP (Regional Comprehensive Economic Partnership), citing its negative effects on “farmers, MSMEs and the dairy sector”.
About:
Members: The RCEP is a proposed Free Trade Agreement (FTA) between sixteen countries namely 10 countries of ASEAN (Brunei, Cambodia, Indonesia, Lao, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) and their six FTA partners (also known as AFP’s or ASEAN FTA Partners) namely Australia, China, India, Japan, Korea and New Zealand.
Background: RCEP negotiations were formally launched in 2012 at the ASEAN Summit in Cambodia.
Objective: The 16-member RCEP bloc aims to cover among the issues related to goods, services, investments, economic and technical cooperation, competition and intellectual property rights.
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