Regional Comprehensive Economic Partnership

Nov. 8, 2024

In a departure from the government’s stated position, the top official from the Niti Aayog 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.