Commerce and Industry Minister Suresh Prabhu is leading a delegation at a meeting of the trade ministers of Regional Comprehensive Economic Partnership (RCEP) member countries in Singapore.
About:
Members: RCEP is a proposed free trade agreement (FTA) between 10 ASEAN countries and their six FTA partners, namely Australia, China, India, Japan, Korea and New Zealand.
Objective: RCEP is a pact that aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.
India and RCEP: RCEP countries account for almost 27% of India’s total trade. Exports to RCEP account for about 15% of India’s total exports and imports from RCEP comprise 35% of India’s total imports.
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