Question

The 26th round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) have concluded recently. In this context, consider the following statements:

1. RCEP is billed as the world’s biggest trade agreement.
2. It would cover every aspect of economic trade such as goods, services, investment, economic and technical cooperation, intellectual property rights (IPR), rules of origin, competition and dispute settlement.
3. India is not a member of China-proposed ASEAN+3.

Which of the above statements is/are correct?
(a) 1 only
(b) 1 and 2 only
(c) 3 only
(d) 1, 2 and 3

Answer 1

d) 1 , 2 and 3

Hope it helps uh♡

Answer 2

Option D - 1, 2 and 3

More Information

■ Regional Comprehensive Economic Partnership (RCEP) :-

• The Regional Comprehensive Economic Partnership (RCEP) is a so-called mega-regional economic agreement being negotiated since 2012 between the 10 ASEAN (Association of South-East Asian Nations) governments and their six FTA partners: Australia, China, India, Japan, New Zealand and South Korea.

• RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia.

• It is billed as the world’s biggest trade agreement because the RCEP countries make up 45% of the world’s population with 33% of its GDP and atleast 28% of all trade in the world today.

• The goal of RCEP is to boost economic growth and equitable economic development, advance economic cooperation and broaden and deepen integration in the region.

• RCEP would cover almost every aspect of economy such as goods, services, investment, economic and technical cooperation, intellectual property rights (IPR), rules of origin, competition and dispute settlement.

• It is expected to provide market access for India’s goods and services exports and encourage greater investments and technology into India. It would also facilitate India’s MSMEs to effectively integrate into the regional value and supply chains.

• China is also hinting for a Free Trade Agreement between ASEAN, China, Japan and South Korea i.e. ASEAN+3 because it has taken so long for inking RCEP.

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