RCEP and Recent Development: India

Background

  • Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Burma (Myanmar), Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, Vietnam) and the six states with which include India, China, Australia, Japan, South Korea and New Zealand.
  • In total, the grouping of 16 nations includes more than 3 billion people, has a combined GDP of about $17 trillion, and accounts for about 40 percent of world trade. If negotiated successfully, RCEP would create the world’s largest trading bloc and have major implications for Asian countries and the world economy.
  • The 33rd edition of the ASEAN Summit concluded on November 15, 2018 at Suntec Singapore Convention Centre, Singapore.
  • The Summit also saw the conclusion of other related summits like 13th East Asia Summit (EAS), 2nd Regional Comprehensive Economic Summit, (RCEP) and ASEAN plus summits. The Heads of participating countries of Regional Comprehensive Economic Partnership (RCEP) along with the ASEAN Members and ASEAN’s Free Trade Agreement (FTA) partners Australia, China, India, Japan, Korea, and New Zealand attended the 2nd RCEP Summit on November 14, 2018 in Singapore.

History

  • RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia.
  • It aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights under its ambit.
  • RCEP is viewed as an alternative to the Trans-Pacific Partnership (TPP), a proposed trade agreement that includes several Asian and American nations but excludes China and India.

Location: Thiruvananthapuram, Kerala, India

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