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Regional Comprehensive Economic Partnership UPSC NOTE

 Regional Comprehensive Economic Partnership (RCEP)

  • Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the countries of Association of South East Asian Nations (ASEAN) namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam and the five states with which ASEAN has free trade agreements (Australia, China, Japan, South Korea and New Zealand).

  • RCEP member states accounted for a population of 3.4 billion people and a total Gross Domestic Product of $49.5 trillion.

Objectives of RCEP:

  • Economic Integration

  • Trade Facilitation

  • RCEP aims to improve market access for goods and services among member countries. 

  • RCEP strives to promote and facilitate foreign direct investment (FDI) among member countries. 

  • Economic cooperation

  • Inclusive and Sustainable Development

RCEP and India 

  • India was initially part of the negotiations for RCEP and played an active role in shaping the agreement. 

  • However, in November 2019, India decided not to join the final agreement due to concerns related to market access, trade deficits, and safeguarding its domestic industries.

Why is it in news?

  • Four years after India walked out of the RCEP agreement, neighbours Sri Lanka and Bangladesh are now considering their chances of membership in the 15-nation trading bloc.

  • Sri Lanka has already applied to join the RCEP.

  • The Bangladesh government — whose Commerce Ministry has recommended joining the RCEP — is expected to take a final decision only after the elections are held there in January 2024.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Regional Comprehensive Economic Partnership UPSC NOTE
Regional Comprehensive Economic Partnership UPSC NOTE
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