Consider the following statements: 1. The Regional Comprehensive Eco

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Consider the following statements:

  • 1. The Regional Comprehensive Economic Partnership (RCEP) is the world’s biggest free trade deal.
  • 2. India is a member of the RCEP.

Which of the statements given above is/are correct?

1 only
2 only
Both 1 and 2
Neither 1 nor 2
This question was previously asked in
UPSC Geoscientist – 2022
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Statement 1 is correct: The Regional Comprehensive Economic Partnership (RCEP) is considered the world’s largest free trade agreement, covering about 30% of the world’s population and GDP.
Statement 2 is incorrect: India participated in the RCEP negotiations for many years but decided not to join the agreement in November 2019 due to concerns about potential impacts on its domestic industries and agriculture.
RCEP was signed in November 2020 by 15 countries, including the ten ASEAN member states and five of their major trading partners: Australia, China, Japan, New Zealand, and South Korea. India remains outside the agreement but has the option to join later.

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