Consider the following statements about the Regional Comprehensive Eco

Consider the following statements about the Regional Comprehensive Economic Partnership (RCEP):

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1. It is a comprehensive free trade agreement between the ASEAN member States and ASEAN’s free trade agreement partners.
2. India opted out of RCEP.

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

Answer is Right!

Answer is Wrong!

This question was previously asked in

UPSC CDS-1 – 2024

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Both statements 1 and 2 are correct regarding the Regional Comprehensive Economic Partnership (RCEP).

– Statement 1 is correct: RCEP is indeed a free trade agreement signed between the ten member states of ASEAN and their five FTA partners: Australia, China, Japan, South Korea, and New Zealand.
– Statement 2 is correct: India was part of the negotiations for RCEP but decided to opt out in November 2019, citing concerns about potential adverse impacts on domestic industries, agriculture, and trade deficits, particularly with China.

– RCEP is the world’s largest trade bloc by GDP. It was signed on 15 November 2020 and came into effect on 1 January 2022 for most signatories. India’s decision to withdraw was influenced by anxieties regarding increased market access demands from member countries, especially China, and the potential for a surge in imports.

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