The term ‘Regional Comprehensive Economic Partnership’ often appears i

by

The term ‘Regional Comprehensive Economic Partnership’ often appears in the news in the context of the affairs of a group of countries known as

G20
ASEAN
SCO
SAARC
This question was previously asked in
UPSC IAS – 2016
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The term ‘Regional Comprehensive Economic Partnership’ (RCEP) refers to a free trade agreement (FTA) negotiated between the ten member states of the Association of Southeast Asian Nations (ASEAN) and their five existing FTA partners: Australia, China, Japan, South Korea, and New Zealand. Although India was one of the negotiating partners, it withdrew from the agreement in 2019. The negotiation and context of RCEP are deeply linked to ASEAN and its regional economic integration efforts.
RCEP is a mega-regional free trade agreement centered around ASEAN countries and their major trading partners in the Asia-Pacific region.
RCEP came into force on 1 January 2022. It is the world’s largest trade bloc by GDP. ASEAN played a central role in initiating and guiding the negotiations for RCEP.

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