The Regional Comprehensive Economic Partnership (RCEP) is a mega-regional economic agreement being negotiated since 2012, between ASEAN and Free Trade Agreement (FTA) member partners.And the Partnership (RCEP) was signed into existence on Sunday by 15 countries led by China, Japan, South Korea, Australia, New Zealand and the 10-state ASEAN grouping, creating one of the world’s largest trading blocs. Noticeable by its absence was India, which after seven years of protracted negotiations decided last November to exit the grouping. Threat or treat: on RCEP trade deal.
The RCEP negotiations were launched between the Ten ASEAN member states and six ASEAN FTA partners during the 21st ASEAN Summit and related summits in Phnom Penh, Cambodia in November 2012.Given that the RCEP members now account for about 30% of the global GDP and a third of the world’s population, the signatory states were emphatic that the timing of the accord presents a unique opportunity to support their economic recovery, inclusive development and job creation even as it helps strengthen regional supply chains.
It’s like a RCEP to achieve a modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement among the ASEAN Member States and ASEAN’s FTA partners. its about With global trade and the economy foundering on the shoals of the COVID-19 pandemic, especially as new infections in Europe and the U.S. prompt fresh restrictions there, the pre-eminence of the east Asian and Pacific countries including China, South Korea, Vietnam, Australia and New Zealand serving as a bulwark in containing and the pandemic and re-energising economic activity can hardly be understated.
After all the analysis the summary of the final agreement shows that the pact does cover and attempt to address issues that India had flagged including rules of origin, trade in services, movement of persons and, crucially, remedies and safeguards. Acknowledging India’s economic heft and value as a market, the RCEP members have not only left the door open should New Delhi reconsider its stance but have also waived a key 18-month cooling period for interested applicants. So we have to understand it and It would be in India’s interest to dispassionately review its position and embrace openness rather than protectionism.