Table of Contents
About RCEP
- It is a free trade agreement between 15 Asia-Pacific countries that aims to create a modern, mutually beneficial economic partnership
- Members: 10 ASEAN group members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and 6 FTA partners — China, Japan, South Korea, Australia and New Zealand.
- It is the world’s largest free trade agreement by members’ GDP.
- Idea of RCEP was conceived at the 2011 ASEAN Summit in Bali, Indonesia. But it came into force in
- India was a founding member of the RCEP. but in 2019, India decided to withdraw from the RCEP negotiations based on concerns about the impact on its domestic economy.
About CPTPP
- It is a free trade agreement (FTA) between Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, Vietnam and United Kingdom (UK will accede to the CPTPP on December 15, 2024).
- It was initially known as the Trans-Pacific Partnership (TPP) but was renamed after the United States withdrew from the agreement in 2017.
| UPSC PYQ |
| Q. The term ‘Regional Comprehensive Economic Partnership’ often appears in the news in the context of the affairs of a group of countries known as? (2016)
(a) G20 (b) ASEAN (c) SCO (d) SAARC Answer: B |
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