Regional Comprehensive Economic Partnership

Q.  Regional Comprehensive Economic Partnership (RECP) consists of:

1) ASEAN member states
2) India
3) USA
- Published on 22 Apr 16

a. 1, 2
b. 1, 3
c. 2, 3
d. All of the above

ANSWER: 1, 2
 
  • Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Burma (Myanmar), Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, Vietnam) and the six states with which ASEAN has existing FTAs (Australia, China, India, Japan, South Korea and New Zealand).
  • It consists of 16 Asia-Pacific Countries.
  • RCEP is viewed as an alternative to the TPP trade agreement, which includes the United States but excludes China.
  • The arrangement is also open to any other external economic partners, such as nations in Central Asia and remaining nations in South Asia and Oceania.
  • RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia.

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