TNPSC Thervupettagam

Mega free trade agreement

April 14 , 2021 1304 days 966 0
  • Singapore ratified the Regional Comprehensive Economic Partnership (RCEP) agreement.
  • It is the world’s largest free trade agreement, led by China.
  • In doing so, Singapore became the first among 15 participating countries to ratify RCEP.
  • The RCEP must first be ratified by at least six ASEAN and three non-ASEAN member states to come into effect.
  • Once implemented, RCEP would be the world’s largest free trade agreement, covering around one-third of the world’s population and about 30% of the world’s economy.
  • RCEP is a multi-nation trade pact, comprising 10 ASEAN economies as well as Australia, China, Japan, New Zealand and South Korea.
  • The RCEP was signed in November 2020.
  • India had opted out of it in 2019.

muralidharan April 15, 2021

nice

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