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Regional Comprehensive Economic Partnership
January 2 , 2022
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- The Regional Comprehensive Economic Partnership (RCEP) will come into effect on January 1, 2022, marking the formation of the world’s largest free-trade zone in terms of trade volume.
- It is a trade deal between the 10-member Association of Southeast Asian Nations (ASEAN) and China, Japan, South Korea, Australia, and New Zealand.
- India withdrew from the RCEP largely because of concerns it would open it up to Chinese goods amid an already wide trade imbalance with China, and the failure of the agreement to adequately open up to services.
- Both India and USA are not members to this partnership.
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