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July 19 , 2017
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- RCEP is the proposed mega-regional Free Trade Agreement (FTA) between 16 Asia-Pacific countries.(ASEAN+6)
- It includes India, China, Japan, South Korea, Australia, New Zealand and the 10-member ASEAN bloc (10 members of ASEAN countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, The Philippines, Singapore, Thailand, and Vietnam).
- The RCEP has chapters on intellectual property, investment, goods, services, telecommunications and e-commerce, and goods and services.
- RCEP is viewed as an alternative to the TPP trade agreement, which includes the United States but excludes China.
- In the absence of the TPP, the RCEP will emerge as the largest regional trading bloc in the world, accounting for nearly 45 per cent of the world’s population and with a combined gross domestic product of $21.3 trillion.
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