Published: 22nd Nov, 2018
Context
- The two-day RCEP Inter-Sessional Ministerial Meeting concluded in Singapore.
- On the side lines of the RCEP, Indian Commerce Minister held bilateral meetings with his counterparts from Singapore, China, Japan and New Zealand.
About
Regional Comprehensive Economic Partnership (RCEP)
- It is a mega regional free trade agreement (FTA) being negotiated amongst 16 countries, comprising 10 ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam) plus six ASEAN FTA partners, namely Australia, China, India, Japan, Korea and New Zealand.
- It is the world's largest economic bloc, covering nearly half of the global economy and accounting for a population of 3.4 billion.
- RCEP's share of the global economy could account for half of the estimated $0.5 quadrillion global GDP (PPP) by 2050.
- First RCEP summit was held in 2017 in Manila, Philippines.
- It is viewed as an alternative to the Trans-Pacific Partnership (TPP), now a defunct proposed trade agreement between the US and 11 Pacific Rim countries but excludes China and India.
Significance
India managed to obtain balanced outcomes in the application of the Dispute Settlement Mechanism both in Standards, Technical Regulations and Conformity Assessment Procedures (STRACAP) and Sanitary and Phytosanitary (SPS) negotiations.
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