The Regional Comprehensive Economic Partnership (RCEP) is a proposed agreement between the member states of the Association of Southeast Asian Nations (Asean) and its free trade agreement (FTA) partners. The pact aims to cover trade in goods and services, intellectual property, etc.

When was RCEP introduced?

The Regional Comprehensive Economic Partnership was introduced during the 19th Asean meet held in November 2011. The RCEP negotiations were kick-started during the 21st Asean Summit in Cambodia in November 2012. Now, all participating countries aim to finalise and sign a deal by November 2019. Member states of Asean and their FTA partners are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, China, Japan, India, South Korea, Australia and New Zealand.

Why is RCEP important?

The 16 countries negotiating the RCEP together account for a third of the world fross domestic product (GDP) and almost half the world’s population, with the combined GDPs of China and India alone making up more than half of that. RCEP’s share of the world economy could account for half of the estimated $0.5 quadrillion global (GDP, PPP) by 2050.

What is the objective of RCEP?

RCEP aims to create an integrated market with 16 countries, making it easier for products and services of each of these countries to be available across this region. The negotiations are focused on the following: Trade in goods and services, investment, intellectual property, dispute settlement, e-commerce, small and medium enterprises, and economic cooperation.