Q. Consider the following statements regarding “Regional Comprehensive Economic Partnership (RCEP)”:
1.It is a trade deal signed among 15 countries.
2.The members account for nearly 30% of the global GDP.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C
Notes:

Explanation: RCEP is a trade deal signed among 15 countries. These countries include 10 member countries of the Association of Southeast Asian Nations (ASEAN) and Australia, China, South Korea, Japan and New Zealand.

  • Negotiations on the details of the RCEP have been on since 2013. The members account for nearly 30% of the global GDP.
  • The 3 largest economies in the pact, China, Japan and South Korea are part of a free trade agreement for the first time.

Source: FORUMIAS