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?
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.