Regional Comprehensive Economic Partnership

  • The 37th ASEAN Summit led to the emergence of RCEP.
  • Members: It consists of 16 members, including 10 members from Association of Southeast Asian Nations (ASEAN) as well as South Korea, China, Japan, Australia and New Zealand.
  • Members of the RCEP make up nearly a third of the world’s population and account for 29% of global gross domestic product (GDP)
  • It aims to eliminate tariffs on import in the next 20 years. It also includes provisions on intellectual property, telecommunications, financial services, e-commerce and professional services.
  • Negotiations over an RCEP deal began in 2012. India was also part of the negotiations, but it pulled out in 2019 over concerns that lower tariffs could hurt local producers
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