19th RCEP Trade Negotiating Committee Meeting held in Hyderabad
The 19th round of the Regional Comprehensive Economic Partnership (RCEP) Trade Negotiating Committee (TNC) meetings and other related meetings were held in Hyderabad, Telangana.
Besides, the 19th round of TNC, parallel meetings were also held by the three main Working Groups on Trade in goods, services and investment. Working Groups in other areas like electronic commerce, Intellectual Property, Legal and Institutional Issues etc. also had held their meetings.
Key takeaways of 19th round
All RCEP Participating Countries (RPCs) agreed that RCEP agreement has immense potential to deliver on new economic opportunities including job creation that are much needed in today’s uncertain world. India held that RCEP can offer a forward looking alternative in face of growing protectionism in world.
RPCs also expressed shared commitment to work collectively and in cooperative manner to progress the negotiations in an accelerated way and achieve a comprehensive, modern, high-quality and mutually beneficial agreement that balances and addresses sensitivities and aspirations of participating countries.
About Regional Comprehensive Economic Partnership (RCEP)
RCEP is a proposed comprehensive regional economic integration agreement (mega Free Trade Agreement) amongst the 10-ASEAN countries (Brunei, Indonesia, Cambodia, Laos, Myanmar, Malaysia, Philippines, Thailand, Singapore and Vietnam) and its six Free Trade Agreements (FTAs) partners, viz. Australia, New Zealand, India, China, Japan and Korea.
RCEP negotiations were formally launched at 2012 ASEAN Summit in Cambodia. RCEP is viewed as an alternative to the Trans-Pacific Partnership (TPP), a proposed trade agreement that includes several Asian and American nations but excludes China and India.
Till 2017, RCEP member states accounted for a population of 3.4 billion people with a total GDP (in terms of PPP) of $49.5 trillion, approximately 39% of the world’s GDP (combined GDPs of China and India makes up more than half that amount).
Categories: International Current Affairs 2017