RCEP Current Affairs

5th RCEP intersessional ministerial meeting held in Tokyo, Japan

The 5th Regional Comprehensive Economic Partnership (RCEP) intersessional ministerial meeting was held in Tokyo, Japan. It was first RCEP ministerial gathering to be held outside ASEAN countries. It was co-chaired by Singapore’s Minister of Trade and Industry Chan Chun Sing and his Japanese counterpart Hiroshige Seko.

Key Facts

During the meeting, ministers from member countries had in-depth discussions on issues such as trade, service, investment and rules at the meeting. They recognized importance of early conclusion o RCEP negotiations consistent. They also reaffirmed their resolve to work together and achieve agreement that will allow economies of different levels of development to actively participate in and benefit from open and inclusive regional economic integration.

Regional Comprehensive Economic Partnership (RCEP)

RCEP is a proposed proposed free trade agreement (FTA) or comprehensive regional economic integration agreement between the 10-ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) and its six FTA partners (Australia, New Zealand, India, China, Japan and Korea).

Its negotiations were formally launched at 2012 ASEAN Summit in Cambodia. Till 2017, 16 RCEP member states accounted for population of 3.4 billion people with total GDP (in terms of PPP) of $49.5 trillion, approximately 38% of the world’s GDP (combined GDPs of China and India makes up more than half that amount) and 29% of world trade. 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.

Tags:

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).

Tags:

Advertisement

12