19th RCEP
Trade Negotiating Committee Meeting held in Hyderabad…
India is ‘fully committed’ to taking forward the negotiations for a mega
Free Trade Agreement (FTA) called the Regional Comprehensive Economic
Partnership (RCEP), to ensure that it is a ‘balanced’ pact that benefits all
the 16 Asia-Pacific nations including itself that are participating in the
talks, according to commerce secretary Rita Teaotia.
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).
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