- April 15, 2021
- Posted by: admin1
- Category: DPN Topics
Subject: International Agreements
Context: Singapore has ratified the Regional Comprehensive Economic Partnership (RCEP) agreement, becoming the first country to do so.
- Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA) between –
The 10 members of ASEAN
Additional members of ASEAN +3 = China, Japan, South Korea
Members with which ASEAN countries have FTA = Australia, New Zealand
- The group is expected to represent at least 30% of the global GDP and will emerge as the largest free trade agreement in the world.
- It includes more than 3 billion people, has a combined GDP of about $17 trillion, and accounts for about 40 per cent of world trade.