RCEP

Subject: International Agreements

Context: Singapore has ratified the Regional Comprehensive Economic Partnership (RCEP) agreement, becoming the first country to do so.

Concept:

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.

Landmark pact