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LoginWhich of the following statements is/are correct regarding the Regional Comprehensive Economic Partnership.
a) It is considered as one of the world’s largest Free Trade Agreement (FTA), accounting for nearly 30% of the global GDP covering 30% of the world’s population.
b) India has not joined RCEP over its concerns about Chinese goods flooding the Indian market and guidelines on rules of origin.
c) China, Japan, South Korea, Australia, New Zealand, The US, Canada, and the 10-country ASEAN group are members of RCEP.
1. a only
2. a and b only
3. c only
4. a, b and c
Economy GENERAL QA IN ECONOMY 2 years ago
The correct answer is a and b only.
- The Regional Comprehensive Economic Partnership is a free trade agreement.
- Statement is C is not correct as the member countries include-
| Japan | Myanmar | Brunei |
| New Zealand | Vietnam | Indonesia |
| South Korea | Cambodia | the Philippines |
| Australia | Laos | Singapore |
| China | Malaysia | Thailand |
- Recently, India exited After long negotiations, saying it wanted to protect its economy from rising trade deficits with a number of RCEP members.
- The RCEP has left a special window open for India to rejoin at a future date.
- India had previously signed an FTA with the Association of South East Asian Nations (ASEAN), and also with Japan and South Korea, all three of which are now under revision.
- South Asian Free Trade Area-
- The South Asian Free Trade Area (SAFTA) is the free trade arrangement of the South Asian Association for Regional Cooperation (SAARC).
- The agreement came into force in 2006, succeeding the 1993 SAARC Preferential Trading Arrangement.
- SAFTA signatory countries are Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
Posted on 06 Oct 2022, this text provides information on Economy related to GENERAL QA IN ECONOMY. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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