Regional Comprehensive Economic programme (RCEP)
The world’s biggest trade deal
On November 04, fifteen Asian countries agreed to terms for the Regional Comprehensive Economic Partnership (RCEP) that is being termed the world’s biggest trade pact. What began in 2012 as a routine harmonizing of agreements between members of the Association of Southeast Asian Nations (Asean) is now set to turn into a deal creating potentially the world’s biggest free trade bloc. The RCEP is backed by China and also brings in the 10-member Association of South-east Asian Nations (Asean), Japan, South Korea, Australia and New Zealand. India, however, decided against joining the bloc because of significant differences over tariffs and other issues.
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