6th RCEP Inter-sessional Ministerial Meeting held in Singapore
The 6th Interregional Ministerial Meeting of Regional Comprehensive Economic Partnership (RCEP) was held in Singapore. The meeting was reviewed after 6th RCEP ministerial meeting held in August 2018. In this meeting, all partner countries agreed to finalize trading deal by the end of this year. From Indian side, Minister of State (MoS) for Commerce & Industry and Consumer Affairs, Food and Public Distribution C. R. Chaudhary had attended the meeting.
Regional Comprehensive Economic Partnership (RCEP)
RCEP is a proposed proposed free trade agreement (FTA) or comprehensive regional economic integration agreement between the 10-ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) and its six FTA partners (Australia, New Zealand, India, China, Japan and Korea).
The negotiations for this mega trade deal were formally launched at 2012 ASEAN Summit in Cambodia. It aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights under its ambit.
Till 2017, 16 RCEP member states accounted for population of 3.4 billion people with total GDP (in terms of PPP) of $49.5 trillion, approximately 38% of the world’s GDP (combined GDPs of China and India makes up more than half that amount) and 29% of world trade.
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Month: Current Affairs - October, 2018