IAS Important Topics on International Current Affairs: Regional Comprehensive Economic Partnership

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IAS Important Topics on International Current Affairs: Regional Comprehensive Economic Partnership

IAS Important Topics on International Current Affairs: The Union Public Service Commission (UPSC) will conduct the civil services (CS) preliminary examination on June 18 this year. It is one of the most esteemed and toughest exams in the country. With a success rate of 0.1- 0.3 percent of the total percentage of candidates who apply, it is really difficult to nail the examination.

As you know, On 10th May 2017, we have shared IAS Prelims 2017 Important Topics on International current affairs which will help you prepare for your upcoming examination. Here is the topic that we have discussed Yesterday, Click on the link below to explore.

IAS Important Topics on International Current Affairs: Asia-Europe Meeting (ASEM 11)

Let us move forward with our next topic i.e. Regional Comprehensive Economic Partnership.

 

IAS Important Topics on International Current Affairs

Today we will discuss the Tenth topic i.e Regional Comprehensive Economic Partnership. Below mentioned is the explanation of the said topic.

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Regional Comprehensive Economic Partnership (RCEP)

Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and the six states with which ASEAN has existing free trade agreements (Australia, China, India, Japan, South Korea and New Zealand).

RCEP Negotiations

RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia. The agreement is scheduled to be finalized by the end of 2017. RCEP is viewed as an alternative to the Trans-Pacific Partnership (TPP), a proposed trade agreement which includes several Asian and American nations but excludes China and India

  • Recently preliminary meeting on RCEP negotiations were concluded (July 19) in Jakarta. The next ministerial meet for the 16-nation Regional Comprehensive Economic Partnership (RCEP) is scheduled for 5 August in Laos.
  • India has made it clear that it doesn’t favour an “early harvest”, which means agreements on all the three pillars of negotiations — goods, services and investment — can be implemented only as a package, not one at a time.
  • Potential RCEP members are still divided over whether to have an investor-state dispute settlement (ISDS) mechanism. India may settle for a middle path by supporting the idea of giving some protection to investors under the RCEP framework if it ensures that governments won’t be put to undue disadvantage due to such a mechanism.

Why RCEP Is Significant for India?

From India’s point of view, the RCEP presents a decisive platform which could influence its strategic and economic status in the Asia-Pacific region and bring to fruition its “Act East Policy.” It is expected to be an ambitious agreement bringing the 5 biggest economies of the region – Australia, China, India, Japan and South Korea – into a regional trading arrangement.

  • The ASEAN+6 RECP is aimed at transforming the region by higher economic growth through more cross-border trade and investment. Among these developments, the India-ASEAN relationship seems to be on constant move and on ascendancy.
  • This will help in furthering the aims and objectives of India’s Look-East Policy.
  • RCEP will have huge trade potential. In real practice, RCEP once formalized, is supposed to emerge as the most effective and largest free-trade bloc in the world.

Over here we conclude our article on IAS Important Topics on International Current Affairs. Stay tuned with us for the rest of the topic that we will discuss day by day. 

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