Regional Comprehensive Economic Partnership And Its Ramifications For India

On 15^th November, the Regional Comprehensive Economic Partnership ["RCEP"] was finalized after a delay of almost a decade. The RCEP is a free-trade agreement between ten Association of Southeast Asian Nations ["ASEAN"] states (which include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam), as well as Australia, China, Japan, New Zealand and South Korea. The RCEP, when measured by population and GDP, is one of the most ambitious FTAs ever signed. The 15 countries part of the RCEP account for about 30% of the world's population and GDP. The RCEP was first proposed in 2011, and after several rounds of negotiations, it has been finalized. It seeks to eliminate as much as 90% of the tariffs on imports between its signatories within 20 years of coming into effect. To this end, it establishes common rules for e-commerce, trade and intellectual property. Member nations hope that this deal will help spur the recovery of