Question-Which of the following country is not the member of regional comprehensive economic partnership (RCEP)?
(a)India
(b)Myanmar
(c)Bangladesh
(d)China
Answer-c
Related facts-
- The Centre has formed a Group of Ministers (GoM) headed by Union Minister of Commerce and Industry Suresh Prabhu to come to a conclusion on 16-member Regional Comprehensive Economic Partnership (RCEP)
- Objective of this group is to resolve the deadlock over the issues of joining RCEP or not.
About RCEP-
- Regional Comprehensive Economic Partnership(RCEP) is a propounded free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations(ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) and the six Asia-Pacific states (Australia, China, India, Japan, South Korea ,and New Zealand) with which ASEAN has existing free trade agreements.
- RCEP negotiations were launched in November 2012 at the ASEAN Summit in Cambodia. RCEP aims to boost goods trade by waiving tariff and non-tariff barriers — a move that is expected to provide the region’s consumers greater option for quality products at affordable rates. It also seeks to liberalize investment norms and make it from services trade restrictions.
India’s concern-
- Several countries of RCEP wanted India to open its market for 92% of traded goods, while they remained unwilling to allow Indian skilled professionals to have a greater access in their markets. India is ready to offer access for up to 85% of items, with divergence for countries such as China, Australia and New Zealand, with whom it does not have free-trade agreements.
References-
https://www.livemint.com/Politics/fPkQ9TRvj3YtMl7Pt7GsGO/Centre-sets-up-GoM-headed-by-Suresh-Prabhu-to-decide-on-RCEP.html
http://asean.org/?static_post=rcep-regional-comprehensive-economic-partnership
https://economictimes.indiatimes.com/news/economy/foreign-trade/rcep-trade-ministers-to-meet-on-aug-30-31-in-singapore/articleshow/65373775.cms