The term ‘Regional Comprehensive Economic Partnership’ often appears in the news in the context of the affairs of a group of countries known as:
✓ Correct answer: b) ASEAN
ExplanationRCEP is a free trade agreement between ASEAN’s 10 member states and their five trade partners—Australia, Chi- na, Japan, New Zealand, and South Korea—aiming to boost trade, investment, and economic cooperation across Asia-Pa- cific.RCEP covers trade in goods and services, investment, e-com- merce, intellectual property, dispute settlement, and SMEs, fostering regional economic integration.The agreement grad- ually eliminates tariffs, enhances market access for goods and services, and simplifies rules of origin, benefiting global supply chains.RCEP promotes cross-border data flows, online consumer protection, and cybersecurity while improving investment protection and economic cooperation through capacity building and technology transfer.Ensuring equitable bene- fits, bridging economic disparities, and maintaining trans- parency remain key challenges.Despite this, RCEP represents a major milestone in global trade and economic collaboration.65
Practice more Current PYQs
Attempt a free 10-question quiz or browse the full Current Affairs previous-year-question bank with instant answers and explanations.
🗞️ Current PYQs →