Regional Comprehensive Economic Partnership (RCEP) - MAINS QUESTION - DAILY CURRENT AFFAIR QUESTIONS AND ANSWERS

Saturday, November 14, 2020

Regional Comprehensive Economic Partnership (RCEP)

Regional Comprehensive Economic Partnership (RCEP)

Why in news? 


India and ASEAN countries despite exit from Regional Comprehensive Economic Partnership (RCEP) are moving towards finding new ways to increase business.


What is Regional Comprehensive Economic Partnership (RCEP)? 

It is a trade agreement between the member countries of ASEAN and the 6 countries that entered into Free Trade Agreements (FTAs) with ASEAN (A free trade agreement proposed between Australia, China, India, Japan, South Korea and New Zealand). The dialogue began in November 2012 at the ASEAN Summit in Cambodia.

Benefits of RCEP for India:

India's exports will increase to ASEAN countries. 

Investment in India is likely to increase.

It will help to connect India's small scale sector with the global market.


Some Challenges before India regarding to RCEP

India's trade deficit may increase.

Chinese products will gain entry in India, due to this local businesses will face problems. 

Stricter intellectual property laws will affect the indian trades. 

Important key points

It is remarkable that in the recent past, many farmers have protested against Regional Comprehensive Economic Partnership (RCEP). 

These farmers say that trade agreement may become a threat to their rights over seeds and the livelihood of the people based on it . 

The dairy sector will be worst affected by this agreement.

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