Where the Regional Comprehensive Economic Partnership (RCEP)is a free trade agreement (FTA) that will create the world's largest trading bloc and mark a significant achievement for China as it battles the U.S. for impact and economic supremacy in the Asia-Pacific region. Into the RCEP, there are 15 Asia-Pacific nations, whose representing nearly a third of the world's gross domestic product, signed the agreement on November 15, 2020 via tele-conference.
When was RCEP introduced?
The RCEP(Regional Comprehensive Economic Partnership) was introduced during the 19th Asean meet held in November 2011. This was at the time when the 21st ASEAN Summit in Cambodia was going on in November 2012, during which the RCEP talks were discussed. And now, all participating countries aim to finalise and sign a deal by November 2019.
The member states of Asean and their FTA(Free Trade Agreement) partners are like - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, China, Japan, India, South Korea, Australia and New Zealand.