Regional Comprehensive Economic Partnership (RCEP)

Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and the six states with which ASEAN has existing free trade agreements (Australia, China, India, Japan, South Korea and New Zealand). RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia. RCEP is viewed as an alternative to the Trans-Pacific Partnership (TPP) trade agreement, which excludes China and India and includes several nations of the Americas. In 2016, prospective RCEP member states accounted for a population of 3.4 billion people with a total Gross Domestic Product (GDP) of $21.4 trillion, approximately 30 percent of the world’s GDP. (Source: Wikipedia) 

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