CURRENT AFFAIRS

Detailed explanation-1: -The Australia-India Economic Cooperation and Trade Agreement was signed by then Minister for Trade, Tourism and Investment Dan Tehan and India’s Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles of India Piyush Goyal on 2 April 2022.

Detailed explanation-2: -RCEP: A new trade agreement that will shape global economics and politics. On November 15, 2020, 15 countries-members of the Association of Southeast Asian Nations (ASEAN) and five regional partners-signed the Regional Comprehensive Economic Partnership (RCEP), arguably the largest free trade agreement in history.

Detailed explanation-3: -Formal negotiations for their bilateral FTA, called the India-UAE Comprehensive Economic Partnership Agreement (CEPA), began September 2021. The two countries wanted to conclude talks by December 2021 and close the deal by March 2022.