CURRENT AFFAIRS

Detailed explanation-1: -RCEP was conceptualized in November 2012 to attain a comprehensive and mutually beneficial economic partnership agreement. After 8 years of negotiations, RCEP was signed on 15 November 2020. This laid a historic milestone on the road toward deeper economic integration. RCEP entered into force on 1 January 2022.

Detailed explanation-2: -The regional comprehensive economic partnership is a free trade agreement among the 10 Asian member states and its five trading partners, i.e, China, South Korea, Australia, Japan and New Zealand. It is an ASEAN centred proposal for a regional trade agreement.

Detailed explanation-3: -New Delhi: The world’s largest trade agreement, the Regional Comprehensive Economic Partnership (RCEP), which includes China and 14 other Asia-Pacific nations and covers a third of global GDP, came into effect on 1 January, but without one Asian economic giant: India.