RCEP
- INTERNATIONAL
News: Sri Lanka, Bangladesh mull over
joining RCEP bloc
What's
in the news?
●
Four years after India walked out of the
Regional Comprehensive Economic Partnership (RCEP) agreement, neighbours Sri
Lanka and Bangladesh are now considering their chances of membership in the
15-nation trading bloc.
RCEP:
●
It is an agreement between the Association
of Southeast Asian Nations (ASEAN)
member countries and its free trade agreement (FTA) partners.
●
It is the first free trade deal to bring
together Asia's four largest economies: China, Indonesia, Japan and South
Korea.
Members:
●
The
15 nations involved are Australia, Brunei, Cambodia, China, Indonesia,
Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines,
Singapore, Thailand and Vietnam.
●
India was asked to join the group at any
time after participating in the initial negotiations but later chose to opt
out.
Objective:
●
It aims to create an integrated market with its members, making it easier for each of
these countries' products and services to be available throughout the region.
●
It aims to encompass commerce in
commodities and services, as well as intellectual property, among other things.
●
Trade-in goods and services, investment,
intellectual property, dispute resolution, e-commerce, small and medium-sized
businesses, and economic cooperation are all on the table for discussion.