Question 55 from UPSC CSE 2016 - Current
Affairs

Question

The term 'Regional Comprehensive Economic Partnership' often appears in the news in the context of the affairs of a group of countries known as

IASCODEX · Accepted Answer

Correct Option: B. ASEAN

Strategy: Identify the primary organization associated with the 'Regional Comprehensive Economic Partnership' (RCEP).

Key Info: The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA) among 15 Asia-Pacific nations. It was initiated by the Association of Southeast Asian Nations (ASEAN) and includes the ten ASEAN member states, along with five of their major trade partners: Australia, China, Japan, New Zealand, and South Korea.

- **RCEP:**
  - Signed on November 15, 2020, after eight years of negotiations. India was part of the negotiations but withdrew in 2019, citing concerns about its potential impact on domestic industries. It remains open to joining in the future.
  - It is the world's largest trade bloc, covering about 30% of the global population and 30% of global GDP.
  - Aims to lower tariffs, standardize customs procedures, and establish common rules for e-commerce, intellectual property, and investment across the member states.

- **ASEAN (Association of Southeast Asian Nations):**
  - Established in 1967 with the signing of the Bangkok Declaration.
  - Members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
  - Key objectives include accelerating economic growth, social progress, and cultural development in the region, and promoting regional peace and stability.
  - It has established Free Trade Agreements (FTAs) with several countries, which formed the basis for the RCEP negotiations.

- **G20 (Group of Twenty):** An international forum for the governments and central bank governors from 19 countries and the European Union, focusing on major global economic issues, financial stability, and sustainable development.

- **SCO (Shanghai Cooperation Organisation):** A Eurasian political, economic, and security organization comprising China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, and Uzbekistan.

- **SAARC (South Asian Association for Regional Cooperation):** A regional intergovernmental organization and geopolitical union of states in South Asia, including Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.

IASCODEX · Answer

Option A: G20

IASCODEX · Answer

Option C: SCO

IASCODEX · Answer

Option D: SAARC