Regional Comprehensive Economic Partnership


The Regional Comprehensive Economic Partnership is a proposed free trade agreement in the Indo-Pacific region between the ten member states of the Association of Southeast Asian Nations, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, and five of ASEAN's FTA partners—Australia, China, Japan, New Zealand, and South Korea. India, which is also ASEAN's FTA partner, opted out of RCEP in November 2019.
RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia. In 2018, the 16 negotiating parties accounted for about half of the world's population and 39% of the world's GDP. Without India, the 15 negotiating parties account for 30% of the world's population and just under 30% of the world's GDP.

Membership

The arrangement will also be open to any other external economic partners, such as nations in Central Asia and remaining nations in South Asia and Oceania.

Negotiating parties

Value

RCEP potentially includes more than 3 billion people or 45% of the world's population, and a combined GDP of about $21.3 trillion, accounting for about 40 percent of world trade, though India's decision to not join RCEP has reduced the potential impact of RCEP significantly. The combined GDP of potential RCEP members surpassed the combined GDP of Trans-Pacific Partnership members in 2007. Continued economic growth, particularly in China, India and Indonesia could see total GDP in RCEP grow to over $100 trillion by 2050, roughly double the project size of TPP economies.
On 23 January 2017, United States President Donald Trump signed a memorandum that stated withdrawal of the country from the TPP, a move which was seen to improve the chances of success for RCEP.

2019 Media Statement

The 7th Regional Comprehensive Economic Partnership Intersessional Ministerial Meeting, 2 March 2019, Siem Reap, Joint Media Statement:

History

2011
East Asia Summit Economic Ministers welcomed a Chinese and Japanese joint 'Initiative on Speeding up the Establishment of EAFTA and CEPEA'.
2012
2013
2014
2015
2016
2017
2018
2019
2020
RCEP has been criticized by free culture activists for containing "quite simply the worst provisions on copyright ever seen in a trade agreement." Global health care activists have criticized the agreement for potentially forcing India to end its inexpensive supply of generic medications to poor countries. In November 2019, India pulled out of the deal primarily due to concerns of dumping of manufactured goods from China and agricultural and dairy products from Australia and New Zealand, potentially affecting its own domestic industrial and farming sectors.