Powered by
TTSReader
Share this page on
Article provided by Wikipedia


Regional Comprehensive Economic Partnership
RCEP
Type "Trade agreement
Effective Not in force
Original
signatories

Regional Comprehensive Economic Partnership (RCEP) is a proposed "free trade agreement (FTA) between the ten member states of the "Association of Southeast Asian Nations (ASEAN) ("Brunei, "Cambodia, "Indonesia, "Laos, "Malaysia, "Myanmar, the "Philippines, "Singapore, "Thailand, "Vietnam) and the six states with which ASEAN has existing free trade agreements ("Australia, "China, "India, "Japan, "South Korea and "New Zealand).

RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia.[1] The free trade agreement is scheduled and expected to be signed in November 2018 during the ASEAN Summit and Related Summit in Singapore, after the first RCEP summit was held on 14 November 2017 in "Manila, Philippines.[2] RCEP is viewed as an alternative to the "Trans-Pacific Partnership (TPP), a proposed trade agreement which includes several Asian and American nations but excludes China and India.[3]

In 2017, prospective RCEP member states accounted for a population of 3.4 billion people with a total "Gross Domestic Product (GDP, PPP) of $49.5 trillion, approximately 39 percent of the world's GDP,[4] with the combined GDPs of China and India making up more than half that amount. It is the world's largest "trading bloc, covering nearly half of the global economy.[5] "According to estimates by PwC, the "Gross Domestic Product (GDP, PPP) of RCEP member states is likely to amount to nearly $250 trillion by 2050, or a quarter of a "quadrillion dollars, with the combined GDPs of China and India making up more than 75% the amount. RCEP's share of the global economy could account for half of the estimated $0.5 quadrillion global GDP (PPP) by 2050.

Contents

Membership[edit]

""
""
The 16 member countries of the RCEP
Blue: "ASEAN
Purple: "ASEAN Plus Three
Teal: "ASEAN Plus Six

The arrangement is also open to any other external economic partners, such as nations in Central Asia and remaining nations in South Asia and Oceania.[6]

The RCEP 16 countries[edit]

[7]

Basic indicators of the RCEP 16 countries[edit]

Flag Country
Capital
Area
(km²)
"Population "Nominal GDP
(millions of US$)
"GDP per cap.
(Nominal, US$)
"PPP GDP
(millions of Int$)
"GDP per cap.
(PPP, Int$)
"HDI "Currency
"Official languages Leaders
""Flag of Australia (converted).svg "Australia
Commonwealth of Australia
"Canberra 7,692,024 24,419,900 1,482,282 55,215 1,296,075 50,817 0.939 "Australian dollar ("$)
(AUD)
None
National and de facto: "English
"Monarch: "Elizabeth II
"Governor-General: "Peter Cosgrove
"Prime Minister: "Malcolm Turnbull
""Flag of Brunei.svg "Brunei
Nation of Brunei, the Abode of Peace
Negara Brunei Darussalam
"Bandar Seri Begawan 5,765 417,200 11,991 28,740 33,756 76,567 0.865 "Brunei dollar ("$)
(BND)
"Malay "Monarch: "Hassanal Bolkiah
""Flag of Cambodia.svg "Cambodia
Kingdom of Cambodia
Preăh Réachéanachâk Kâmpŭchéa
"Phnom Penh 181,035 15,626,444 24,307 1,308 69,884 4,022 0.563 "Cambodian riel (")
(KHR)
"Khmer "Monarch: "Norodom Sihamoni
"Prime Minister: "Hun Sen
""Flag of the People's Republic of China.svg "China
People's Republic of China
Zhōnghuá Rénmín Gònghéguó
"Beijing 9,596,961 1,382,580,000 13,118,689 9,489 25,102,916 18,158 0.738 "Renminbi (Chinese yuan, "¥)
(CNY)
"Standard Chinese
written in "simplified characters
see also: "Languages of China
"Premier: "Li Keqiang
"President: "Xi Jinping
""Flag of India.svg "India
Republic of India
Bhārat Gaṇarājya
"New Delhi 3,287,263 1,314,470,000 2,654,165 1,850 10,339,552 7,153 0.624 "Indian rupee (")
(INR)
"Hindi

"English
21 other "official languages
see also: "Languages of India

"President: "Ram Nath Kovind
"Prime Minister: "Narendra Modi
""Flag of Indonesia.svg "Indonesia
Republic of Indonesia
Republik Indonesia
"Jakarta 1,910,931 263,510,000 1,092,138 3,895 3,481,107 12,432 0.689 "Indonesian rupiah (Rp)
(IDR)
"Indonesian
see also: "Languages of Indonesia
"President: "Joko Widodo
""Flag of Japan.svg "Japan
Nippon-koku
"Tokyo 377,930 126,760,000 5,063,129 38,281 5,545,884 42,860 0.903 "Japanese yen ("¥)
(JPY)
"Japanese "Monarch: "Akihito
"Prime Minister: "Shinzō Abe
""Flag of Laos.svg "Laos
Lao People's Democratic Republic
Sathalanalat Paxathipatai Paxaxon Lao
"Vientiane 236,800 6,492,400 18,674 2,051 53,626 6,115 0.586 "Lao kip (")
(LAK)
"Lao "Prime Minister: "Thongloun Sisoulith
"President: "Bounnhang Vorachith
""Flag of Malaysia.svg "Malaysia "Kuala Lumpur
"Putrajaya (administrative)
330,803 32,019,500 340,923 9,623 988,993 28,636 0.789 "Malaysian ringgit (RM)
(MYR)
"Malaysian
see also: "Languages of Malaysia
"Monarch: "Muhammad V
"Prime Minister: "Najib Razak
""Flag of Myanmar.svg "Myanmar (Burma)
Republic of the Union of Myanmar
Pyidaunzu Thanmăda Myăma Nainngandaw
"Naypyidaw 676,578 54,836,000 74,002 1,374 362,969 6,360 0.556 "Burmese kyat (K)
(MMK)
"Burmese
see also: "Languages of Myanmar
"President: "Htin Kyaw
"State Counsellor: "Aung San Suu Kyi
""Flag of New Zealand.svg "New Zealand
Aotearoa
"Wellington 270,467 4,786,710 215,172 41,107 195,103 38,706 0.915 "New Zealand dollar ("$)
(NZD)
"English
"Māori
"Monarch: "Elizabeth II
"Governor-General: "Patsy Reddy
"Prime Minister: "Bill English
""Flag of the Philippines.svg "Philippines
Republic of the Philippines
Republika ng Pilipinas
"Manila 300,000 103,874,000 357,792 3,102 951,224 8,270 0.682 "Philippine peso (")
(PHP)
"Filipino ("Tagalog)
"English
"President: "Rodrigo Duterte
""Flag of Singapore.svg "Singapore
Republic of Singapore
Republik Singapura
Xīnjiāpō Gònghéguó
Ciṅkappūr Kuṭiyaracu
"Singapore
("city-state)
719 5,607,300 316,872 51,431 537,447 90,724 0.925 "Singapore dollar ("$)
(SGD)
"Malay
"English
"Mandarin
"Tamil
see also: "Languages of Singapore
"President: "Halimah Yacob
"Prime Minister: "Lee Hsien Loong
""Flag of South Korea.svg "South Korea
Republic of Korea
Daehan Minguk
"Seoul 100,210 51,446,201 1,597,392 29,114 2,127,164 39,446 0.901 "South Korean won (")
(KRW)
"Korean "Prime Minister: "Lee Nak-yeon
"President: "Moon Jae-in
""Flag of Thailand.svg "Thailand
Kingdom of Thailand
Ratcha-anachak Thai
"Bangkok 513,120 68,298,000 466,623 6,265 1,296,095 17,749 0.740 "Thai baht ("฿)
(THB)
"Thai "Monarch: "Vajiralongkorn
"Prime Minister: "Prayut Chan-o-cha
""Flag of Vietnam.svg "Vietnam
Socialist Republic of Vietnam
Cộng hòa Xã hội chủ nghĩa Việt Nam
"Hanoi 331,212 92,700,000 234,688 2,305 697,752 6,925 0.683 "Vietnamese đồng (")
(VND)
"Vietnamese "Prime Minister: "Nguyễn Xuân Phúc
"President: "Trần Đại Quang

Presence in the world[edit]

""
""
RCEP Population - 2012 : IMF - World Economic Outlook Databases (October 2013)
""
""
RCEP GDP - 2012 : IMF - World Economic Outlook Databases (October 2013)

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.[8] The combined GDP of potential RCEP members surpassed the combined GDP of "Trans-Pacific Partnership (TPP) members in 2007. Continued 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.[9]

""
""
GDP projections for potential RCEP member countries to 2050.[9]

On January 23, 2017, United States President "Donald Trump signed a memorandum that stated withdrawal of the country from the TPP, a move which is seen to improve the chances of success for RCEP.[10]

History and timeline[edit]

Controversies and criticism[edit]

RCEP has been criticized by "free culture activists for containing "quite simply the worst provisions on copyright [...] ever seen in a trade agreement."[26] Global health care activists have criticized the agreement for potentially forcing India to end its cheap supply of "generic medications to poor countries.[27]

See also[edit]

References[edit]

  1. ^ RCEP: Challenges and Opportunities for India, 25 July 2013, RSIS, Singapore
  2. ^ "RCEP likely to be signed in November 2018: PM". www.thesundaily.my. 
  3. ^ RCEP: The next trade deal you need to know about, 14 October 2015, CNBC
  4. ^ Stefani Ribka/Linda Yulisman (December 7, 2016). "RCEP talks speed up amid TPP failure". 
  5. ^ "Najib: RCEP likely to be signed in Nov 2018". 15 November 2017. 
  6. ^ What is the Regional Comprehensive Economic Partnership (RCEP)? Ministry of Trade and Industry Singapore November 2012["permanent dead link]
  7. ^ a b {{cite web|url=http://www.asean.org/news/asean-statement-communiques/item/regional-comprehensive-economic-partnership-rcep-joint-statement-the-first-meeting-of-trade-negotiating-committee%7Ctitle= Regional Comprehensive Economic Partnership (RCEP) Joint Statement The First Meeting of Trade Negotiating Committee|darte=10 May 2013|archiveurl=https://web.archive.org/web/20150219224756/http://www.asean.org/news/asean-statement-communiques/item/regional-comprehensive-economic-partnership-rcep-joint-statement-the-first-meeting-of-trade-negotiating-committee%7Carchivedate=February 19, 2015
  8. ^ Regional Comprehensive Economic Partnership (RCEP): Issues and Way Forward 30 July 2013
  9. ^ a b "Understanding and applying long-term GDP projections | EABER". www.eaber.org. Retrieved 2016-06-17. 
  10. ^ [1]
  11. ^ Nineteenth ASEAN Summit, Bali, Indonesia | 14-19 November 2011 Archived 29 June 2013 at the "Wayback Machine.
  12. ^ ASEAN plus 6 agree to start RCEP talks | 09-01-2012
  13. ^ Announcement of the Launch of Negotiations for the Regional Comprehensive Economic Partnership (RCEP) Ministry of Economy, Trade and Industry Japan 20 November 2012 Archived 14 October 2013 at the "Wayback Machine.
  14. ^ Australia hosts second round of Regional Comprehensive Economic Partnership (RCEP) Negotiations in Brisbane Archived 3 October 2013 at the "Wayback Machine.
  15. ^ Media Release : 3rd Meeting of the RCEP Trade Negotiation Committee 20-24 January 2014, Kuala Lumpur, Malaysia | 27 Jan 2014 08:40 AM | The Ministry of International Trade and Industry, Malaysia Archived 22 February 2014 at the "Wayback Machine.
  16. ^ "Fourth Round of Negotiations for Regional Comprehensive Economic Partnership (RCEP)". Joint press release of Japanese Ministry of Economy, Trade, and Industry with the Ministry of Foreign Affairs. 2014-04-04. 
  17. ^ "5th negotiation of Regional Comprehensive Economic Partnership Agreement (RCEP)". Ministry of Industry and Trade of the Socialist Republic of Vietnam. 30 June 2014. Retrieved 20 December 2015. 
  18. ^ Welcome Address
  19. ^ http://fta.mofcom.gov.cn/enarticle/rcepen/enrcepnews/201603/30820_1.html
  20. ^ http://english.mofcom.gov.cn/article/newsrelease/significantnews/201605/20160501312566.shtml
  21. ^ http://english.mofcom.gov.cn/article/newsrelease/significantnews/201608/20160801383647.shtml
  22. ^ http://www.dti.gov.ph/media/latest-news/10511-asean-fta-partners-meet-for-rcep-in-manila
  23. ^ S, Arun (27 July 2017). "India pressed to open up procurement". The Hindu. 
  24. ^ "Najib: RCEP likely to be signed in Nov 2018". 15 November 2017. 
  25. ^ "Now push RCEP, Abe-san". The Straits Times. 24 November 2017. 
  26. ^ "RCEP: The Other Closed-Door Agreement to Compromise Users' Rights". Electronic Frontier Foundation. 2016-04-20. Retrieved 2016-04-28. 
  27. ^ Chandran, Nyshka (2017-01-12). "China-backed trade deal may not gain from TPP's loss. Blame India". CNBC. 

External link[edit]

) ) WikipediaAudio is not affiliated with Wikipedia or the WikiMedia Foundation.