Consider the following statements with reference to Regional Comprehensive Economic Partnership RCEP...........

Economic Affairs Foreign Investment

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Consider the following statements with reference to Regional Comprehensive Economic Partnership (RCEP)?

1. It is a proposed economic partnership between the 10 ASEAN members and its six FTA partners.

2. India is not of a member of RCEP.

3. It will cover trade in goods, services, investment and intellectual property.

Select the correct answer using the code given below.

1 only

1 and 2 only

3 only

1 and 3 only

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Explanation:

Statement 1 is correct. 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, Burma (Myanmar), Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, Vietnam) and the six states with which ASEAN has existing FTAs (Australia, China, India, Japan, South Korea and New Zealand).
o Statement 2 is incorrect. India has been main negotiator ever since RCEP was envisaged.
o Statement 3 is correct. RCEP will cover trade in goods, trade in services, investment, economic and technical co-operation, intellectual property, competition, dispute settlement and other issues.