Consider the following statements about X 1 X is a regional economic integratio...........

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Consider the following statements about X:

1. X is a regional economic integration between 10-ASEAN countries and its six Free Trade Area Partners.

2. X accounts for 3.4 billion people with total GDP (in terms of PPP) of $49.5 trillion ~ 38% of Global GDP.

3. X has recently held its first ministerial gathering outside ASEAN and was the 5th such ministerial gathering.

Which of the following best describes X?

Asia Pacific Economic Cooperation

ASEAN Free Trade Network

East Asia - Oceania Free Trade Network

Regional Comprehensive Economic Partnership Agreement

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Explanation:

Fourth option is correct.

RCEP is a proposed proposed free trade agreement (FTA) or comprehensive regional economic integration agreement between the 10-ASEAN countries and its six FTA partners (Australia, New Zealand, India, China, Japan and Korea).

RCEP aims to boost goods trade by eliminating most tariff and non-tariff barriers — a move that is expected to provide the region’s consumers greater choice of quality products at affordable rates. It also seeks to liberalise investment norms and do away with services trade restrictions