Consider the following statements regarding Regional Comprehensive Economic Partnership RCEP 1 The I...........

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Consider the following statements regarding Regional Comprehensive Economic Partnership (RCEP)-

1. The Idea of RCEP was proposed by World Economic Forum.

2. All Association of South East Asian Nations (ASEAN) member countries are member of RCEP.

3. It aims to boost goods trade by eliminating most tariff and non-tariff barriers

Which of the above statements are correct?

Choose the correct answer using the codes below-

1 and 2 only

2 and 3 only

3 only

1, 2 and 3

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Explanation:

The Association of South East Asian Nations (ASEAN), which announced the idea of a Regional Comprehensive Economic Partnership (RCEP) in 2012.

RCEP is proposed 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).

It 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.