Question map
The term Regional Comprehensive Economic Partnership' often appears in the news in the context of the affairs of a group of countries known as
Explanation
The correct answer is option B - ASEAN.
The Regional Comprehensive Economic Partnership (RCEP) was established by the leaders of 16 participating countries to broaden engagement among parties, building upon ASEAN's existing free trade agreements with six partners namely China, Republic of Korea, Japan, India, as well as Australia and New Zealand.[1] The RCEP was built upon the existing ASEAN+1 FTAs with the spirit to strengthen economic linkages and enhance trade and investment related activities.[1] This clearly demonstrates that RCEP is fundamentally associated with ASEAN and its partner countries, making it an ASEAN-centric initiative. The framework essentially consolidates and expands upon the multiple bilateral FTAs that ASEAN had with various partners into a single comprehensive regional agreement. Therefore, RCEP appears in news in the context of ASEAN affairs, not G20, SCO, or SAARC.
Sources- [1] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 13: International Organizations > Regional Comprehensive Economic Partnership (RCEP) > p. 394
PROVENANCE & STUDY PATTERN
Guest previewThis is a classic 'News-to-Static' transition question. In 2016, RCEP was a hot current affair; today, it is a standard chapter in Economy books. The strategy is simple: for every trade acronym, identify the 'Anchor Organization' (here, ASEAN) immediately.
This question can be broken into the following sub-statements. Tap a statement sentence to jump into its detailed analysis.
- Explicitly states RCEP was established by leaders of 16 participating countries in the East Asia region.
- Says RCEP was built upon existing ASEAN+1 free trade agreements, linking it directly to ASEAN and its FTA partners.
- Mentions the objective to strengthen economic linkages among parties in the region (context for association).
- Discusses India's relations/FTAs with ASEAN, Japan and South Korea in the context of RCEP, implying RCEP involves these East Asian economies.
- Notes that India could join RCEP in future, reinforcing RCEP's association with ASEAN and major East Asian partners.
- Describes ASEAN as principally an economic association, supporting the interpretation that RCEP is centred on ASEAN economic cooperation.
- Provides background on ASEAN's economic role, which RCEP builds upon.
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