RCEP क्या मतलब है

Information related to RCEP (Information Of RCEP)

Many countries make many types of agreements for development, one or more countries may be included in it. Every country pays special attention to its benefits in agreements. RCEP is also a trade agreement, through which member countries are provided convenience in trade with each other. On this page, information is being given about what is the meaning of RCEP, RCEP Full Form.

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What does RCEP mean? (Meaning of RCEP)

Regional Comprehensive Economic Partnership (RCEP) is a trade agreement. It includes 10 ASEAN countries and six other countries, India is also included in it. Under this, member countries provide convenience in trade with each other.

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Full Form of RCEP (RCEP Full Form)

The full form of RCEP is Regional Comprehensive Economic Partnership- RCEP, it is a free trade agreement.

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RCEP Member Countries

The member countries of RCEP are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, India, China, Japan, South Korea, Australia and New Zealand. So far, a proposed Free Trade Agreement (FTA) has been signed between 6 partner countries.

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RCEP’s Impact On India

Apart from the ten member countries of ASEAN, RCEP also includes India, China, Japan, South Korea, Australia and New Zealand. This trade agreement will create an agreement between approximately 3.4 billion people. This is the world’s largest free trade agreement so far. According to experts, this agreement will greatly increase the burden on India. India has a trade deficit with most of the RCEP member countries. Trade deficit means that imports are more and exports are less. If the import tax is reduced through this agreement then this trade deficit may increase.

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What Is The Proposal

According to this agreement, India can reduce or remove duty on about 80 percent of the products coming from China. This may further increase competition in India. Similarly, customs duty can be reduced on 86 percent of products imported from Australia and New Zealand and 90 percent of products from Japan and South Korea. This customs duty reduction will be fully applicable for the period of 5, 10, 15, 20 and 25 years. At present, in 2018-19, there has been a trade deficit with 11 RCEP member countries including China, South Korea and Australia.

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impact on indian industry 

Indian industry is worried because China is also included in the RCEP group. This agreement can lead to duty reduction by the Government of India in various sectors including dairy, metals, electronics and chemicals. Indian industry has urged the Government of India not to cut duty as this will lead to large numbers of foreign goods coming to India, which may have a negative impact on local industries.

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