Rcep Agreement Malayalam

« We see that the RCEP agreement is an unprecedented mega-regional trade agreement, which includes a diverse mix of developed, developing and least developed economies in the region. As an agreement that would cover a market of 2.2 billion people, or nearly 30% of the world`s population, with an overall GDP of $26.2 trillion, or about 30% of world GDP and nearly 28% of world trade (based on 2019 figures), we believe that RCEP is the largest free trade agreement in the world. represents an important step towards an ideal framework for global trade and investment rules, » the joint statement said. « This agreement means a lot to China because it will give it wide access to the Japanese and South Korean markets, as the three countries have not yet reached a free trade agreement, » said Amitendu Palit, Senior Research Fellow and Research Lead (Trade and Economics), at the Institute of South Asian Studies at the National University of Singapore. « The fact that this happened despite the pandemic is certainly a lever for China and shows that the idea of decoupling China in the regional sense is not a matter of substance. » « RCEP signatories will begin negotiations with India at any time after the RCEP agreement is signed, as soon as India has submitted a written application for membership of the RCEP agreement, taking into account India`s most recent status of participation in the RCEP negotiations and any further developments thereafter, » said the RCEP, made up of 10 ASEAN members. , as well as Australia, China, Japan and South Korea. The China-backed group is expected to reach at least 30% of global GDP and become the world`s largest free trade agreement. Free trade agreements of any kind improve competitiveness and improve consumer prices. However, it also plays an important role in promoting countries that have a historical advantage in industrialization and modernization. India can only benefit from such an agreement if it makes the essential leap to overcome this historic advantage. The centre is due to sign the RCEP agreement in November, but should consult with the states concerned before reaching a final agreement, the minister said in his speech at the 80th annual meeting of the Kerala Planters Association (KPA).

Leave a Comments