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Economy

RCEP:-

The Regional Comprehensive Economic Partnership (RCEP), which is a proposed Free Trade Agreement between 10 ASEAN member states and their six Free Trade Agreement (FTA) partners namely India, Australia, China, Japan, New Zealand and Republic of Korea.

 It means a zero-customs duty zone in a geography that contributes 34% of global gross domestic product (GDP) and 40% of world trade. The region is also home to almost half of the world’s population.


Why India need RCEP?

1. RCEP will be continuation of Act East policy.
2. It can provide for increase in exports and consequent jobs.
3.  India's entry into such a giant club of economies will strengthen its strategic muscle.
4. Not joining RCEP would make India's exports price uncompetitive with other RCEP members’ exports in RCEP market.

Advantages:

1. Provide market access for India’s goods and services exports and encourage greater investments and technology into India.
2. Facilitate India’s MSMEs to effectively integrate into the regional value and supply chains.


Disadvantages:

1. It may grow trade deficit. India has trade deficits with RCEP nations such as South Korea ($11.9 billion) and Australia
($10.2 billion). 
2. RCEP will remove customs duty on about 80-85% of items.The result will be that Chinese goods will flood the Indian market even more. It will increase trade deficit with China.
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