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News: Niti Aayog CEO BVR Subrahmanyam has remarked that India should be a part of Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
1. Regional Comprehensive Economic Partnership (RCEP): It is a free trade agreement that includes 15 Asia-Pacific countries (10 ASEAN Countries + 5 Dialogue Partners).
2. The agreement was signed in November 2020 but came into force in January 2022.
3. Important features of RCEP include: A) Focus on trade liberalisation B) Improved market access C) Simplified rules of origin D) Protection of intellectual property rights E) Framework for trade disputes resolution.
4. India entered RCEP negotiations in 2013 but decided to opt out in 2019.
5. Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP): It is a free trade agreement that includes 11 countries of the Asia-Pacific region.
6. The agreement entered into force in December 2018.
7. It aims to foster deeper economic cooperation, create and strengthen regional supply chains, set global trade standards, protect environmental and labour interests.
8. Unlike RCEP, China is not a member of CPTPP which adds to its geostrategic orientation.
