Regional Comprehensive Economic Partnership

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Regional Comprehensive Economic Partnership
RCEP
Type Trade agreement
Effective Not in force
Original
signatories

The Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and its six FTA partners (China, Japan, India, South Korea, Australia and New Zealand).

RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia.[1]

In 2017, prospective RCEP member states accounted for a population of 3.4 billion people with a total Gross Domestic Product (GDP, PPP) of $49.5 trillion, approximately 39 percent of the world's GDP,[2] with the combined GDPs of China and India making up more than half that amount.

RCEP is the world's largest economic bloc, covering nearly half of the global economy.[3] According to estimates by PwC, the Gross Domestic Product (GDP, PPP) of RCEP member states is likely to amount to nearly $250 trillion by 2050, or a quarter of a quadrillion dollars, with the combined GDPs of China and India making up more than 75% of the amount. RCEP's share of the global economy could account for half of the estimated $0.5 quadrillion global (GDP, PPP) by 2050.

Membership[edit]

The 16 member countries of the RCEP
Blue: ASEAN
Purple: ASEAN Plus Three
Teal: ASEAN Plus Six

The arrangement is also open to any other external economic partners, such as nations in Central Asia and remaining nations in South Asia and Oceania.[4]

Countries[edit]

Basic indicators of the RCEP 16 countries[edit]

Flag Country
Capital
Area
(km²)
Population Nominal GDP
(millions of US$)
GDP per cap.
(Nominal, US$)
PPP GDP
(millions of Int$)
GDP per cap.
(PPP, Int$)
HDI Currency
Official languages Leaders
Flag of Australia (converted).svg Australia
Commonwealth of Australia
Canberra 7,692,024 24,419,900 1,482,282 55,215 1,296,075 50,817 0.939 Australian dollar ($)
(AUD)
None
National and de facto: English
Monarch: Elizabeth II
Governor-General: David Hurley
Prime Minister: Scott Morrison
Flag of Brunei.svg Brunei
Nation of Brunei, the Abode of Peace
Negara Brunei Darussalam
Bandar Seri Begawan 5,765 417,200 11,991 28,740 33,756 76,567 0.865 Brunei dollar ($)
(BND)
Malay Monarch: Hassanal Bolkiah
Flag of Cambodia.svg Cambodia
Kingdom of Cambodia
Preăh Réachéanachâk Kâmpŭchéa
Phnom Penh 181,035 15,626,444 24,307 1,308 69,884 4,022 0.563 Cambodian riel ()
(KHR)
Khmer Monarch: Norodom Sihamoni
Prime Minister: Hun Sen
Flag of the People's Republic of China.svg China
People's Republic of China
Zhōnghuá Rénmín Gònghéguó
Beijing 9,596,961 1,382,580,000 13,118,689 9,489 25,102,916 18,158 0.738 Renminbi (Chinese yuan, ¥)
(CNY)
Standard Chinese
written in simplified characters
see also: Languages of China
President: Xi Jinping
Premier: Li Keqiang
Flag of India.svg India
Republic of India
Bhārat Gaṇarājya
New Delhi 3,287,263 1,314,470,000 2,971,165 2,198 11,468,552 8,483 0.624 Indian rupee ()
(INR)
Hindi

English
21 other official languages
see also: Languages of India

President: Ram Nath Kovind
Prime Minister: Narendra Modi
Flag of Indonesia.svg Indonesia
Republic of Indonesia
Republik Indonesia
Jakarta 1,910,931 263,510,000 1,092,138 3,895 3,481,107 12,432 0.689 Indonesian rupiah (Rp)
(IDR)
Indonesian
see also: Languages of Indonesia
President: Joko Widodo
Flag of Japan.svg Japan
Nippon-koku
Tokyo 377,930 126,760,000 5,063,129 38,281 5,545,884 42,860 0.903 Japanese yen (¥)
(JPY)
Japanese Monarch: Akihito
Prime Minister: Shinzō Abe
Flag of Laos.svg Laos
Lao People's Democratic Republic
Sathalanalat Paxathipatai Paxaxon Lao
Vientiane 236,800 6,492,400 18,674 2,051 53,626 6,115 0.586 Lao kip ()
(LAK)
Lao President: Bounnhang Vorachith

Prime Minister: Thongloun Sisoulith

Flag of Malaysia.svg Malaysia
Federation of Malaysia
Persekutuan Malaysia
Kuala Lumpur
Putrajaya (administrative)
330,803 32,019,500 340,923 9,623 988,993 28,636 0.789 Malaysian ringgit (RM)
(MYR)
Malaysian
see also: Languages of Malaysia
Monarch: Abdullah
Prime Minister: Tun Dr. Mahathir bin Mohamad
Flag of Myanmar.svg Myanmar (Burma)
Republic of the Union of Myanmar
Pyidaunzu Thanmăda Myăma Nainngandaw
Naypyidaw 676,578 54,836,000 74,002 1,374 362,969 6,360 0.556 Burmese kyat (K)
(MMK)
Burmese
see also: Languages of Myanmar
President: Win Myint
State Counsellor: Aung San Suu Kyi
Flag of New Zealand.svg New Zealand
Aotearoa
Wellington 270,467 4,786,710 215,172 41,107 195,103 38,706 0.915 New Zealand dollar ($)
(NZD)
English
Māori
Monarch: Elizabeth II
Governor-General: Patsy Reddy
Prime Minister: Jacinda Ardern
Flag of the Philippines.svg Philippines
Republic of the Philippines
Republika ng Pilipinas
Manila 300,000 103,874,000 357,792 3,102 951,224 8,270 0.682 Philippine peso ()
(PHP)
Filipino (Tagalog)
English
President: Rodrigo Duterte
Flag of Singapore.svg Singapore
Republic of Singapore
Republik Singapura
Xīnjiāpō Gònghéguó
Ciṅkappūr Kuṭiyaracu
Singapore
(city-state)
719 5,607,300 316,872 51,431 537,447 90,724 0.925 Singapore dollar ($)
(SGD)
Malay
English
Mandarin
Tamil
see also: Languages of Singapore
President: Halimah Yacob
Prime Minister: Lee Hsien Loong
Flag of South Korea.svg South Korea
Republic of Korea
Daehan Minguk
Seoul 100,210 51,446,201 1,597,392 29,114 2,127,164 39,446 0.901 South Korean won ()
(KRW)
Korean Prime Minister: Lee Nak-yeon
President: Moon Jae-in
Flag of Thailand.svg Thailand
Kingdom of Thailand
Ratcha-anachak Thai
Bangkok 513,120 68,298,000 466,623 6,265 1,296,095 17,749 0.740 Thai baht (฿)
(THB)
Thai Monarch: Vajiralongkorn
Prime Minister: Prayut Chan-o-cha
Flag of Vietnam.svg Vietnam
Socialist Republic of Vietnam
Cộng hòa Xã hội chủ nghĩa Việt Nam
Hanoi 331,212 92,700,000 234,688 2,305 697,752 6,925 0.683 Vietnamese đồng ()
(VND)
Vietnamese Prime Minister: Nguyễn Xuân Phúc
President: Nguyễn Phú Trọng

Value[edit]

RCEP Population - 2012: IMF - World Economic Outlook Databases (October 2013)
RCEP GDP - 2012: IMF - World Economic Outlook Databases (October 2013)

RCEP potentially includes more than 3 billion people or 45% of the world's population, and a combined GDP of about $21.3 trillion, accounting for about 40 percent of world trade.[6] The combined GDP of potential RCEP members surpassed the combined GDP of Trans-Pacific Partnership (TPP) members in 2007. Continued economic growth, particularly in China, India and Indonesia could see total GDP in RCEP grow to over $100 trillion by 2050, roughly double the project size of TPP economies.[7]

GDP projections for potential RCEP member countries to 2050.[7]

On January 23, 2017, United States President Donald Trump signed a memorandum that stated withdrawal of the country from the TPP, a move which is seen to improve the chances of success for RCEP.[8]

Status[edit]

  • The 7th Regional Comprehensive Economic Partnership (Rcep) Intersessional Ministerial Meeting, 2 March 2019, Siem Reap, Joint Media Statement
    • 1. The Ministers from the 16 RCEP Participating Countries (RPCs) attended the seventh RCEP Intersessional Ministerial Meeting held on 2 March 2019 in Siem Reap, Cambodia. The Meeting was opened by Samdech Akka Moha Sena Padei Techo HUN SEN, Prime Minister of the Kingdom of Cambodia and was chaired by H.E. Chutima Bunyapraphasara, Deputy Minister of Commerce, Acting Minister of Commerce of Thailand, reviewed the developments since the 2nd RCEP Summit on 14 November 2018 in Singapore, particularly the outcomes of the 2nd Special TNC Meeting held on 25-26 January 2019 in Jakarta, Indonesia, and the 25th RCEP Trade Negotiating Committee (TNC) Meeting and Related Meetings held on 19-28 February 2019 in Bali, Indonesia.
    • 2. The Ministers recalled the Leaders’ determination to conclude a modern, comprehensive, high quality, and mutually beneficial RCEP in 2019, and resolved to exert utmost effort to achieve this target. They commended the RCEP Trade Negotiating Committee (TNC) for the good progress made to date on both market access and text-based negotiations but at the same time recognized that more work still needs to be done to advance both aspects of the negotiations. The Ministers urged all RPCs to address specific sensitivities while working towards achieving commercially meaningful and balanced outcomes. The Ministers remained confident that with collective commitment and pragmatism, the chapters and annexes that would comprise the RCEP Agreement can be concluded soon. The Ministers reiterated that it is the collective responsibility of all RPCs to ensure progress by overcoming negotiation challenges and finding solutions to the remaining issues through constructive engagement.
    • 3. To ensure that progress is made towards meeting the Leaders’ mandate for conclusion in 2019, the Ministers agreed to intensify engagement for the remainder of the year, including by convening more intersessional meetings. The Ministers agreed to meet next at the 8th RCEP Intersessional Ministerial Meeting to be held in August 2019 after the 27th RCEP TNC Meeting and Related Meetings.[9]

History[edit]

  • During the 19th ASEAN Summit held 14–19 November 2011, the Regional Comprehensive Economic Partnership (RCEP) was introduced.[10]
  • The 44th ASEAN Economic Ministers (AEM) Meeting and Related Meetings were held in Siem Reap, Cambodia, 25 August - 1 September 2012.[11]
  • Leaders at the 21st ASEAN Summit held 18–20 November 2012 in Phnom Penh, Cambodia endorsed the framework of RCEP and announced the launch of their negotiations.[12]
  • The first round of RCEP negotiation was held on May 9–13, 2013 in Brunei[5]
  • The second round of RCEP negotiation was held on September 23–27, 2013 in Brisbane, Australia.[13]
  • The third round of RCEP negotiation was held on January 20–24, 2014 in Kuala Lumpur, Malaysia.[14]
  • The fourth round of RCEP negotiation was held on 31 March – 4 April 2014 in Nanning, China.[15]
  • The fifth round of RCEP negotiation was held on June 21–27, 2014 in Singapore.[16]
  • The sixth round of RCEP negotiation and related meetings was held on December 1–5, 2014 in New Delhi, India.[17] The Indians held an outreach event with their business community to educate them on the goals of RCEP. The Japanese asked to set up a workshop on e-Commerce.
  • The seventh round of RCEP negotiation was held on February 9–13, 2015 in Bangkok, Thailand. An expert group on electronic commerce met during this round. The Asian Trade Centre (based in Singapore) submitted a proposal regarding an e-Commerce chapter and gave a presentation on the paper.
  • The eighth round of RCEP negotiation was held on June 5–13, 2015 in Kyoto, Japan.
  • The ninth round of RCEP negotiation was held on August 3–7, 2015 in Nay Pyi Taw, Myanmar.
  • The tenth round of RCEP negotiation was held on October 12–16, 2015 in Busan, South Korea. The meetings took place at BEXCO (Busan's Convention and Exhibition Centre). This round included the first region wide stakeholder meeting (organized by the Singapore-based Asian Trade Centre) which involved an informal meeting between government officials and business representatives over lunch followed by an afternoon seminar focused on what RCEP can do to help business operate in the e-Commerce space.
  • The eleventh round of RCEP negotiation was held on February 14–19, 2016 in Bandar Seri Begawan, Brunei.[18]
  • The twelfth round of negotiation of RCEP was held on April 17–29, 2016 in Perth, Australia.[19]
  • The thirteenth round of RCEP negotiation was held on June 12-18, 2016 in Auckland, New Zealand.[20]
  • The fourteenth round of RCEP negotiation was held on August 15–18, 2016 in Vietnam.
  • The fifteenth round of RCEP negotiation was held on October 11–22, 2016 in Tianjin, China.[21]
  • The sixteenth round of negotiations of RCEP was held on December 6–10, 2016 in Tangerang, Indonesia.
  • The seventeenth round of negotiations of RCEP was held in Kobe, from February 27 to March 3, 2017 in Kobe, Japan.
  • The eighteenth round of RCEP negotiation was held on May 8–12, 2017 in Manila, Philippines.[22]
  • The nineteenth round of RCEP negotiation was held on July 24–28, 2017 in Hyderabad, India.[23]
  • The twentieth round of RCEP negotiation was held on October 17-28, 2017 in Incheon, Korea.[24]
  • The first RCEP summit was held on Nov 14, 2017 in Manila, Philippines.[3][25]
  • The twenty-first round of RCEP negotiation was held on February 2-9, 2018 in Yogyakarta, Indonesia.[26]
  • The twenty-second round of RCEP negotiation was held from April 28 to May 8, 2018 in Singapore.[27]
  • The twenty-third round of RCEP negotiation was held on July 17-27, 2018 in Bangkok, Thailand.[28]
  • August-October 2018, a series of ministerial meeting in Singapore and Auckland.[29]
  • The twenty-fourth round of RCEP negotiation was held on October 18-27, 2018 in Auckland, New Zealand.[30]
  • November 2018, a leaders' summit in Singapore is scheduled.[31]
  • March 2019, a ministerial meeting of RCEP trade ministers held in Cambodia. The ministers agreed to intensify engagement for the remainder of the year (including by convening more inter-sessional meetings).
  • Senior officials will hold inter-sessional meetings starting May 24, 2019 in Bangkok, Thailand to iron out issues pertaining to the goods and services sector.[32]
  • The twenty-sixth round was held on July 3, 2019 in Melbourne, Australia.

Criticism[edit]

RCEP has been criticized by free culture activists for containing "quite simply the worst provisions on copyright [...] ever seen in a trade agreement."[33] Global health care activists have criticized the agreement for potentially forcing India to end its cheap supply of generic medications to poor countries.[34]

See also[edit]

References[edit]

  1. ^ "RCEP: Challenges and Opportunities for India, 25 July 2013, RSIS, Singapore" (PDF). rsis.edu.sg. Archived from the original (PDF) on 30 December 2013. Retrieved 24 April 2018.
  2. ^ Stefani Ribka/Linda Yulisman (7 December 2016). "RCEP talks speed up amid TPP failure".
  3. ^ a b "Najib: RCEP likely to be signed in Nov 2018". 15 November 2017.
  4. ^ "What is the Regional Comprehensive Economic Partnership (RCEP)? Ministry of Trade and Industry Singapore November 2012" (PDF).
  5. ^ a b "Regional Comprehensive Economic Partnership (RCEP) Joint Statement The First Meeting of Trade Negotiating Committee". 10 May 2013. Archived from the original on 19 February 2015.
  6. ^ Diplomat, Rohit Sinha and Geethanjali Nataraj, The. "Regional Comprehensive Economic Partnership (RCEP): Issues and Way Forward". thediplomat.com.
  7. ^ a b "Understanding and applying long-term GDP projections | EABER". eaber.org. Retrieved 17 June 2016.
  8. ^ Reichert, Corinne. "Trump dumping Trans-Pacific Partnership - ZDNet". zdnet.com.
  9. ^ "The 7Th Regional Comprehensive Economic Partnership (RCEP) Intersessional Ministerial Meeting, 2 March 2019, Siem Reap, Cambodia, Joint Media Statement" (PDF).
  10. ^ "Nineteenth ASEAN Summit, Bali, Indonesia | 14-19 November 2011". Archived from the original on 29 June 2013.
  11. ^ "ASEAN plus 6 agree to start RCEP talks CCTV News - CNTV English". english.cntv.cn.
  12. ^ "Announcement of the Launch of Negotiations for the Regional Comprehensive Economic Partnership (RCEP) Ministry of Economy, Trade and Industry Japan 20 November 2012". Archived from the original on 14 October 2013.
  13. ^ "Australia hosts second round of Regional Comprehensive Economic Partnership (RCEP) Negotiations in Brisbane". Archived from the original on 3 October 2013.
  14. ^ "Media Release: 3rd Meeting of the RCEP Trade Negotiation Committee 20-24 January 2014, Kuala Lumpur, Malaysia | 27 Jan 2014 08:40 AM | The Ministry of International Trade and Industry, Malaysia". Archived from the original on 22 February 2014.
  15. ^ "Fourth Round of Negotiations for Regional Comprehensive Economic Partnership (RCEP)". Joint press release of Japanese Ministry of Economy, Trade, and Industry with the Ministry of Foreign Affairs. 4 April 2014.
  16. ^ "5th negotiation of Regional Comprehensive Economic Partnership Agreement (RCEP)". Ministry of Industry and Trade of the Socialist Republic of Vietnam. 30 June 2014. Archived from the original on 22 December 2015. Retrieved 20 December 2015.
  17. ^ "Department of commerce". commerce.nic.in.
  18. ^ "China FTA Network".
  19. ^ "The 12th Round of Negotiation of Regional Comprehensive Economic Partnership (RCEP) Held in Perth".
  20. ^ "Thirteenth Round of Negotiations for Regional Comprehensive Economic Partnership (RCEP) to be held in Auckland". Ministry of Foreign Affairs of Japan. 8 June 2016.
  21. ^ "The 14th Round of Negotiation of Regional Comprehensive Economic Partnership Held in Ho Chi Minh City, Vietnam". english.mofcom.gov.cn.
  22. ^ http://www.dti.gov.ph/media/latest-news/10511-asean-fta-partners-meet-for-rcep-in-manila
  23. ^ S, Arun (27 July 2017). "India pressed to open up procurement". The Hindu.
  24. ^ "20th Round of Negotiations for Regional Comprehensive Economic Partnership (RCEP)". Ministry of Foreign Affairs of Japan. 12 October 2017.
  25. ^ "Now push RCEP, Abe-san". The Straits Times. 24 November 2017.
  26. ^ "21st Round of Negotiations for Regional Comprehensive Economic Partnership (RCEP)". Ministry of Foreign Affairs of Japan. 29 January 2018.
  27. ^ "22nd Round of Negotiations for Regional Comprehensive Economic Partnership (RCEP)". Ministry of Foreign Affairs of Japan. 25 April 2018.
  28. ^ "23th Round of Negotiations for Regional Comprehensive Economic Partnership (RCEP)". Ministry of Foreign Affairs of Japan. 12 July 2018.
  29. ^ Livemint (5 September 2018). "India wins key concession on services at RCEP Singapore Ministerial".
  30. ^ "23th Round of Negotiations for Regional Comprehensive Economic Partnership (RCEP)". Ministry of Foreign Affairs of Japan. 16 October 2018.
  31. ^ South China Morning Post (3 September 2018). "US trade war and Japan push raise prospects for China-backed Asia free-trade deal".
  32. ^ https://www.business-standard.com/article/pti-stories/senior-officials-of-rcep-countries-to-meet-in-bangkok-on-may-24-119042200470_1.html
  33. ^ "RCEP: The Other Closed-Door Agreement to Compromise Users' Rights". Electronic Frontier Foundation. 20 April 2016. Retrieved 28 April 2016.
  34. ^ Chandran, Nyshka (12 January 2017). "China-backed trade deal may not gain from TPP's loss. Blame India". CNBC.

External links[edit]