What is Regional Comprehensive Economic Partnership?

RCEP stands for Regional Comprehensive Economic Partnership. It is an agreement between the members of the ASEAN countries and their FTA (Free Trade Agreement) partners. It deals with trade in goods and services, etc.

It was first introduced in the 19th ASEAN summit held in Indonesia, and discussions started from the 21st summit held in Cambodia.

Objective

It aims to integrate the markets of 16 countries and intends to free the flow of goods and services across all these countries without any barriers.