Recently 10 ASEAN members + South Korea, China, Japan, Australia and New Zealand came together to form Regional Comprehensive Economic Partnership(RCEP). This is largest free trade agreement (FTA) in the world surpassing both the US-Mexico-Canada Agreement and European Union (EU)

Members of the RCEP make up nearly 1/3 of the world's population and account for 29% of global GDP. It is expected to eliminate a range of tariffs on imports within 20 years and includes provisions on IPRs, telecommunications, financial services, ecommerce & professional services

Under RCEP, parts from any member nation would be treated equally, which might give companies in RCEP countries an incentive to look within the trade region for suppliers. However, it is feared that the deal is likely to benefit China,Japan and South Korea more than other members

The deal could increase global national income by $186 billion annually by 2030 and add 0.2% to the economy of its member states. However,it could be some time before any country sees the benefits, because 6ASEAN nations and 3other nations have to ratify it before it takes effect

While China already has a number of bilateral trade agreements, this is the first time it has signed up to a regional multilateral trade pact. RCEP will give China access to Japanese and South Korean markets in a big way, as the three countries have not yet agreed on their FTA.

Negotiations over RCEP deal began in 2012. India was also part of the negotiations but pulled out in 2019. major concern was inadequate protection against surges in imports as its industry had fears that signing RCEP would allow cheaper products from China to flood indian market

India, as an original negotiating participant of the RCEP, has the option of joining the agreement without having to wait 18 months as stipulated for new members in the terms of the pact.

RCEP signatory states plan to commence negotiations with India once it submits a request of its intention to join the pact "in writing", nd it may participate in meetings as an observer prior to its accession. India already has trade & investment agreementswith 12/15 RCEP members