The Regional Comprehensive Economic Partnership (RCEP)-a mega trade agreement signed by 15 countries, came into effect on January 1, 2022.
- It was signed in November 2020, and involves the member states of the Association of Southeast Asian Nations, or Asean, alongside the People’s Republic of China, Japan, Australia, and New Zealand. South Korea is also a signatory, and will join th e pact at the end of January.
- India was part of the RCEP process but eventually pulled out of joining.
- The RCEP countries collectively cover about one-third of the world’s population and make up 30 per cent of the global economy.
