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RCEP is one of the important concepts of the trade agreement which is followed by the countries related to the Asia-Pacific nations. This particular agreement was signed in the year 2020 on 15th November in Hanoi, Vietnam, and this agreement is considered as the effective agreement on 1st January 2022. There is a condition related to the agreement and the depository of the agreement is the secretary-general of ASEAN.
International relations
International relations refer to the process of interactions applied by the states in the context of the international system of the interstate. International relations also try to explore that behavior of the other countries can be related to the interaction process which is associated with the members of the countries.
There are some types of international relationships. These types are discussed below:
Realism: This is one of the important types of international relations that refers to the particular approach which can state that the countries can try to increase their own power and for this reason, they are working and trying to improve their trade or business. The main goal of realism sometimes is not achieved by the government.
Liberalism: This is considered as the other important type of international relation and it can be defined as liberal internationalism which depends on a belief that the present system related to global trade is capable of continuing the peaceful world trade.
Constructivism: This is the other essential type of international relation and it can try to reset the notion that is related to the increasing interest of the material. Constructivism is related to the systems of belief. These systems are associated with the historical, cultural, and social systems.
There is also the importance of international relations. This type of relationship can try to develop skills that are transferable in nature. These types of skills help the countries to critically evaluate the complexities of trade in the contemporary world.
Regional comprehensive economic partnership
The regional comprehensive economic partnership or RCEP is related to the world trade agreement and it is mainly a mixture of high, medium, and low economic nations or countries. It can try to create the main regulations and rules of trade policy, intellectual property, and e-commerce. There are also some limitations of the agreement as well as the benefits. One of the important limitations is this is not an open agreement and this has also low coverage of trade imports and for this reason, more than 90% of tariffs would be distinguished. The other limitation is this agreement does not have any kind of strict rules and regulations.
Full from of RCEP
The full form of RCEP is a Regional Comprehensive Economic Partnership. There is no doubt that with the help of RCEP, the economic integration of East Asia is increasing. On the other hand, the entire business environment is also improved effectively due to this essential agreement. After signing this agreement, the development of international trade increased more than 90%.
There are some purposes of the crucial trade agreement. These purposes are described below:
- The key aim of RCEP is to eliminate the challenges related to tariffs and non-tariff in the context of all types of trades in goods or products. In this way, the international free area of trade is built by the RCEP.
- The other main purpose is RCEP can manage the negotiations related to the business on a clean and complete basis.
Members of RCEP
From the above discussion, it can be stated that the RCEP is a significant trade agreement and there are some countries that are considered as members of RCEP. These countries are Australia, Cambodia, China, Brunei, Japan, Thailand, South Korea, Malaysia, Laos, Indonesia, Singapore, Vietnam, Philippines, and New Zealand. These are the main fifteen members of the particular agreement which is based on 30% of the world population or 2.2 million people. These countries account for almost 30% of the GDP of the world which means $29.7 trillion. Conversely, the proposal of the agreement passed in the year 2011 on the summit of Bali, Indonesia.
Conclusion
From the above discussion, it can be concluded that the RCEP is the essential agreement amongst the 15 important countries of the Asia-Pacific region related to free trade. This above-mentioned agreement can try to create the biggest bloc of the world and also marks the effective achievement of China against the U.S.
