Regional prosperity can be increased only by participating economically in the present economic era. To achieve this goal, 15 countries of the world have signed RCEP agreement. RCEP i.e. Regional Comprehensive Economic Partnership is a free trade agreement between a total of 15 countries in Asia, Southeast Asia and Asia Pacific (Asia Pacific). In these 15 countries, 30 percent of the world’s population i.e. about 200 crore resides. The population of the whole world is about 800 crores. Along with this, 30 percent of the global GDP i.e. about 30 trillion dollars i.e. about 2400 lakh crore rupees also comes out from these countries. The total GDP of the whole world has been estimated to be around 8000 lakh crore rupees. This agreement is important for the Asian continent because it includes 13 economically strong countries in Asia, including countries with large economies such as China, Indonesia, Japan and South Korea. If we look at the GDP of these four major countries, China’s GDP is about 1400 lakh crore rupees and Japan’s GDP is about 400 lakh crore rupees. At the same time, the GDP of South Korea is 150 lakh crore rupees and the GDP of Indonesia is about 100 lakh crore rupees. The 15 countries under RCEP include 10 countries of ASEAN and two countries of Asia Pacific as well as China, Japan and South Korea. . ASEAN ie Association of South East Asian Nations countries include 10 countries in Southeast Asia such as Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar, and Cambodia. In this economic partnership agreement RCEP, Australia, New Zealand are members of the Asia Pacific, while the major countries of Asia include South Korea, Japan and China. Free trade agreements around the world are based on this main economic aspect to do business with each other. countries do not impose import tariffs on each other. It is noteworthy that the price of foreign goods or services in any country is decided according to the import duty or imported duty of the importing country. If there is no import duty on the imported item, then the product remains cheap and if the importing country increases the import duty, then the price of the item also becomes expensive. Under this agreement, RCEP member countries will reduce the import duty or import duty on imported products or services from member countries by 90 percent in the coming years so that the population of member countries can directly benefit from it and cheap services and products can be made available to member countries. be available in Mutual benefits have been given importance in this agreement. The RCEP agreement was signed by all the member countries in November 2020 and came into force on 1 January 2022. Recently, on June 1, 2023, Philippines became the 15th country to implement this agreement and now this agreement has been implemented in all 15 countries of RCEP. hold meetings. Under this, a high-level forum meeting is going to be held in the Chinese city of Qingdao from June 28 to 30 to further deepen the regional economic and trade partnership partnership between RCEP member countries. The three-day meeting will be hosted by the city of Qingdao in East China’s Shandong province. The city of Qingdao, situated at the mouth of China’s Yellow Sea, is famous for its modern port to conduct economic activities. Along with being the headquarters of the world’s famous electronics companies in this city, the world’s best beer is also made in Qingdao. In the year 2018, the summit of Shanghai Cooperation Organization has also been organized in this city.(Reporter-Vivek Sharma)
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