Worlds Biggest Trade Pact | India Rejects the Pact | Only Country to Deny


Defence career app, defence learning App, defence exam app, Armed force app, Army app, Army exam app, Air force app, Air force exam app, Navy app, Navy exam app, State police app, Army GD app, Army Technical app, Navy AA app, Navy SSR app, Coast Guard (Sailor) app, Coast Guard (AC) app, TA (Sainik) app, RIMC app, RIMC exam app, Army Clerk app, Army NA app, AFCAT app, AFCAT exam app, CDS app, Military School app, Sainik School app, Jawahar Navodaya app, Rajasthan Police app, Airforce Y Grp app, Airforce X Grp app, NDA app, SSB (Interview) app, CRPF (AC) app, SSC (GD) app, Defence Force app

Fifteen countries have formed the world's largest trading bloc, covering nearly a third of the global economy.

The Regional Comprehensive Economic Partnership (RCEP) is made up of 10 Southeast Asian countries, as well as South Korea, China, Japan, Australia and New Zealand.

The pact is seen as an extension of China's influence in the region.

The deal excludes the US, which withdrew from a rival Asia-Pacific trade pact in 2017.

President Donald Trump pulled his country out of the Trans-Pacific Partnership (TPP) shortly after taking office.

Negotiations over the new RCEP deal began in 2012 and it was finally signed on Sunday on the sidelines of a meeting of the Association of Southeast Asian Nations.


Why is it important?

The RCEP isn't as comprehensive and doesn't cut tariffs as deeply as the TPP's successor. But many analysts think RCEP's sheer size makes it more significant.

"Its membership includes a larger group of nations, notably reflecting the membership of China, which considerably boosts the total Gross Domestic Product (GDP) of RCEP members," according to Rajiv Biswas, Asia Pacific chief economist for analyst firm IHS Markit.

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.


Why do members want this deal?

For starters, leaders hope that the pact will help to spur recovery from the coronavirus pandemic.

"Under the current global circumstances, the fact the RCEP has been signed after eight years of negotiations brings a ray of light and hope amid the clouds," said Chinese Premier Li Keqiang.

Longer-term, Mr. Li described the agreement as "a victory of multilateralism and free trade".

India was also part of the negotiations, but it pulled out last year over concerns that lower tariffs could hurt local producers.

Signatories of the deal said the door remained open for India to join in the future.

Members of the RCEP make up nearly a third of the world's population and account for 29% of global gross domestic product(GDP).

The new free trade bloc will be bigger than both the US-Mexico-Canada Agreement and the European Union.



Defence career app Defence learning App 

Defence exam app Armed force app Army app 

Air force app Navy app State police app

Comments

Post a Comment

Popular posts from this blog

Indian Army Uniforms

Image
  A  uniform  is a type of  clothing worn by members of an organization while participating in that organization's activity. Modern uniforms are most often worn by armed forces and paramilitary organizations such as police, emergency services, security guards and many others. Today we will be talking about different types of uniforms in Indian army. General Duty : These are different for winters and summers. For winters, the officers wear a peach color shirt, black tie and an olive green blazer along with a beret or a peak cap. In summers, all ranks wear the popular Olive Greens which is also a standard  uniform  in all peace areas.   BluePatrol : Blue Patrol is the dress code for ceremonial uniform during winters. The blue patrol is worn with a ‘bandgala’ coat. The shoulder pips are embroidered along with ranks on the coat except for armored  corps officers who wear a chain mail along with their ranks on the shoulders. This is also preferred as the mess dress and forma
Read more

The Rajput Regiment

Image
The  Rajput Regiment  is an infantry regiment of the Indian army. It is composed primarily of troops from the Rajput , and Gurjar community. In 1945, the class composition of the regiment was 50% Rajput and 50% Muslim. Most of the Rajput battalions saw action during the First World War. The 1st battalion fought at the Battle of Dujailah in Mesopatamia, where it was nearly annihilated. The 3rd battalion fought the Battles of Qurna and Kut-al-Amara against the Turks. In one of the battles the Turks had invaded both the flanks of the 3rd Rajput, during which Jemadar Sital Baksh was severely wounded. Sepoy Jhandu Singh rushed to his rescue, the Jemadar ordered him to leave him behind but the sepoy lifted him on his back and started moving through the marshlands. Soon both the rescuer and the rescued became targets of the Turks and were riddled with bullets. Sepoy Jhandu Singh was awarded a posthumous Indian Order of Merit and Médaille militaire. Since the 1980s a number of R
Read more

Guidelines for SSB Part 1

  INSTRUCTIONS FOR SSB INTERVIEW: SELECTION CENTRE SOUTH, BANGALORE   Dear Candidate,  1. Further to Notification issued by UPSC/Army HQ and published in Employment News/official website of UPSC/Army HQ.  2. We are pleased to inform you that you are nominated to attend SSB interview at Selection Centre South, Bangalore.  3. Candidates are required to report at Krantivira Sangolli Rayanna (KSR) Bangalore (SBC), Railway Station at 1400 hours (2 PM) on the dates given in the Call Up letter or as selected by the candidate. In case of train delay, candidate can report directly to the Selection Centre South, Bangalore by 1700hrs on the same day. Location map is given below. In case the candidate report earlier, they will have to stay under your own arrangements. Accommodation will be provided to the candidate only and not to anyone who accompanies the candidate (in case someone accompanies). 4. A representative of the SSB will be present at Movement Control Office (MCO) located at Krantivi
Read more