- RCEP was built upon existing ASEAN+1 FTAs.
- It aimed to broaden and deepen engagement among 16 participating countries.
- Significance:
- To strengthen economic linkages.
- To enhance trade and investment related activities.
- To contribute to minimizing development gap among parties.
- To achieve a modern, comprehensive, high-quality, and mutually beneficial economic partnership.
- Covers trade in goods, services, investment, IPR, e-commerce, etc.
- Would have created the world’s largest free trade area.