Regional Comprehensive Economic Partnership: Status and Recent Developments [November 19, 2019] [open pdf - 679KB]
From the Document: "The Regional Comprehensive Economic Partnership (RCEP) is a prospective trade agreement between the ten members of the Association of Southeast Asian Nations (ASEAN) and five of their major FTA [free trade agreement] partners--Australia, China, Japan, New Zealand, and South Korea. [...] India, the primary holdout in recent negotiations, announced its withdrawal from the pact, though indicated it may consider rejoining. Despite India's announcement, the other RCEP members indicated that they aim to sign the deal in 2020. The text or exact details of the agreement are not yet public, limiting analysis of its implications, though some members have released general summaries. [...] Although RCEP is not considered likely to be as comprehensive as other agreements in terms of the scope and depth of prospective commitments, its current members constitute about 30% of global trade and GDP [gross domestic product], giving it the potential to restructure some trade patterns in Asia. As these initiatives advance without U.S. participation, Congress may consider how U.S. commercial interests in the region, as well as the U.S. role in shaping trade rules and economic integration efforts in the Indo-Pacific and globally, could be affected."
CRS Insight, IN11200
Congressional Research Service: https://crsreports.congress.gov/