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Foreign trade policy 2015: TPP, RCEP, PTA, FTA CECA, CEPA - Economics, UPSC Mains Exam Video Lecture

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FAQs on Foreign trade policy 2015: TPP, RCEP, PTA, FTA CECA, CEPA - Economics, UPSC Mains Exam Video Lecture

1. What is the TPP in foreign trade policy 2015?
Ans. The TPP, also known as the Trans-Pacific Partnership, was a trade agreement that aimed to promote economic integration among 12 Pacific Rim countries, including the United States, Japan, and Australia. It aimed to reduce trade barriers, enhance market access, and establish common rules for trade in the Asia-Pacific region.
2. What is RCEP in foreign trade policy 2015?
Ans. RCEP, or the Regional Comprehensive Economic Partnership, was a proposed free trade agreement among 16 countries in the Asia-Pacific region. It aimed to create a common market, enhance trade cooperation, and facilitate economic integration among participating nations. The RCEP negotiations aimed to address various trade-related issues, including tariffs, intellectual property rights, and services trade.
3. What are PTA and FTA in foreign trade policy 2015?
Ans. PTA stands for Preferential Trade Agreement, while FTA stands for Free Trade Agreement. Both PTA and FTA are trade agreements between countries or regions that aim to reduce trade barriers and promote economic cooperation. However, the main difference between the two lies in the extent of trade liberalization. PTAs typically involve the reduction of tariffs on selected goods, while FTAs aim for a more comprehensive liberalization of trade in goods, services, and investments.
4. What is CECA in foreign trade policy 2015?
Ans. CECA stands for Comprehensive Economic Cooperation Agreement. It is a trade agreement that aims to enhance trade and economic cooperation between two countries or regions. CECA covers a wide range of areas, including trade in goods, services, investments, intellectual property rights, and economic cooperation. The agreement aims to promote bilateral trade and remove barriers to trade and investment between the participating countries.
5. What is CEPA in foreign trade policy 2015?
Ans. CEPA stands for Comprehensive Economic Partnership Agreement. Similar to CECA, CEPA is a trade agreement that aims to deepen economic cooperation between two countries or regions. It covers various aspects of trade and economic cooperation, including trade in goods, services, investments, and intellectual property rights. CEPA aims to create a comprehensive and balanced framework for trade and investment between the participating countries.
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