Trade Blocs — Prelims Questions

Consider the following statements about the Regional Comprehensive Economic Partnership (RCEP): 1. It includes all ASEAN member countries plus China, Japan, South Korea, Australia, and New Zealand 2. India is a founding member of RCEP 3. It covers approximately 30% of global GDP and population 4. It includes provisions for digital trade and e-commerce Which of the statements given above are correct?

Which of the following best describes the concept of 'trade diversion' in the context of regional trade blocs?

Consider the following pairs of trade blocs and their characteristics: 1. European Union - Common external tariff and single currency 2. ASEAN - Free trade area with independent external trade policies 3. MERCOSUR - Customs union among South American countries 4. USMCA - Economic union with harmonized economic policies How many pairs given above are correctly matched?

India's decision to not join RCEP was primarily influenced by concerns about:

The 'Brussels Effect' in the context of international trade refers to: