RCEP Indonesia Stance:

• In his statement to DPR Commission VI, Minister argued that the RCEP will benefit Indonesia.

• It also promises to strengthen its role in regional supply chains and improve the country`s economic performance in the midst of the covid-19 pandemic.

• The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement among Australia, Brunei, China, Cambodia, Japan, Indonesia, Laos, South Korea, Malaysia, New Zealand, Myanmar, Singapore, Thailand, the Philippines, and Vietnam.

• The RCEP excludes India and the United States. The 15-member block accounts for 30% of the global population and 30% of global GDP.

• India refused to join the RCEP, citing concerns that it would open the door to Chinese goods, increasing its trade deficit with China.

• Since 2012, the RCEP agreement has been in the works. India was also present at the talks. In contrast, India withdrew in 2019 due to concerns about lower tariffs.

• Prior to India, the United States had withdrawn from the Trans-Pacific Partnership (TPP) in 2017.

• To assist emerging economies in catching up with developed economies, tariffs will be reduced, trade in services will be opened up, and investment will be encouraged.

• Companies will save money and time as a result of the agreement, which allows them to export goods anywhere within the EU without having to follow separate rules for each country.

Nuclear War UNSC Statement:

• Russia, China, the United Kingdom, the United States, and France stated in a joint declaration that further nuclear proliferation and a nuclear conflict should be avoided.

• These five countries are also concerned with avoiding nuclear war and minimising strategic risks. They also want to work with all countries to create a safe environment.

• Countries agreed in a joint statement that a nuclear war is unwinnable and should never be fought.

• They also stated that as long as nuclear weapons exist, they should be used for defence, conflict prevention, and aggression deterrence.

• In light of deteriorating bilateral relations between the United States and Russia, a joint statement was issued. The relationship between the two countries has deteriorated to its lowest point since the Cold War`s end.

• Relations between the United States and China are also at an all-time low.

EU Presidency For Six Months 2022: France

• The country will hold the EU presidency for the next six months, until June 30, 2022. For the 13th time, France will assume the rotating presidency.

• France`s motto as EU President is "recovery, strength, belonging."

• France will work to push digitalization and climate protection to the top of the continent`s priority list.

• The EU presidency is rotated every six months among the bloc`s 27 member states. After France`s six-month presidency ends, the Czech Republic will take its place.

• France`s capital is Paris and currency is the Euro. 

• The Prime Minister is Jean Castex, and the President is Emmanuel Macron.

International Current Affairs January 1st Week 2022