22. The World's Largest Trade Deal!! What is RCEP? And What is Free Trade? (English Vocabulary Lesson)

On today’s episode we’ll look at the recently signed Regional Comprehensive Economic Partnership, which brings together 15 Asian and Oceanic countries into the largest free trade agreement in the world. We’ll discuss the idea of free trade, look at the details of the agreement, and finally think about some criticisms of RCEP!

Transcript - https://thinkinginenglish.blog/2020/11/18/22-the-worlds-largest-trade-deal-what-is-rcep-and-what-is-free-trade-english-vocabulary-lesson/

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Vocabulary List

trade (n) - the activity of buying and selling, or exchanging, goods and/or services between people or countries

70 percent of the country’s trade is with Europe

gross domestic product (n) - the total value of goods and services produced by a country in one year

Apple makes more money than some countries' gross domestic products!

Intricacy (n) - complicated details

I enjoyed the film, but i couldn’t follow all the intricacies of the plot

Imports (n) - goods bought by one country from another

They have restrictions on foreign imports

Exports (n) - a product that you sell in another country

Coffee is one of Brazil’s main exports

Tariff (n) - a charge or list of charges either for services or goods entering a country

Prices and tariffs change all the time, so it’s difficult to say what you will get for your money

Limitations (n) - if someone or something has limitations, they are not as good as they could be

Despite his limitations as a manger, he always brings projects to completion on time

Component (n) - a part that combines with other parts to from something bigger

The factory supplies electrical components for cars

Comprehension Questions!

Q. How much of the global gross domestic product comes from RCEP members?

A. Around 30%

Q. What percentage of tariffs will RCEP eliminate?

A. Up to 90%

Q. Who criticised RCEP as being ‘low ambition’?

A. Former Australian Prime Minister Malcolm Turnbull

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