What is the history of the RCEP and why can it be viewed as an alternative to the Trans-Pacific Partnership trade agreement?

The Regional Comprehensive Economic Partnership negotiations were launched by leaders from ASEAN and ASEAN's free trade agreement partners in the margins of the East Asia Summit in Phnom Penh, Cambodia, on November 20th, 2012. So far, there have been 16 rounds of talks.

Analysts say the objective of launching the RCEP negotiations is to achieve a high-quality and mutually beneficial economic partnership agreement. The pact, among other things, will cover trade in goods, services, investment, and economic and technical cooperation.

How big will the market be? Data suggests that RCEP potentially includes about 3.5 billion people, and a combined GDP accounting for about one third of global trade. The combined GDP of potential RCEP members surpassed the combined GDP of Trans-Pacific Partnership members in 2007.