Consider the following statements about the Regional Comprehensive Economic Partnership (RCEP): 1. It is a comprehensive free trade agreement between the ASEAN member States and ASEAN's free trade agreement partners. 2. India opted out of RCEP. Which of the statements given above is/are correct?

Both statements are correct. RCEP is a comprehensive free trade agreement signed in November 2020 among the 10 ASEAN member states and their five FTA partners — China, Japan, South Korea, Australia and New Zealand. India was a participating negotiating country but opted out in November 2019 over concerns about the impact on its domestic industries, the trade deficit with China, inadequate protection against import surges, and unresolved issues regarding services and movement of professionals.