RCEP`s membership duplicates that of another major regional trade pact, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The agreement, signed by 11 countries in 2018, was originally called the Trans-Pacific Partnership and was to include America just so that Donald Trump could step down as soon as he took office. When the two agreements were negotiated, U.S. officials would very gently view the RCEP as a low-quality, twentieth-century pact focused on tariffs and rudimentary trade facilitation measures, unlike the TPP, which covers areas such as environmental and labor standards and rules applicable to state-owned enterprises. They were praised for exploring "many of their applications" and launching "contract theory as a fertile field of basic research." In these broad areas of convergence, economists often disagree on the magnitude and magnitude of the potential effects. Contract theory is the study of how people and organizations build and develop legal agreements. It analyses how parties with conflicting interests enter into formal and informal contracts, even rental contracts. Contract theory is based on principles of financial and economic behaviour, since different parties have different incentives to perform or not to perform certain acts. It is also useful to understand futures and other legal contracts and their provisions. It also includes declarations of intent and declarations of intent.