Business Handbook “A Summary of the Regional Comprehensive Economic Partnership (RCEP)”

15/11/2021    32

Time: 2021

By: Center for WTO and International Trade - VCCI

The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA) between 10 ASEAN countries (including Vietnam) and five non-ASEAN economic partners, namely Australia, Korea, New Zealand, Japan and China, signed on November 15, 2020. The Agreement will take effect after 6 ASEAN countries and 03 non-ASEAN partners complete the internal ratification process.

Vietnam has particularly large trade and investment relationships with RCEP signatories. The partners in the top sources of foreign direct investment in Vietnam, the largest sources of imports into Vietnam are in this region. In comparison with ASEAN's FTA ​​and ASEAN's FTAs with partners, the RCEP Agreement has a wide scope of commitments, a strong degree of liberalization and/or higher standards in many aspects. Therefore, the implementation of the RCEP is expected to have a strong impact on the economy as well as the business activities of businesses in Vietnam.

The Full Text of the RCEP includes 20 Chapters and 04 Annexes, with thousands of pages of commitments with complex content and language. Understanding and taking advantage of opportunities from these commitments is a big challenge for most Vietnamese businesses.

In order to support businesses to learn and prepare more fully for the effective implementation of this Agreement, the Vietnam Chamber of Commerce and Industry - VCCI (the Center for WTO and International Trade) compiled the Business Handbook “A Summary of the Regional Comprehensive Economic Partnership (RCEP)”.

This is the document that summarizes all core contents of the RCEP, selected from the commitments that have the most direct effect and are expected to have the most impact on the interests of businesses. On the basis of analyzing content of the RCEP commitments, assessing their impact on businesses, referring to studies, analysis, and summaries of domestic and foreign experts on commitments, Business Handbook interprets commitments in a concise, easy to understand manner, as well as noting for businesses about the issues that need focusing to prepare for the effective implementation of related commitments.

The Vietnam Chamber of Commerce and Industry would like to thank for the support of the Australia supports Vietnam's economic reform program (Aus4Reform) in researching, compiling and disseminating this Business Handbook./

This Business Handbook (in Vietnamese) is attached below: