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Nhan Dan (People) Newspaper held an online seminar in Hanoi on December 22 to help enterprises and people to gain a further understanding of the opportunities and challenges from the Regional Comprehensive Economic Partnership (RCEP) agreement.

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The recent signing of the Regional Comprehensive Economic Partnership (RCEP) between Asia-Pacific nations marks an encouraging reversal to the rising trend of trade protectionism and deglobalisation.

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While the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA) are designed to maximize trade and investment liberalization, the Regional Comprehensive Economic Partnership (RCEP) agreement is the harmonization of standards to facilitate trade in the region. Vietnam Economic News’ Thu Phuong spoke about the recently signed RCEP agreement with Phung Thi Lan Phuong, Head of the Free Trade Agreement Office under the WTO (World Trade Organization) and Integration Center of the Vietnam Chamber of Commerce and Industry (VCCI).

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The Regional Comprehensive Economic Partnership (RCEP) Agreement comprises 20 chapters with commitments covering goods, services, investment, intellectual property rights, competition, trade remedies, standards, e-commerce and dispute settlement. Many of these chapters were not included in the underlying ASEAN+1 agreements that formed the original core of RCEP.

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ASEAN push, RCEP pact, BRI's success lead China into championing FTAAP

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Vietnam is a perfect economic partner for Australia, said a joint report by Asia Society Australia and the Australian APEC Study Centre at RMIT University.

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After eight years of negotiations, the Regional Comprehensive Economic Partnership (RCEP)—covering 15 economies in the Asia-Pacific region, accounting for 30 percent of the global population, 30 percent of global GDP, and 34 percent of global investment flows—was finally signed on November 15, 2020. The RCEP is expected to enter into force in 2021.

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China's domestic manufacturers have continued to receive overseas orders from Southeast Asia, helping retain strong trade growth with the trading bloc, despite disruptions caused by COVID-19 this year.

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The recently signed Regional Comprehensive Economic Partnership (RCEP) includes 10 ASEAN member countries and five countries with which ASEAN has signed Free Trade Agreements (FTAs) namely Australia, China, Japan, the Republic of Korea and New Zealand.

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The Regional Comprehensive Economic Partnership (RCEP) is expected to boost regional and global supply chains and the economy of ASEAN members and partners.

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