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

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.

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.

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.

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.

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

According to the Minister of Industry and Trade Tran Tuan Anh, the participation in many new generation FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam-EU FTA (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP) will create more development opportunities for the logistics industry

Vietnamese businesses in Australia have made significant contributions to the growth of Vietnam-Australia trade in 2020, Vietnamese Ambassador to Australia Nguyen Tat Thanh said at a ceremony to review activities of the Vietnamese Entrepreneurs Association in Sydney (VEAS) on December 5.

Hong Kong has gained support from Beijing and some neighboring countries to join the Regional Comprehensive Economic Partnership signed by 15 countries to promote free trade, Chief Executive Carrie Lam Cheng Yuet-ngor said.

The Regional Comprehensive Economic Partnership (RECP) has just been signed on November 15 and is expected to take effect next year. This world's largest FTA will create a great opportunity to help Vietnam promote exports, while not creating a "shock" of trade deficit from markets, especially the Chinese market.