Minister of Industry and Trade Tran Tuan Anh (Photo: VNA)
Hanoi (VNA) – The 10th Meeting on the RegionalComprehensive Economic Partnership (RCEP), scheduled for June 23 in Hanoi, isexpected to bring a new change to regional and global trade.
The meeting will be chaired by the Vietnamese Ministry of Industry andTrade.
Via rounds of negotiations since 2012 between ASEAN’s 10 member states andsix dialogue partners, the RCEP is considered the world’s largest free trade agreement.
Minister of Industry and Trade Tran Tuan Anh said once the RCEP comes intoforce, it will create a market with about 3.5 billion consumers and a grossdomestic product (GDP) of 49 trillion USD, accounting for 39 percent of theworld’s.
The deal, scheduled to be signed this year, will also create the world’slargest free trade area with commitments regarding the opening of markets ingoods, services and investment, simplification of customs procedures and rulesof origin of products.
It is also expected to step up the development of regional and global valuechains, propelling economies of ASEAN member states, including Vietnam and partnernations.
Experts highlighted the need to deal with issues related to non-tariff tradebarriers, intellectual property rights, and e-commerce to improve thecompetitiveness of ASEAN businesses, including those from Vietnam so as toexpand markets and boost exports./.
