The Regional Comprehensive Economic Partnership (RCEP) Agreement will officially take effect starting January 1 next year. (Photo: vtv.vn)Hanoi (VNA) – The Regional ComprehensiveEconomic Partnership (RCEP) Agreement will officially take effect starting January1 next year, according to the Ministry of Industry and Trade.
The trade pact was signed by 10 ASEAN members and their fivepartner countries on November 2020 on the sidelines of the 37th ASEAN Summitchaired by Vietnam.
It will come into effect 60 days after it is ratified by atleast six ASEAN members and three other signatory countries.
As of November 2, six ASEAN nations, including Vietnam, andfour signatories - China, Japan, Australia and New Zealand - had submitted documentsratifying the agreement to the ASEAN Secretary-General.
At the 8th Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting. (Photo: VNA)The RCEP agreement taking effect from January next year isexpected to multilateralise free trade agreements that ASEAN signed with partner countries, harmonise commitments and regulations in thetrade pacts, maximise economic interests, particularly originprinciple and trade facilitation, and strengthen regional supply chains and economicrecovery in the post-pandemic period.
The agreement, gathering the 10 ASEAN member nations andAustralia, China, Japan, New Zealand and the Republic of Korea, will cover a market of 2.2 billion people, accounting for about 30 percent of the world’s population, and a total GDP of 26.2 trillion USD./.
