The world's largest free trade agreement officially comes into effect

From January 1, 2022, the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement, officially took effect.

RCEP is a free trade agreement signed in November 2020 between 10 ASEAN member countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) and 5 partners. ASEAN partners include: China, Japan, Korea, Australia, New Zealand.

The RCEP Agreement with 15 member countries, after taking full effect, will form a market with 2.2 billion consumers, accounting for about 30% of the world's population, GDP of about 26.2 trillion USD, equivalent to about 30% of global GDP, making it the largest free trade area in the world in terms of population size.

RCEP will move towards eliminating at least 92% of import tariff lines between the signatories within 20 years, establishing common rules for e-commerce, commerce and intellectual property rights. RCEP is designed to cut costs and time for businesses to export goods to any of the signatory countries without having to meet individual country-specific requirements.

According to the VNA, in a press release issued on December 31, 2021, Singapore's Minister of Trade and Industry Gan Kim Yong affirmed that the entry into force of RCEP will create impetus for business and trade relations between the signatories. conclude this Agreement.

Meanwhile, ASEAN Secretary-General Dato Lim Jock Hoi emphasized that the implementation of RCEP will be a "catalyst" to expand investment and trade in the region, which is essential for economic recovery in the context of the global pandemic. COVID-19 pandemic.

The ASEAN Secretary-General affirmed that RCEP strengthens the trend of regional economic integration by expanding common rules of origin, simplifying customs procedures, facilitating trade, and linking ASEAN countries. Trade regulations make the business environment more transparent, fair and predictable for businesses.


Source: Cổng thông tin điện tử Chính phủ

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