On November 16, 2021, the Ministry of Industry and Trade issued Official Letter 7268/BCT-DB notifying the effective date of the Regional Comprehensive Economic Partnership (RCEP).
The Ministry of Industry and Trade said that the Regional Comprehensive Economic Partnership (RCEP) agreement was signed by 10 ASEAN member countries and 5 ASEAN partner countries, namely China, Japan, South Korea, Australia and New Zealand signed the agreement on November 15, 2020 on the sidelines of the 37th ASEAN Summit, chaired by Vietnam.
Therefore, promoting the conclusion of the negotiation and signing of the RCEP Agreement in the year that Vietnam is the ASEAN Chair is an achievement that is highly appreciated by ASEAN countries and partners, thereby confirming Vietnam's role and position in the region.
According to the provisions of the RCEP Agreement, the Agreement will officially come into force after 60 days from the date of having at least 6 ASEAN countries, and 3 partner countries completed the ratification/approval of the Agreement and deposited it with the ASEAN Secretary-General.
[RCEP Agreement is expected to bring about a new situation, a new future]
By November 2, 2021, there were 6 ASEAN countries, in which, Vietnam and 4 partner countries, China, Japan, Australia, and New Zealand, have deposited their instruments of ratification/ratification of the RCEP Agreement with the ASEAN Secretary-General, thus, the RCEP Agreement will officially come into force on January 1, 2022.
According to the Ministry of Industry and Trade, the entry into force of the RCEP Agreement from January 2022 will contribute to the multi nation of the Free Trade Agreements that ASEAN has signed with each of the previous partner countries, harmonize the commitments and provisions in these agreements, maximizing economic benefits, especially rules of origin and facilitation of trade, contributing to strengthening regional supply chains and economic recovery after the COVID-19.
After taking full effect for all signatories, the RCEP Agreement will form a market with a size of 2.2 billion consumers, accounts for about 30% of the world's population, and a GDP of about 26.2 trillion USD, equivalent to about 30% of global GDP and becoming the largest free trade area in the world in terms of population size.
Thus, the RCEP Agreement is expected to help create a stable and long-term export market for ASEAN countries in general and Vietnam in particular, contributing to promoting the implementation of the policy of building an export-oriented production in Vietnam./.
Official Dispatch 7268/BCT-DB was issued on November 16, 2021.
Collected from source