RCEP expects to bring new changes to regional, global trade
VGP – The 10th Meeting on the Regional Comprehensive Economic Partnership (RCEP), scheduled for June 26 in Ha Noi, is expected to bring new changes to regional and global trade.
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Via rounds of negotiations since 2012, the RCEP is considered the world’s largest free trade agreement with a giant market of US$ 24,800 billion of gross domestic product (GDP) and 2.3 billion consumers.
The deal was initiated by ASEAN on November 2012 in Phnom Penh, Cambodia, aiming to boosting trade among the bloc and its six dialogue partners namely Australia, China, India, Japan, New Zealand, and the RoK which have independent FTAs with ASEAN.
It is scheduled to be signed this year and will also create the world’s largest free trade area with commitments regarding the opening of markets in goods, services and investment, simplification of customs procedures and rules of origin of products.
Once the RCEP comes into force, it will create a market with about 3.5 billion consumers and a GDP of US$ 49,000 billion.
The deal is also expected to step up the development of regional and global value chains, propelling economies of ASEAN member states, including Viet Nam and partner nations./.
By Kim Anh
