WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
RCEP set to enter into force on January 1 2022
Hai Yen 21:57, 2021/11/04
The implementation of the RCEP Agreement starting January 1 next year will give a tremendous boost to the post-Covid-19 economic recovery efforts.

As of 2 November 2021, the ASEAN Secretariat has received Instruments of Ratification/Acceptance (IOR/A) from six ASEAN Member States including Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam; as well as from four non-ASEAN signatory States which are Australia, China, Japan, and New Zealand.

 RCEP signing ceremony in November 2020. Source: ASEAN Secretariat

As provided by the Agreement, the RCEP will enter into force 60 days after the date at which the minimum number of IOR/A is achieved. This means that the RCEP Agreement shall enter into force on 1 January 2022.

“The expeditious ratification process by signatory States is a true reflection of our strong commitment to a fair and open multilateral trading system for the benefit of the people in the region and the world. The implementation of the RCEP Agreement starting January 1 next year will give a tremendous boost to the post-Covid-19 economic recovery efforts,” the Secretary-General of ASEAN Dato Lim Jock Hoi said in a statement.

Meanwhile, the ASEAN Secretariat said the preparatory work for the entry into force of RCEP will continue.

“The preparatory work undertaken by signatory States aims to lay a solid ground for the full and effective implementation of the Agreement through finalization of the technical and institutional aspects of the Agreement,” it added.

New Zealand on November 2 became the latest country to ratify the RCEP. The country’s Minister of State for Trade and Export Growth Phil Twyford said the deal would bring huge economic benefits and greater market access for New Zealand’s businesses.

“New Zealand’s ratification yesterday, alongside Australia, triggered the entry into force of what will become the world’s largest free trade agreement and further accelerate our Covid economic recovery,” said  Phil Twyford.

The RCEP, seen as a mega trade deal and signed in November 2020 after eight years of negotiation, would form a market of 2.2 billion people, or almost 30% of the world's population, with a combined GDP of US$26.2 trillion or about 30% of global GDP, accounting for nearly 28% of global trade (based on 2019 figures).

Deputy Minister of Industry and Trade Tran Quoc Khanh noted the RCEP is one of Vietnam’s major achievements when the country was serving as the Chair of ASEAN in 2020.

“Vietnam had been working alongside ASEAN members to address shortcomings for the conclusion of negotiation and subsequent signing of the deal on the sideline of the ASEAN 37th Summit last November,” Khanh noted.

TAG: Vietnam RCEP Covid-19 pandemic nCoV pandemic
Other news
20:11, 2024/07/23
Vietnam targets US$7,500 GDP per capita by 2030
By the end of this decade, Vietnam is expected to be among the top three Southeast Asian countries in terms of industrial competitiveness.
16:07, 2024/07/20
Gov’t mulls creation of oil and gas trading exchange
Such a platform would help minimize price manipulation, ensure a flexible pricing mechanism, and improve the distribution and circulation of oil and gas.
21:59, 2024/07/19
Hanoi promotes women's role in safe agri-food trade
The city will focus on strengthening enforcement of food safety regulations in food production and trade facilities.
16:17, 2024/07/17
Vietnam’s stock market set for strong year-end growth
The projected P/E ratio for the VN-Index this year is 11.5, below the 5-year average of 13.4, potential for the benchmark to rise in the second half of the year and 2025.
09:56, 2024/07/17
Hanoi ramps up food safety inspections, identifying and rectifying violations
The city's health department will continue to carry out regular, specialized and random inspections.
16:37, 2024/07/16
Vietnam under pressure to achieve high growth in 2024-2025
The Government's best-case growth scenario for 2024 is 6.5-7%, higher than the goals set by the National Assembly and forecasts by international organizations.