(VOVWORLD) - The Regional Comprehensive Economic Partnership (RCEP), the world's biggest trade pact of 10 ASEAN countries and 5 partner countries, will officially take effect on January 1, 2022, said the Vietnamese Ministry of Industry and Trade.
 (File photo: VOV) |
The ASEAN Secretary-General has announced that six ASEAN member countries, China, Japan, New Zealand and Australia have deposited the instrument of ratification, and the number has reached the threshold for implementation. The six ASEAN countries that have approved the RCEP are Myanmar, Cambodia, Laos, Singapore, Thailand and Vietnam.
RCEP’s validity from January, 2022 will contribute to the diversification of Free Trade Agreements that ASEAN signed with individual partner countries, harmonize commitments and regulations of the agreements, and maximize economic interests, particularly rules of origin, facilitate trade, strengthen regional supply chains, and boost the economy in the post-COVID-19 pandemic period.
The RCEP will cover a huge market of 2.2 billion people, accounting for nearly one-third of the world's population, and a total GDP of 26.2 trillion USD.
RCEP is expected to create a stable export market for ASEAN countries and Vietnam in particular, contributing to Vietnam’s policy of building an export-oriented economy.