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15 countries signed the world’s largest scale RCEP Agreement – Photo: Đ.DNG
The signing ceremony in Vietnam was attended by Prime Minister Nguyen Xuan Phuc, Deputy Prime Minister, Foreign Minister Pham Binh Minh and ministry leaders.
Speaking immediately after the signing ceremony, Prime Minister Nguyen Xuan Phuc said that after 8 years of negotiations, ASEAN and partner countries have completed the negotiations with a huge workload, opening promising trade commitments. . Consequently, ASEAN and its partners will develop dynamically, vigorously, and cooperate for common prosperity.
“Today’s signing ceremony is a pride and a great achievement between ASEAN and partner countries towards cooperation and comprehensive long-term benefits among countries in the region,” he stressed.
To thank the leaders of the ASEAN countries and partner countries for their support over the years, the Prime Minister congratulated the finance ministers, negotiators, diplomats … In silence there have been many attempts to get results today .
“I believe that the agreement will soon be ratified and put into effect by the countries, contributing to the economic recovery after the pandemic and contributing to the development of the member countries in the near future,” he emphasized.
The RCEP Agreement, which has been signed online, is considered the largest in the world – Photo: N.AN
Briefing the press after the signing ceremony, Mr. Tran Tuan Anh, Minister of Industry and Commerce, said tFollowing the outbreak of the COVID-19 pandemic that disrupted global and regional supply chains, impacting the global economy, with the emerging protectionist trade trend, the signing of the RCEP Agreement marks an important milestone in Vietnam’s economic integration process and from all participating countries.
When the Agreement is implemented by 15 members, it will create a large market with 2.2 billion consumers, approximately 30% of the world population, with a GDP of approximately 26.2 trillion dollars, which represents approximately 30% of world GDP and will become in the world’s largest free trade region.
However, there are also challenges, according to Mr Anh, i.e. Competitive pressure on Vietnamese goods and services when many partners have product structures similar to Vietnam’s and their competitiveness is higher than Vietnam’s.
Further At present, Vietnam’s production inputs still depend on imported sources, while the ability to improve the position in the regional value chain is limited, as is the level of participation in all services trade. Demand from Vietnam is still quite modest.
“However with The experience of international economic integration shows that Vietnam’s ability to participate in newly established value chains in the region is increasing. Along with that, there are strong changes in administrative procedures, facilitating production and commercial activities and improving the investment environment, ”he said.
15 countries signed the world’s largest scale RCEP Agreement – Photo: Đ.DNG
India can re-unite with its own mechanism
The RCEP is a proposed free trade agreement between 10 ASEAN member states and their dialogue partners China, Japan, South Korea, Australia and New Zealand.
It is a dynamic agreement, which allows: 18 months after the agreement enters into force, other interested countries who wish to join can request their participation. This will be decided by mutual agreement of the country with all members of the RCEP Agreement.
With India alone, the countries participating in the negotiation also agreed to have their own more favorable mechanism so that India can return soon to join the agreement when conditions allow.
