Illustrative image (Source: VNA) Hanoi (VNA) – The Ministry of Industry and Trade and the VietnamChamber of Commerce and Industry jointly held a workshop in Hanoi on May 23 to informenterprises on the Regional Comprehensive Economic Partnership (RCEP).
Nguyen Thi Thu Trangfrom the WTO Centre said that many businesses are pinning high hopes on the RCEPas it will create a giant market accounting for 50 percent of the globalpopulation. Moreover, China and India, who are partners in the deal, accountfor 30 percent of the global GDP and 28 percent of the world’s total tradevolume.
In addition, themajority of consumers from RCEP countries – excluding those from Japan,Australia, and New Zealand – do not have so high standards, while their demandfor strong Vietnamese products such as farm produce and processed food is quitehigh, Trang said.
Pham Tuan Anh from theMinistry of Finance, who is a member of the negotiation team, said that thereare big expectations on the agreement, including import-export opportunities,as tariff incentives will be improved, customs-related procedures harmonised,and non-tariff barriers controlled.
According to Anh,markets for several services such as logistics and telecommunications will be openedup.
Negotiations on theRCEP between the Association of Southeast Asian Nations (ASEAN) and its partnersof China, Japan, the Republic of Korea, India, Australia and New Zealand beganin 2013 and are in the final stage. Once completed, the agreement will create alarge free trade region covering Vietnam’s various big export partners.–VNA
VNA
