Minister of Industry and Trade Tran Tuan Anh (Photo: VNA) Hanoi (VNA) - The Regional Comprehensive Economic Partnership(RCEP) has given Vietnam and other ASEAN countries a perfect opportunity tobecome a centre of investment attraction, said Minister of Industry and TradeTran Tuan Anh.
Minister Anh considered the deal has created a new entity and a new model oftrade and economy, forming a foundation for a free and fair trade framework toprotect the interests of nations, especially developing ones including Vietnam.
He said: “RCEP creates the largest free trade-economic region in the world,accounting for 30 percent of global GDP with 2.2 billion consumers.”
The minister said in the context of the pandemic, Vietnam as the Chairman ofASEAN and other partners have done everything possible to close the deal,making 2020 a historic year when ASEAN signed the free trade agreement withfive partner countries of the Republic of Korea, China, Japan, Australia andNew Zealand.
As RCEP signatories believed India would return to the deal in the future, itcould make a huge contribution to the overall stability, peace and prosperityof the region, Anh said.
Anh emphasised the deal could help restructure and reposition supply chains andglobal value chains, giving small and medium enterprises the opportunity tocalculate and rebuild their strategies to join.
He added: “As an open economy and the world's 25th largest exporter, it is agood opportunity for Vietnam to participate in such a changing global supplychain.”
Vietnam has no commitments that go beyond the parameters it has within the frameworkof the existing free trade agreements with partners, especially between theASEAN bloc, so the minister considered the competitive pressure of goods in thedomestic market was not too heavy for businesses and consumers.
Anh added: “In the context of continued reforms, enhancing production capacityand competitiveness, Vietnam’s economy and businesses have favourableconditions in this deal.”
As RCEP's main objectives and foundations were based on harmonisation of originprocedures, trade facilitation and liberalisation, creating a favourableenvironment to connect economies to increase production capacity and buildASEAN into a key economic region, together with other FTAs such as CPTPP,EVFTA, “it will certainly continue to promote Vietnam's reform towards moreprogress and more positivity.”
Anh said though 2020 was a difficult year for Vietnam as the rotating the chairASEAN in the pandemic, complicated geopolitics in the region and many changesin the RCEP negotiations since the beginning of the year, Vietnam has madegreat efforts to close the deal on November 15 in Hanoi.
Anh said: “Vietnamese enterprises need to change their business mindset in thenew context, taking the pressure from more competition to be the driving forcefor innovation and development. The deal of RCEP and other FTAs will providean opportunity for businesses to actively respond to changes in the businessenvironment brought about by international economic integration through thedevelopment and adjustment of a medium and long-term business plan to promotethe flow of goods into potential partner markets.”
Anh said with the support from his ministry, local enterprises needed toactively seek directions to cooperate with partner markets under the deal tostrongly attract direct investment in Vietnam to make effective use of sources,capital and technology transfers from large corporations./.
VNA
