RCEP agreement to take effect in January 2022
The Regional Comprehensive Economic Partnership (RCEP) Agreement will officially take effect starting January 1 next year, according to the Ministry of Industry and Trade.
The trade pact was signed by 10 ASEAN members and their five partner countries in November 2020 on the sidelines of the 37th ASEAN Summit chaired by Việt Nam.
It will come into effect 60 days after it is ratified by at least six ASEAN members and three other signatory countries.
As of November 2, six ASEAN nations, including Việt Nam, and four signatories - China, Japan, Australia and New Zealand - had submitted documents ratifying the agreement to the ASEAN Secretary-General.
The RCEP agreement taking effect from January next year is expected to multilateralise free trade agreements that ASEAN signed with partner countries, harmonise commitments and regulations in the trade pacts, maximise economic interests, particularly origin principle and trade facilitation, and strengthen regional supply chains and economic recovery in the post-pandemic period.
The agreement, gathering the 10 ASEAN member nations and Australia, China, Japan, New Zealand and the Republic of Korea, will cover a market of 2.2 billion people, accounting for about 30 per cent of the world’s population, and a total GDP of US$26.2 trillion. — VNS
Related News
Vietnam Customs boosts cooperation and information exchange
13:56 | 26/12/2023 Customs
WCO and ABF sign a grant agreement to ensure Supply Chain Integrity worldwide
15:51 | 08/06/2023 World Customs
Customs sets tariff guidelines under RCEP
10:43 | 08/06/2023 World Customs
The special preferential import tariff for the implementation of the RCEP Agreement includes 11,414 tariff lines
18:29 | 06/05/2023 Regulations
Latest News
Agricultural, forestry and fishery trade surplus value shoots up
10:54 | 23/11/2024 Import-Export
New export and business cooperation opportunities from "dual conversion"
10:53 | 23/11/2024 Import-Export
VN's food processing industry struggles to improve quality and value chain integration
15:53 | 22/11/2024 Import-Export
Approach strategy of the seafood industry when implementing UKVFTA
09:26 | 22/11/2024 Import-Export
More News
Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth
09:25 | 22/11/2024 Import-Export
Vietnamese enterprises facing challenges from cross-border e-commerce platforms
14:32 | 21/11/2024 Import-Export
Vietnam, Malaysia eye new milestone in trade ties
14:29 | 21/11/2024 Import-Export
Shrimp exports surge in 10 months, generating 3.2 billion USD
14:27 | 21/11/2024 Import-Export
Vietnam’s exports to the U.S. near US$100 billion milestone
09:46 | 21/11/2024 Import-Export
From the “abnormal” coffee price, worries about the new crop
09:46 | 21/11/2024 Import-Export
What obstacles limit the market share of Vietnamese goods in the UK?
14:49 | 20/11/2024 Import-Export
Why seafood exports to some Middle Eastern Countries are stalled
14:47 | 20/11/2024 Import-Export
Storm No. 3 destroys profits of many insurance companies
14:45 | 20/11/2024 Import-Export
Your care
Agricultural, forestry and fishery trade surplus value shoots up
10:54 | 23/11/2024 Import-Export
New export and business cooperation opportunities from "dual conversion"
10:53 | 23/11/2024 Import-Export
VN's food processing industry struggles to improve quality and value chain integration
15:53 | 22/11/2024 Import-Export
Approach strategy of the seafood industry when implementing UKVFTA
09:26 | 22/11/2024 Import-Export
Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth
09:25 | 22/11/2024 Import-Export