RCEP brings great business chances for regional firms: experts
Illustrative image (Source: VNA)
The Regional Comprehensive Economic Partnership (RCEP), which came into effect a year ago, has brought about great business chances for enterprises in the region, according to experts.
Right after the deal took effect, trade among regional countries has been increasing. Data from China’s General Administration of Customs showed that in the first 11 months of 2022, import-export revenue between the country and RCEP members rose 7.9% year on year to 11.8 trillion CNY (1.74 trillion USD), accounting for 30% of the country’s total.
Of the total, trade between China and ASEAN countries reached nearly 5.9 trillion CNY (872.65 billion USD), up 15.5% year on year.
According to experts, the greatest benefit from the deal is preferential tax rates, with zero tariff being applied on more than 90% of goods traded by its members.
A recent survey from HSBC showed that more than 93% of surveyed companies from RCEP members said that they plan to increase transactions with China, and more than 30% said they expects at least 30% growth in business in China this year.
In 2023, RCEP member countries are predicted to recover faster, especially in tourism and real estate. Thanks to the RCEP, member will have more chances to boost tourism cooperation, thus promoting the growth of other sectors.
At the same time, the deal is expected to create development opportunities for emerging economies in the region, including those in the ASEAN.
Members' cooperation with the thirds has also contributed to the growth of multilateralism, globalisation and regional collaboration, and creating a firm foundation for the speeding up of negotiations of a free trade agreement between China, Japan and the Republic of Korea.
RCEP has helped switch the economic and trade cooperation focus from China to the ASEAN, and move China’s economic-trade partnership concentration to the ASEAN, according to experts.
The RCEP was signed in 2020 between the Association of Southeast Asian Nations (ASEAN) and five partners, namely Australia, New Zealand, China, Japan, and the Republic of Korea. Taking effect on January 1, 2022, it is the largest FTA at present, covering 30% of the global GDP.
Under this agreement, about 90% of the tariff lines will be eliminated within 20 years since it came into force./.
Related News
![Improving the competitiveness of businesses is an important factor](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/12/15/croped/img-41672024070914481720240712154952.jpg?240712040310)
Improving the competitiveness of businesses is an important factor
16:03 | 12/07/2024 Import-Export
![Total budget revenue in first half of year reaches 60% of estimate](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/04/14/croped/tien-thuong-tet-co-phai-dong-thue-thu-nhap-ca-nhan-khong2023092809180020240704143731.jpg?240707042903)
Total budget revenue in first half of year reaches 60% of estimate
16:29 | 07/07/2024 Finance
![Dong Nai Customs Department creates positive changes in import and export activities](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/062024/25/16/z5561116943450-f674bfb7a7d0a00a84e7200648a8ec082024062205064120240625163414.jpg?rt=20240625163417?240626103520)
Dong Nai Customs Department creates positive changes in import and export activities
10:35 | 26/06/2024 Customs
![The carbon credit market opens up many opportunities for businesses](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/052024/20/08/4-anh-t23-120240513094141-jjj20240513192028-120240520081906.jpg?rt=20240520081909?240521094130)
The carbon credit market opens up many opportunities for businesses
09:41 | 21/05/2024 Headlines
Latest News
HCM City annual international travel expo in September
15:15 | 26/07/2024 Import-Export
![Đồng Nai](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/26/15/croped/361692-4902364192590514-images2439387-z3245301932583-8e0fcec4c0298cbdd1a67efc377e87d420240726151202.9807900.jpg?240726031245)
Đồng Nai's key export item hopes for recovery
15:12 | 26/07/2024 Import-Export
![Rice exports to set record turnover of 5 billion USD in 2024](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/26/15/croped/1911gaoxuatkhaujpg-410520240726150836.9178600.jpg?240726030900)
Rice exports to set record turnover of 5 billion USD in 2024
15:08 | 26/07/2024 Import-Export
![4 export markets of tens of billions of dollars](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/15/image0012024072408363920240725154929.png?rt=20240725154931?240726081916)
4 export markets of tens of billions of dollars
08:19 | 26/07/2024 Import-Export
More News
![Difficult for phones to regain No. 1 position in exports](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/15/croped/image0012024072309572920240725155916.png?240726081749)
Difficult for phones to regain No. 1 position in exports
08:17 | 26/07/2024 Import-Export
![Indonesia licenses certificates of lobster cultivation for three Vietnamese companies](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/14/croped/lobster-409720240725140435.9377380.jpg?240725020459)
Indonesia licenses certificates of lobster cultivation for three Vietnamese companies
14:04 | 25/07/2024 Import-Export
![Vietnamese spend nearly 150 trillion VND on online shopping](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/14/croped/e-commerce-901820240725140330.8978560.jpg?240725020351)
Vietnamese spend nearly 150 trillion VND on online shopping
14:03 | 25/07/2024 Import-Export
![Four tens of billion USD export markets](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/24/22/croped/image00120240724083639-120240724220432.png?240725091715)
Four tens of billion USD export markets
09:17 | 25/07/2024 Import-Export
![Successful digital transformation solutions for wood industry enterprises](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/18/16/152024071210255720240718165847.jpg?rt=20240718165850?240725091456)
Successful digital transformation solutions for wood industry enterprises
09:14 | 25/07/2024 Import-Export
![Vietnamese lychee sold well at Costco stores in Australia](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/24/14/croped/screenshot-2024-07-24-091517-547920240724140956.8680410.jpg?240724021028)
Vietnamese lychee sold well at Costco stores in Australia
14:10 | 24/07/2024 Import-Export
![Durian exports forecast to top 3 billion USD in 2024](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/24/14/croped/durian-979820240724140848.8204690.jpg?240724020914)
Durian exports forecast to top 3 billion USD in 2024
14:09 | 24/07/2024 Import-Export
![FTA - support to promote pangasius export](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/15/16/17-ca2024012216053120240715164806.jpg?rt=20240715164809?240724091910)
FTA - support to promote pangasius export
09:19 | 24/07/2024 Import-Export
![Vietnam - France trade reached nearly US$2.5 billion in the first half of the year](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/23/14/croped/image0012024072010161720240723142729.png?240724091832)
Vietnam - France trade reached nearly US$2.5 billion in the first half of the year
09:18 | 24/07/2024 Import-Export
Your care
HCM City annual international travel expo in September
15:15 | 26/07/2024 Import-Export
![Đồng Nai](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/26/15/croped/medium/361692-4902364192590514-images2439387-z3245301932583-8e0fcec4c0298cbdd1a67efc377e87d420240726151202.9807900.jpg?240726031245)
Đồng Nai's key export item hopes for recovery
15:12 | 26/07/2024 Import-Export
![Rice exports to set record turnover of 5 billion USD in 2024](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/26/15/croped/medium/1911gaoxuatkhaujpg-410520240726150836.9178600.jpg?240726030900)
Rice exports to set record turnover of 5 billion USD in 2024
15:08 | 26/07/2024 Import-Export
![4 export markets of tens of billions of dollars](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/15/medium/image0012024072408363920240725154929.png?rt=20240725154931?240726081916)
4 export markets of tens of billions of dollars
08:19 | 26/07/2024 Import-Export
![Difficult for phones to regain No. 1 position in exports](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/15/croped/medium/image0012024072309572920240725155916.png?240726081749)
Difficult for phones to regain No. 1 position in exports
08:17 | 26/07/2024 Import-Export