The Regional Comprehensive Economic Partnership Agreement: Opportunities, Challenges, and Some Reference Proposals for Vietnam

09:00 23/09/2021

On November 15, 2020, the Regional Comprehensive Economic Partnership Agreement (RCEP) was officially signed with the participation of ten member states of the Association of Southeast Asian Nations (ASEAN) and five partner countries. This is not just a simple free trade agreement but a truly comprehensive agreement that carries many important implications. The finalization of RCEP also marked the successful conclusion of Vietnam's 2020 ASEAN Chairmanship term, creating momentum for the Vietnamese economy to integrate more deeply into the regional and global economy.

Overview of the Regional Comprehensive Economic Partnership Agreement

The Regional Comprehensive Economic Partnership Agreement (RCEP) was launched in 2012 at the initiative of ASEAN countries to encourage trade between the 10 ASEAN member states and the 6 original partners: Australia, China, India, Japan, New Zealand, and South Korea. The objective of RCEP is aimed at all parties achieving a "mutually beneficial, win-win" outcome. However, in November 2019, India requested to withdraw from the negotiation process, reducing the number of RCEP negotiating countries from 16 to 15. Finally, on November 15, 2020, after eight years, 31 rounds of negotiations, 15 Trade Negotiating Committee meetings, and 19 ministerial-level negotiation rounds, RCEP was officially signed by the participating countries in an online format.

Full details of the article can be viewed here.

Xuan Linh (introduce)