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Action plan on RCEP implementation approved

VGP – Permanent Deputy Prime Minister Pham Binh Minh has approved an action plan on the implementation of the Regional Comprehensive Economic Partnership (RCEP).

January 07, 2022 10:19 AM GMT+7

14:16 | 06/01/2022

VGP – Permanent Deputy Prime Minister Pham Binh Minh has approved an action plan on the implementation of the Regional Comprehensive Economic Partnership (RCEP).

Accordingly, the Ministry of Industry and Trade is responsible for publishing information on commitments and issues relevant to the trade pact.

Competent agencies are assigned to update market information, technical requirements and regulations on the management of imports and exports of the signing countries.

Ministries, agencies and localities are tasked to develop capacity building programs to assist sectors and enterprises, especially small and medium-sized enterprises and micro-enterprises, co-operatives and farming households in line with international commitments.

They are also asked to envisage polices and measures to support sectors directly and substantially affected from the enforcement of the deal.

The action plan targets to restructure agriculture, speed up digital transformation and apply science and technology and advanced production models in the direction of further improving the quality of products and protecting the environment in line with international and domestic standards.

Meanwhile, investment and trade promotion programs at the RCEP economies will be accelerated to popularize opportunities and advantages of Viet Nam among foreign businesses.

Relevant ministries and agencies will continue to complete mechanisms to attract foreign investment from and advance trade relations with the RCEP economies in key sectors as well as support enterprises to join value chains and global supply chains.

The RCEP was officially signed on November 15, 2020 between 10 ASEAN Member States and five countries including China, Japan, the Republic of Korea, Australia and New Zealand.

As of November 2, 2021, the ASEAN Secretariat received Instruments of Ratification/Acceptance from six ASEAN Member States – Brunei Darussalam, Cambodia, Lao PDR, Singapore, Thailand, and Viet Nam – as well as from four non-ASEAN signatory States – Australia, China, Japan, and New Zealand.

As provided by the Agreement, the RCEP will enter into force sixty days after the date at which the minimum number of IOR/A is achieved. This means that the RCEP Agreement shall enter into force on January 1, 2022.

It has become the largest free trade agreement in the world, covering nearly one third of the population and about 30 percent of the global gross domestic product.

When becoming effect, the RCEP is expected to create a space to connect production and trade throughout ASEAN and its partners, helping businesses enhance exchange within the region, making contributions to consolidating regional supply chains and recovering economy in the post-COVID-19 period.

According to a World Bank (WB) study conducted in 2018, the implementation of the RCEP Agreement can help Viet Nam's GDP increase by 0.4 percent by 2030 if considering direct benefits and possibly up to 1 percent if indirect benefits from institutional reform are taken into account./.

By Thuy Dung