After the failure of the TPP, the Regional Comprehensive Economic Partnership (RCEP) is expected to benefit Vietnam provided that the country and the domestic business community make good preparation.
RCEP is expected to help boost Vietnam's export activities (Illustrative image. Source: VNA)
Hanoi (VNA) – After thefailure of the Trans-Pacific Partnership (TPP), the Regional Comprehensive EconomicPartnership (RCEP) is expected to benefit Vietnam provided that the country andthe domestic business community make good preparations.
RCEP is a free trade agreement betweenthe ten ASEAN member countries and six partners of Australia, China, India,Japan, New Zealand and the Republic of Korea.
Compared to other deals, the RCEPhas broader and deeper liberalisation commitments in the trade of goods,services and investment.
RCEP members make up 24 percentof global GDP and 28 percent of global trade, therefore, the deal is hoped to greatlybenefit members, especially less developed countries.
According to experts, poorcountries will enjoy more benefits from agreements with a high level ofintegration.
With less developed economiesthan others in RCEP, Vietnam and Cambodia are likely to benefit the most fromthe deal.
For Vietnam, RCEP is hoped topositively influence exports, investment attraction and economic growth.
To make full use of the deal,experts advise the Government to take stronger actions to reform institutionsand improve the investment environment to ensure equality for all economicsectors.
It is also necessary to strengthencommunications to help enterprises overcome challenges and choose goodinvestments.
Meanwhile, they noted thatproduction networks and value chains within the RCEP mostly depend onforeign-invested sectors and economic groups from large countries such asEuropean countries, the US and Japan. Therefore, Vietnamese businesses shouldthoroughly understand partners dominating the chains to ensure success.
According to the World Trade OrganizationCentre under the Vietnam Chamber of Commerce and Industry, the 17th negotiationround of the RCEP took place in Kobe, Japan from late February to early March thisyear. Negotiations on the deal are projected to wrap up in November.-VNA
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RCEP is expected to help boost Vietnam's export activities (Illustrative image. Source: VNA) 
