China ratifies the RCEP Agreement

After Japan, in turn, the Chinese Government announced that it had officially ratified the Regional Comprehensive Economic Partnership (RCEP).

After Japan, it is China’s turn to formally ratify the RCEP Agreement.

On March 8, Chinese Trade Minister Wang Wentao (Wang Wentao) announced that the Government of this country has officially ratified the Regional Comprehensive Economic Partnership (RCEP).

Speaking to reporters on the sidelines of the 4th session of the XIII National People’s Congress (ie National Assembly), Mr. Vuong Van Dao said that some member countries are also promoting procedures for ratification. RCEP standards, at the same time it is hoped that relevant countries can accelerate progress and eventually qualify for this agreement to take effect.

He Vuong Van Dao emphasizing, RCEP will come into force when at least 6 members of the Association of Southeast Asian Nations (ASEAN) and 3 partner countries complete the procedure to ratify, accept or approve the agreement. According to him, the early entry into force of this agreement will create favorable conditions for people of the participating countries to benefit as soon as possible.

The RCEP was launched in 2012 under the ASEAN initiative to encourage trade between the 10 ASEAN member states and the original six partners, Australia, China, India, Japan, New Zealand and South Korea. However, by November 2019, the temporary absence of India from the Agreement reduced the number of countries negotiating the RCEP from 16 to 15 countries.

This trade agreement was signed in November 2020, When implemented by 15 members, it will create a large market with the size of 2.2 billion consumers, accounting for about 30% of the world’s population, with GDP of 26.2 trillion USD, accounting for about 30% of global GDP. and will become the largest free trade region in the world.

With commitments to open markets in the areas of goods, services, investment and the application of a common rule of origin among 15 countries (instead of applying five sets of rules of origin under five free trade agreements ASEAN + 1 as present) among all participants as well as enhancing trade facilitation measures, the establishment of this Agreement will provide opportunities to develop new supply chains in the region. that Vietnamese businesses will have the opportunity to participate.

The implementation of RCEP will create a legally binding framework in the region on trade policy, investment, intellectual property, e-commerce, dispute resolution … contributing to creating a commercial environment. fair trade in the region

A few days ago, the Japanese Government passed the bill to ratify the Regional Comprehensive Economic Partnership. This Agreement will officially enter into force within 60 days from the date of its adoption by at least 6 ASEAN member countries and 3 non-ASEAN member countries.