Vietnam to ratify RCEP by November

At a recent economic ministers’ consultation between the Association of Southeast Asian Nations (ASEAN) and dialogue partners, member nations also agreed to maintain the current market opening commitments relevant to trade and investment and increase trade facilitation measures, Khanh told a news agency.

Aside from implementing these initiatives, Vietnam and other ASEAN countries have also actively discussed the continuation of the economic cooperation initiatives proposed by Vietnam as the chair of the bloc in 2020.

The RCEP agreement, gathering the 10 ASEAN member nations and Australia, China, Japan, New Zealand and South Korea, will make up nearly 30 per cent of the world’s gross domestic products and create a market covering nearly one-third of the global population.

It was signed last November and will come into effect 60 days after it is ratified by at least six ASEAN members and three other signatory countries.

Fibre2Fashion News Desk (DS)