Home / Knowledge / News / Apparel/Garments / 'RCEP will benefit Vietnam's garment & textile industry'
'RCEP will benefit Vietnam's garment & textile industry'
19
Jun '13
The proposed Asean framework for Regional Comprehensive Economic Partnership (RCEP) between the 10-nation Asean grouping and six other counties, viz., Australia, China, India, Japan, New Zealand and South Korea, will benefit Vietnam’s textile and garment industry, once the agreement comes into force, according to experts.
 
Speaking at a seminar on optimizing the use of free trade agreements (FTAs), organized by the Japan External Trade Organization (JETRO) in HCM City, JETRO Bangkok Research Centre researcher Kazunobu Hyakawa said the RCEP would be a single FTA that will generally standardize the rules of origin.
 
He said the RCEP would eliminate the need to check different tables while exporting to Japan, China or India, as all these countries would apply same tariffs for products, including textiles and apparels, originating from any of the Asean countries, thesaigontimes.vn reported.
 
This should help businesses reduce the cost of compliance, and both large and small Vietnamese enterprises must take advantage of preferential tariff treatment, he added.
 
Mr. Kohei Shiino, deputy director of JETRO Singapore, explained the huge benefits that will come to the Vietnamese textile and apparel industry, once the RCEP materializes.
 
Presently, in order to take preferential tariff benefit under Asean-Japan FTA, Vietnamese clothing exports to Japan have to be made from fabric originating either in Japan or Asean.
 
This does not much benefit the Vietnamese garment exports to Japan, as Vietnam imports over one-third of its raw materials from China. 
 
But, once the RCEP is implemented, even those Vietnamese garments that are made using Chinese fabric would enjoy preferential tariffs while exporting to Japan, as well as to other countries that are signatories to the RCEP, Mr. Shiino said.
 
The first meeting of RCEP working groups on trade in goods, services and investment took place in Brunei last month. The next round of negotiations will be held from September 23-27, 2013, in Australia.
 
The RCEP negotiations are likely to end in late 2015.
 
Last year, Vietnam exported US$ 17.2 billion worth of garment and textiles and the country aims to achieve US$ 18.8-19.2 billion in apparel and textile exports this year, according to Vietnam Textile and Garment Association (VITAS).
 

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Textiles | On 2nd Aug 2021

Euro zone economy expands by 2% in Q2 2021: Eurostat

The 19-member euro zone financial system expanded by 2 per cent in...

Pic: Shutterstock

Textiles | On 2nd Aug 2021

US real GDP increases at annual rate of 6.5% in Q2 2021: BEA

US real gross domestic product (GDP) increased at an annual rate of...

Pic: Shutterstock

Textiles | On 2nd Aug 2021

UK action on skills, staff shortage crucial for securing recovery: CBI

Paradoxical effects of the job retention scheme and workers from the...

Interviews View All

International apparel brands, Head honchos

International apparel brands
Head honchos

Launched first collection at onset of Covid

Textile Industry, Head honchos

Textile Industry
Head honchos

Good tidings expected for textile industry

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchains will be in heavy use by early adopters by 2025

Barry Goodwin,

Barry Goodwin

UK based Amba Projex Ltd designs, manufactures, and installs industrial...

Yawer Ali Shah,

Yawer Ali Shah

Synthetic colours and dyes were all the rage till the very first ban on...

Richard Armitage,

Richard Armitage

Adaptive Control automates, controls and monitors machines, systems and...

Brad Holschuh, Wearable Technology Lab, University of Minnesota

Brad Holschuh
Wearable Technology Lab, University of Minnesota

A new study led by researchers at the University of Minnesota's Design of...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Shlomzion Chen, Seevix

Shlomzion Chen
Seevix

Seevix Material Sciences Ltd, which develops and manufactures synthetic...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search