11/07/2015 11:04 GMT+7 Email Print Like 0

RCEP agreement impacts on Vietnam highlighted

HCM City, July 10 (VNA)- Impacts of the Regional Comprehensive Economic Partnership (RCEP) on the Vietnamese economy were unveiled at a conference held in Ho Chi Minh City on July 10.

RCEP is a free trade agreement among the ASEAN bloc and six other partners: China, Japan, the Republic of Korea, Australia, New Zealand and India. RCEP negotiations were officially launched by leaders of the 16 participating nations in 2012.

Speaking at the conference, Vice Director of the Central Institute for Economic Management (CIEM) Vo Tri Thanh highlighted that RCEP is relevant to Vietnam’s outlook on fostering economic integration with comprehensive economic reforms.

Pham Binh An, Director of the WTO Integration Support Centre in Ho Chi Minh City, said the RCEP pact stipulates drastic reductions on trade tariffs, which will have major positive influences on Vietnam as the country is experiencing a trade deficit with some of the regional nations.

Vietnamese enterprises need to map out effective import-export strategies, he underscored, saying RCEP commits to cut down a raft of tariffs, restructuring trade among well-developed countries in the region.

He added that RCEP is a crucial institution in international economic integration, affecting 48 percent of the global population and 30 percent of the international economic productivity.

Experts at the conference agreed that Vietnam is proactively joining international integration through participating in RCEP and other free trade agreements. The country is fostering joint-ventures while furthering trade with foreign partners and encouraging the establishment of multinational corporations.

Apart from 10 signed free trade pacts, Vietnam is pushing negotiations for the Europe- Vietnam Free Trade Agreement (EVFTA) and Trans-Pacific Partnership Agreement forward.