The signatories quickly ratified RCEP

RCEP is a free trade agreement signed in November 2020 between 10 ASEAN member countries, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam and 5 partners. of ASEAN including China, Japan, Australia, New Zealand and South Korea.

RCEP will create the world's largest trade and investment market, comprising 15 countries with a population of nearly 2.3 billion and a Gross Domestic Product (GDP) of $28.5 trillion in 2020. The trade of RCEP participating countries has also reached more than 10.7 trillion USD, equivalent to 30.3% of total trade value globally last year. According to regulations, this Agreement will come into force 60 days after it is ratified by at least 6 ASEAN member countries and 3 partners.

To date, the Secretariat of the Association of Southeast Asian Nations (ASEAN) has received instruments of ratification from six member countries, including Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam, as well as from The four signatories are Australia, China, Japan and New Zealand. This means that the RCEP Agreement will officially come into force on January 1, 2022.

In a statement on November 2, ASEAN Secretary-General Dato Lim Jock Hoi emphasized: “The expeditious ratification process by the signatories honestly reflects their strong commitment to the public multilateral trading system. fair and open, for the benefit of people in the region and around the world. The implementation of the RCEP starting January 1 next year will provide a great impetus for economic recovery efforts after the COVID-19 pandemic.

Earlier on the same day, Australia and New Zealand submitted official documents related to the ratification of RCEP to the ASEAN Secretary-General. Australian Foreign Minister Marise Payne and Trade Minister Dan Tehan said that Australia and New Zealand's ratification of the Agreement will pave the way for RCEP to come into force from January 2022 as expected.

According to Australian officials, RCEP will promote trade between the country and ASEAN member states and also signal Australia's support for ASEAN's central role in the regional architecture.

New Zealand Trade Minister Phil Twyford in a statement said ASEAN nations are an important part of the global economy. Mr. Phil Twyford said that New Zealand and Australia's ratification of RCEP has demonstrated the strong relationship that these two countries have established with ASEAN.

Chinese Foreign Ministry spokesman Wang Wenbin said that RCEP will bring mutual benefits as well as help promote integration, prosperity and long-term stability for regional economies.

Japan welcomed the entry into force of RCEP early next year and expressed hope that this Agreement would help promote economic growth in the region. The Japanese Foreign Ministry said that RCEP is expected to contribute to the economic growth of this country and the region by further strengthening links between Japan and the region considered as the growth center of the world. /.

+ OTHER POST:

• Free trade agreement between EFTA and Indonesia officially comes into effect(10.11.2021)
• From a mountainous province, Son La has become a center specializing in fruit cultivation and export(09.11.2021)
• China increases regulations on importing agricultural products, no longer an easy market(09.11.2021)
• Seafood exports reduce damage thanks to EVFTA(08.11.2021)
• Plenty of room for Vietnamese fruit in the EU market(08.11.2021)
• Russia ends the blockade amid the Covid-19 wave(08.11.2021)