Vietnamese trade minister Tran Tuan Anh. — VGP Photo There have been a number of breakthroughs during the latest round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) at the third RCEP leaders’ meeting. Leaders from ASEAN+3, 10 ASEAN countries plus China, Japan and South Korea, met on Tuesday in Bangkok to discuss RCEP’s terms and conditions. The trade deal, initiated by ASEAN in 2012 which includes Australia, China, India, Japan, South Korea and New Zealand, is expected to be ratified in 2020. RCEP, with a market of 3.5 billion consumers and a total GDP of US$49 trillion that accounts for nearly 40 per cent of global GDP, forms the largest free-trade bloc the world has ever seen. Member countries are to join the open market for goods and services, investment opportunities, facilitated trade and simplified customs procedures. Minister of Industry and Trade Tran Tuan Anh said joining RCEP will mark an important milestone in Viet Nam’s global integration efforts, especially against a backdrop of increasing protectionism around the globe. “After seven years of talks, we have seen significant breakthroughs made thanks to efforts from all parties involved, especially at the 28th round of talks recently in Da Nang,… Read full this story
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