The Regional Comprehensive Economic Partnership (RCEP) Agreement will officially take effect starting January 1 next year, according to the Ministry of Industry and Trade.
The Regional Comprehensive Economic Partnership (RCEP) Agreement will officially take effect starting January 1 next year. (Photo: vtv.vn)
Hanoi (VNA) – The Regional ComprehensiveEconomic Partnership (RCEP) Agreement will officially take effect starting January1 next year, according to the Ministry of Industry and Trade.
The trade pact was signed by 10 ASEAN members and their fivepartner countries on November 2020 on the sidelines of the 37th ASEAN Summitchaired by Vietnam.
It will come into effect 60 days after it is ratified by atleast six ASEAN members and three other signatory countries.
As of November 2, six ASEAN nations, including Vietnam, andfour signatories - China, Japﷺan, Australia and New Zealand - had submitted documentsratifying the agreement to the ASEAN Secretary-General.
At the 8th Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting. (Photo: VNA)
The RCEP agreement taking effect from January next year isexpected to multilateralise free trade agreements that ASEAN signed with partner countries, harmonise commitments and regulations in thetrade pacts, maximise economic interests, particularly originprinciple and trade facilitation, and strengthen regional supply chains and economicrecovery in the post-pandemic period. The agreement, gathering the 10 ASEAN member nations andAustralia, China, Japan, New Zealand and the Republic of Korea, will cover a market of 2.2 billion people, accounting for about 30 percent of the world’s population, and a total GDP of 26.2 trillion USD./.
Malaysian Prime Minister Ismail Sabri Yaakob said on his Twitter account on October 26 that at the 38th and 39th ASEAN Summits and Related Summits, Malaysia affirmed its strong commitment to ratify the Agreement. Regional Comprehensive Partnership (RCEP) in 2021.
Thailand has submitted to the ASEAN Secretariat its ratification for the Regional Comprehensive Economic Partnership (RCEP) trade pact and reaffirmed that the world's biggest free trade deal will come into force on January 1 next year as scheduled, according to the Bangkok Post.
ASEAN Secretary General Dato Lim Jock Hoi has hailed regional member states for approving the Regional Comprehensive Economic Partnership (RCEP), saying that the implementation of the agreement will provide a tremendous boost to post-COVID-19 economic recovery efforts.
Domestic businesses were provided with more information about the Regional Comprehensive Economic Partnership (RCEP) at a conference held virtually in Hanoi on November 5.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The Regional Comprehensive Economic Partnership (RCEP) Agreement will officially take effect starting January 1 next year. (Photo: vtv.vn) 
At the 8th Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting. (Photo: VNA) 
