The Regional Comprehensive Economic Partnership (RCEP) officially entered into full force on June 2, 2023. This event marks the full effect of this Agreement for the 15 signatories.

This is a major event in the economic development of the Asia-Pacific region, demonstrating that the Free Trade Agreement will become an important rule in economic cooperation between countries in the Asia-Pacific region. Asia-Pacific.

China's Ministry of Commerce emphasized that RCEP members account for about 30% of the world's total population and 30% of global GDP and trade in goods, so the official entry into force of this Agreement will give a boost. strongly for China to promote opening up to a higher level.

In 2022, the total import-export turnover between China and other members of RCEP is 12.950 billion yuan (US$1,850 billion), up 7.5% over the same period last year, accounting for 30.8% of total export turnover. China's commercial imports.

Investment turnover that China actually used with member countries of the Agreement reached 23.53 billion USD, up 23.1% over the same period last year.

The reason why the RCEP Agreement can play such a great role is mainly based on the following aspects:

First , adhere to the principle of equality, mutual benefit and open door. Members of the RCEP, including both developed and developing countries; There are both countries that export energy resources and there are also countries that import energy resources.

The reason that all Member States can achieve stable economic development with the support of this Agreement is that all countries are fully responsive to each other's concerns on an equal and fair basis. offered flexible terms on a range of key issues.

Second, RCEP members have made bold, open-minded efforts to achieve institutional innovation. In particular, the determination of the origin of products and goods has opened the door for trade and mutual investment among members.

Third, on the basis of complementing each other's advantages, promote the economic development of member countries through trade facilitation measures. After the Agreement is implemented, agricultural products of Southeast Asian countries will be almost tax-free and can directly enter the Chinese consumer market.

This not only meets the needs of Chinese consumers, but also presents a rare opportunity for the agricultural exports of Southeast Asian countries.

In a nutshell, the success of RCEP is due to mutual respect, equality and mutual benefit, complementary advantages and institutional innovation. Only by actively summarizing successful experiences and continuing to deepen the contents of the Agreement, it can be believed that economic, trade and investment cooperation between countries in the Asia-Pacific region Duong will be raised to a new level.

Source: Vietnam.vn