RCEP trade deal to be signed shortly: Vietnamese PM

Vietnamese Prime Minister Nguyen Xuan Phuc has announced the negotiation process of the regional comprehensive economic partnership (RCEP) agreement has officially been concluded and the trade deal is ready to be signed shortly.
Vietnamese Prime Minister Nguyen Xuan Phuc announces the conclusion of the RCEP agreement negotiations at the 4th RCEP Summit in Hanoi on November 15.
Vietnamese Prime Minister Nguyen Xuan Phuc announces the conclusion of the RCEP agreement negotiations at the 4th RCEP Summit in Hanoi on November 15.

Phuc made the announcement at the 4th RCEP Summit in Hanoi on November 15 as part of the 37th ASEAN Summit and related meetings.

The meeting brought together the participation of leaders of ASEAN countries, and their partners such as Australia, China, Japan, the Republic of Korea, New Zealand, as well as ASEAN General Secretary Lim Jock Hoi.

In his address, Phuc, who chaired the summit, noted the COVID-19 pandemic has taken its toll on more than 200 countries and territories worldwide, badly affecting trade and investment flows regionally and globally, including countries participating in the RCEP negotiations.

He praised participating countries for their outstanding efforts to surmount difficulties and remove barriers in order to conclude negotiations.

“I am very happy to announce that after 8 years of hard work, we have officially concluded the negotiation of the RCEP Agreement so that it is ready to be signed on this occasion”, said Phuc.

He emphasized that given the COVID-19 challenges and declining international trade, the conclusion of the negotiation of the RCEP, the world’s largest free trade agreement, is a strong message affirming ASEAN’s leading role in supporting the multilateral trading system.

According to the Vietnamese PM, the move contributes to creating a new trade structure in the region, facilitating sustainable trade, and developing the supply chain disrupted by the COVID-19 epidemic, as well as supporting post-pandemic recovery.

Negotiations on the RCEP Agreement began in late 2012 at the 21st ASEAN Summit in Phnom Penh (Cambodia). Negotiating parties are ASEAN and its partners of China, Japan, the Republic of Korea, India, Australia, and New Zealand. However, India decided to withdraw from the agreement due to many unresolved matters.

The trade deal, due to be signed this year and take effect next year, will create a large free trade market of approximately 2.2 billion consumers, or nearly one third of the world’s population, with a GDP of approximately US$26.2 billion, or nearly one third of global GDP.

VOV

Other News

National Assembly Chairman urges renovation in leadership, working style

National Assembly Chairman urges renovation in leadership, working style

The NA's Committee for Cultural and Social Affairs has moved fast to reshuffle its organisation after the 14th National Party Congress and the election of deputies to the 16th NA, updating its work agenda to match new directives set out in the resolutions of the 14th National Party Congress and the first Congress of the NA Party Organisation for the 2025–2030 term.

Vietnam treasures ties with Croatia: PM

Vietnam treasures ties with Croatia: PM

Vietnam and Croatia should strive to double bilateral trade turnover from the current level of 161 million USD; study the establishment of a Joint Committee on Economic Cooperation to create a long-term, stable, and effective framework for collaboration, said Prime Minister Le Minh Hung.

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

Vice President of the United Socialist Party of Venezuela (PSUV) Jesús Faria expressed deep admiration for President Ho Chi Minh and Vietnam’s indomitable struggle for national independence. He described President Ho Chi Minh as an immortal symbol of 20th-century national liberation movements, whose legacy continues to inspire leftist parties, progressive movements, and peoples across Latin America, including Venezuela.

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Deputy Foreign Minister Nguyen Minh Hang shared Vietnam’s approach to building an independent and self-reliant economy linked to deep international integration, while proposing several key areas for enhanced cooperation between BRICS and partner countries at the Expanded BRICS Foreign Ministers' Meeting that opened on May 14 in India.

Vietnam asks parties to respect its sovereignty over Truong Sa

Vietnam asks parties to respect its sovereignty over Truong Sa

PSNews - The spokesperson stated that the dispatch of personnel by relevant parties to features belonging to Truong Sa without Vietnam’s permission constitutes a violation of Vietnam’s sovereignty under international law. She stressed that such actions run counter to the Declaration on the Conduct of Parties in the East Sea (DOC) as well as ongoing efforts by countries to negotiate a Code of Conduct in the East Sea (COC).

Hanoi to host ASEAN Future Forum 2026 in mid-June

Hanoi to host ASEAN Future Forum 2026 in mid-June

PSNews - Vietnam’s proposals placed the highest priority on ensuring a peaceful and stable environment conducive for continued sustainable development and improving the well-being and happiness of the ASEAN people. They were praised by member states and incorporated into the core contents of the ASEAN Leaders’ Statement on the response to the Middle East crisis.

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam highly values the support of the United Nations Office on Drugs and Crime (UNODC) in strengthening national capacity in crime prevention and criminal justice, drug control, and addressing emerging challenges, particularly cybercrime, said Ambassador Vu Le Thai Hoang.

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Consolidating the central steering committees for institutional and legal reform and for judicial reform is necessary in order to streamline organisational structures without reducing responsibilities, while ensuring clear accountability, measurable outputs and concrete results. Following the restructuring, the body will be renamed the central steering committee for institutional improvement and law enforcement, with the Party General Secretary and State President serving as its head.

Vietnam strives for substantive outcome at NPT review conference

Vietnam strives for substantive outcome at NPT review conference

At the meeting this week, Ambassador Viet briefed the UNGA President on developments during the first two weeks of the conference. He stressed that the current international geopolitical landscape poses numerous complex challenges, while reaffirming Vietnam’s determination, together with other member states, to promote substantive and balanced outcomes at the conference.

Top leader of Vietnam receives Vientiane official in Hanoi

Top leader of Vietnam receives Vientiane official in Hanoi

The host leader stressed that cooperation between localities, particularly between the capitals of Hanoi and Vientiane, plays an especially important role as a pioneering force in effectively implementing the foreign polices of the two Parties and States, while also serving as a bridge between politics and development, as well as between strategy and concrete action.