RCEP agreement marks three years of advancing regional trade cooperation

Director of the MoIT’s Department of Multilateral Trade Policy Le Trieu Dung speaks at the conference. (Photo: VNA)

Hanoi – The Ministry of Industry and Trade of Vietnam (MoIT) the Ministry of Trade, Industry and Energy of the Republic of Korea (RoK) held a conference in Hanoi on April 4 to mark the third anniversary of the Regional Comprehensive Economic Partnership (RCEP) Agreement’s entry into force.

The event themed “Connecting and Expanding Regional Cooperation in a Highly Uncertain Environment” served as a platform to reflect on three years of RCEP implementation, evaluate its impacts on businesses, and explore solutions to remaining trade barriers. Discussions focused on improving customs procedures to facilitate trade, introducing new frameworks for sustainable trade cooperation, and addressing both the opportunities and challenges of the RCEP enforcement.

Speaking at the event, Director of the MoIT’s Department of Multilateral Trade Policy Le Trieu Dung highlighted RCEP as the world’s largest free trade agreement by population and GDP. Signed in November 2020 by 10 ASEAN countries and five partners - China, Japan, the RoK, Australia, and New Zealand, the agreement came into effect on January 1, 2022, for six ASEAN members and four partners. It later entered into force for the RoK in February 2022, Malaysia in March 2022, Indonesia in January 2023, and most recently, the Philippines in June 2023.

The Vietnamese official said following eight years of negotiations, the RCEP took effects in 2022. Over the last three years, it has become a key driver of export growth, trade expansion, investment facilitation, and regional supply chain development, contributing significantly to global economic recovery and resilience.

Currently, the agreement covers a market of approximately 2.3 billion people, representing around 30% of the global population and GDP. Notably, five of its 15 members are members of the G20.

The RCEP’s open-access framework continues to draw interest from new economies seeking to join. Member countries have completed accession procedures and established an RCEP Support Unit (RSU) to enhance implementation, reflecting the agreement’s growing strategic importance.

Dung said that over the past three years, the RCEP has positively impacted Vietnam’s international economic integration and supported the broader economic and trade activities of ASEAN and participating countries. By providing a unified legal framework, the agreement enhances regional transparency and cements ASEAN’s role as an attractive investment destination, especially critical amid current global trade uncertainties.

He also emphasised the vital role of the RCEP in bolstering Vietnam–RoK economic relations. Since 2022, Vietnam has consistently ranked as the RoK’s third-largest trading partner. Both countries aim to raise bilateral trade to 100 billion USD in 2025 and 150 billion USD by 2030 in a balanced, sustainable manner.

Jinhyeok Choi, Director General of the FTA Policy Bureau of the Korean Ministry of Trade, Industry and Energy, underscored the RCEP’s value in enhancing not only the RoK–Vietnam ties but also regional trade cooperation as a whole./.