The 10th Meeting on the Regional Comprehensive Economic Partnership (RCEP), scheduled for June 23 in Hanoi, is expected to bring a new change to regional and global trade.

Minister of Industry and Trade Tran Tuan Anh

The meeting will be chaired by the Vietnamese Ministry of Industry and Trade.

Via rounds of negotiations since 2012 between ASEAN’s 10 member states and six dialogue partners, the RCEP is considered the world’s largest free trade agreement.

Minister of Industry and Trade Tran Tuan Anh said once the RCEP comes into force, it will create a market with about 3.5 billion consumers and a gross domestic product (GDP) of US$49 trillion, accounting for 39% of the world’s.

The deal, scheduled to be signed this year, will also create the world’s largest free trade area with commitments regarding the opening of markets in goods, services and investment, simplification of customs procedures and rules of origin of products.

It is also expected to step up the development of regional and global value chains, propelling economies of ASEAN member states, including Vietnam and partner nations.

Experts highlighted the need to deal with issues related to non-tariff trade barriers, intellectual property rights, and e-commerce to improve the competitiveness of ASEAN businesses, including those from Vietnam so as to expand markets and boost exports.