Opening Asia for Russia

ASEAN countries will create the world's largest trade zone

04.07.2020 50 просмотров

It is expected that the agreement on the Regional Comprehensive Economic Partnership (RCEP) will be signed before the end of this year.


This was stated by the Minister of Industry and Trade of Vietnam, Tran Tuan Anh, at the 10th Ministerial Meeting of the countries participating in the RCEP negotiations as part of the Association of Southeast Asian Nations (ASEAN) states and the block's largest trading partners.

"The completion of the RCEP negotiations shows the world the determination of the countries of the region to overcome all the difficulties caused by the coronavirus pandemic. The agreement, which will be signed this year, will create the world's largest free trade area with commitments related to opening markets for goods, services and investments, as well as simplifying customs procedures,” Tran Tuan An said.

According to the Minister of Commerce, after the entry into force of the RCEP, a market will be created with about 3.5 billion consumers with a GDP of $49 trillion, which is almost 40% of total world GDP. The implementation of the provisions of the agreement will accelerate the development of regional and global value chains, which will give a powerful impetus to the development of the economies of the ASEAN countries and the partner states of the association, the minister stressed.

10 ASEAN member countries and six largest trade and economic partners of the bloc, with which the association has concluded free trade agreements - India, China, the Republic of Korea, Japan. Australia and New Zealand.

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