The progress, principal commitments, and expected impacts of the Regional Comprehensive Economic Partnership (RCEP) were discussed at a conference held on Friday. The deal, which will come into force at the beginning of 2022, will be a new economic boom for Vietnam to recover and grow after the pandemic.

Participants of the conference suggested businesses work on learning everything they should know about the RCEP to grasp all the opportunities it brings.

Tran Thi Hong Minh, Director the Central Institute for Economic Management, said, “Opportunities from international economic integration and the RCEP in particular will not be tapped without the preparation, unity, and determination of the businesses. Their in-depth understanding of the RCEP will be calibrated into their potentials for growths.”

RCEP comprises 10 members of the Association of Southeast Asian Nations (ASEAN) plus China, South Korea, Japan, New Zealand and Australia.

It is the world’s biggest free trade agreement, covering a huge market of 2.27 billion people with a GDP of 26 trillion USD and total export revenues of 5.2 trillion USD.

Source: VOV5