On September 15, Deputy Minister of Industry and Trade Tran Quoc Khanh gave a press response to the information on the ratification process of the Regional Comprehensive Economic Partnership (RCEP) as well as the priorities of business cooperation. economy of ASEAN immediately after the conclusion of the 53rd ASEAN Economic Ministers Meeting and related meetings (September 8-15).

The RCEP Agreement is one of the great achievements contributing to Vietnam's overall success in 2020 as the Chair of ASEAN. At that time, with the role of ASEAN Chair and Chair of the RCEP Ministerial Conference, Vietnam actively worked with ASEAN countries to come up with initiatives to help resolve outstanding issues so that the negotiations could be concluded and signed. Agreement on the sidelines of the 37th ASEAN Summit taking place in November. This is a great achievement of the ASEAN Host Year 2020.

Following that success, in the context of the complicated situation of the Covid-19 epidemic, heavily affecting the economy as well as disrupting regional supply chains, ASEAN countries and 5 partner countries all want The RCEP Agreement will soon come into force, specifically in early 2022, to promote trade and investment in the region, contributing to the regional economic recovery after the pandemic.

In that spirit, the signatories to the RCEP Agreement soon carried out procedures for ratification of the Agreement. According to the provisions of the RCEP Agreement, this Agreement will officially come into force after 60 days from the time when at least 6 ASEAN countries and 3 partner countries complete the procedures for approval/ratification of the Agreement and deposit its instrument of approval/ratification to the Depositary (ASEAN Secretary-General).

At this ASEAN Economic Ministers' Meeting, all ministers informed each other and encouraged ASEAN countries and partner countries to quickly ratify the agreement, striving towards the goal of bringing the agreement into force. on January 1, 2022.

Vietnam is completing the final steps and hopes to join the first group of countries to ratify the agreement. It is expected to be able to complete the approval of the RCEP Agreement before November 2021. If by October 31, 2021 If there are all 6 ASEAN countries and one more partner among the three countries Korea, New Zealand and Australia, which has completed ratification, the agreement will take effect from the beginning of 2022.

In the context of the current epidemic, what are the priorities of ASEAN in economic cooperation?

In the context of the complicated development of the Covid-19 epidemic and causing many negative impacts on the ASEAN economy and the world, Brunei has launched the theme of the ASEAN Chairmanship Year 2021 as "Common concern, joint preparation, together". prosperity” with 13 priorities, economic cooperation initiatives towards three main strategies: Recovery; digitization and sustainability to promote ASEAN economic recovery after the Covid-19 pandemic. Among the initiatives of the host country, Brunei this year, there are very notable initiatives, such as the development of a circular economy framework, the development of a toolkit for assessing non-tariff measures; as well as the roadmap to promote ASEAN digital transformation,...

In addition to the implementation of 13 ASEAN economic cooperation initiatives for 2021 proposed by Brunei, Vietnam and ASEAN countries actively discussed the continued implementation of economic cooperation initiatives proposed by Vietnam. proposed as the ASEAN Chair in 2020, typically: ASEAN Master Recovery Plan; Expanding ASEAN's List of Essential Goods in response to the Covid-19 epidemic, implementing the Memorandum of Understanding on handling non-tariff measures for essential goods within the framework of the Hanoi Action Plan to strengthening ASEAN economic cooperation and connecting supply chains in the context of the Covid-19 epidemic.

All ASEAN Ministers will try not to apply impediment measures to ensure and maintain the supply chain of essential goods in the region.

ASEAN countries also agreed to maintain current commitments on market opening for trade and investment, and strengthen trade facilitation measures. Because at this time, trade facilitation measures are meaningful and important for economic recovery in the ASEAN region. At the same time, the ASEAN Economic Ministers discussed how to maintain production in ASEAN, especially building a sustainable regional supply chain. Besides, promoting the application of technology to quickly digitize activities in ASEAN in the context of the epidemic, serving the goal of sustainable growth in the long term.

All efforts are aimed at 3 pillars, trying to recover the economy, digitizing that economic recovery and aiming for sustainable growth in the long term. Focusing on supporting businesses, especially small and medium enterprises to overcome the pandemic, trying to maintain the growth momentum of ASEAN, and turning ASEAN into a strong economic community, whereby being an attractive investment destination in the future.