(Photo: moit.gov.vn)

Mr. Tuan Anh said that as COVID-19 has posed numerous challenges, RCEP member countries should make full use of opportunities to boost economic recovery and regain its centrality in the global economy.

“It’s an important time for RCEP members to enhance trade and investment cooperation. Signing the RCEP agreement will send a positive signal to the world that regional countries are determined to overcome any epidemic and economic difficulties,” Tuan Anh said.

He added, “Despite obstacles caused by the pandemic, RCEP members keep holding virtual meetings to motivate negotiations and encourage India’s more active participation in the process.”

Initiated in November 2012 in Phnom Penh, Cambodia, RCEP includes 10 ASEAN members and six major partners which ASEAN has signed free trade agreements with. They are China, Japan, the Republic of Korea, Australia, India, and New Zealand.

Once the RCEP agreement is signed, it will create a market of 3.5 billion consumers and a GDP of nearly 49 trillion USD, accounting for 39% of the global GDP.