Kinh tế

RCEP creates impetus for businesses to recover from the pandemic

Regional Comprehensive Economic Partnership Agreement (RCEP) will create the world’s largest free trade area with a scale of 2.2 billion people, equivalent to more than $26 trillion.

According to domestic and foreign experts, after the COVID-19 pandemic, when businesses make efforts to resume supply chains and restore production and business, RCEP will bring many benefits to the Vietnamese economy in the coming period. this recovery.

Specifically, Vietnam’s textile and garment industry uses raw materials mainly from China, which is outside of previous free trade agreements, so Vietnam’s exports do not meet the conditions to enjoy preferential treatment. tax incentives. However, with RCEP, the problem of rules of origin becomes easier.

RCEP creates motivation for businesses to recover after the pandemic - Photo 1.

Countries in RCEP currently account for 40% of Vietnam’s export market share. (Illustration image – Photo: Investment Newspaper)

“The partners in RCEP are mostly countries that supply our raw materials, so this is a factor that makes it easier to meet RCEP’s rules of origin,” said Ms. Nguyen Thi Thu Trang, Director of the WTO Center. and Integration, VCCI, emphasized.

Countries in RCEP currently account for 40% of Vietnam’s export market share. Looser rules of origin will help increase exports to markets such as Japan, Korea, Australia or New Zealand…

As for imports, RCEP countries currently account for 75% of the market share and this number may also increase in the near future. However, according to experts, Vietnam’s trade deficit shock is an excessive worry.

“The commitments in the RCEP on tax incentives are currently at the same level as the agreements we have opened for RCEP countries. Its roadmap is relatively long, 15-20 years. In certain cases, the importation is Imports from RCEP countries are an opportunity to increase export production,” said Ms. Nguyen Thi Thu Trang, Director of the Center for WTO and Integration, VCCI.

Besides, according to experts, RCEP will help countries in Southeast Asia, especially Vietnam, maintain their position to attract production in the context of the pandemic that has promoted the production shift trend of manufacturing companies. foreign company.

“By participating in RCEP, foreign companies manufacturing goods in Vietnam when trading with partners in RCEP will only need to follow a common set of rules of origin, while enjoying lower tax rates and lower taxes. customs clearance procedures are easier thanks to RCEP”, said Mr. Luke Hong, Chief Economist of the ASEAN + 3 Macroeconomic Research Office (AMRO).

Experts all recommend that businesses need to see RCEP as a new gateway, opening up opportunities to access the world’s largest free trade area, but RCEP does not replace or overlap other FTAs, only is one more option. Therefore, businesses need to understand and compare terms between FTAs ​​to choose the most suitable route for their goods.

* Invite readers to watch programs broadcast by Vietnam Television on TV Online and VTVGo!

You are reading the article RCEP creates impetus for businesses to recover from the pandemic
at Blogtuan.info – Source: vtv.vn – Read the original article here

Back to top button