Main commitments

The member countries will spend a period expected to be 18 months, to ratify the Agreement. In Vietnam, RCEP is in the process of submitting to the Government for ratification, as well as developing a detailed plan for implementation. The process is expected to be completed in late 2021 or early 2022.

Commitment on Tariff

According to Vietnam's commitments, Vietnam has 06 schedules of tariff schedule commitments for 06 countries/groups of countries, including ASEAN, Japan, Australia, New Zealand, China and South Korea.
Currently, the current ASEAN Plus Free Trade Agreements (of which Vietnam is a member) have been offering relatively high preferences for tariff liberalization. RCEP builds on existing tariff reduction commitments and will eliminate about 90% of import tariffs within 20 years from the date of entry into force of the Agreement.
The tariff schedule commitments of Vietnam as well as those of the countries in the RCEP has the longest term of 25 years.

Rules of Origin and Self-Certification of Origin

RCEP provides for harmonization and simplification of the Rules of Origin. These rules include provisions allowing the accumulation of originating materials, of any RCEP countries, to continue to be included in the originating material of the final finished product, and to enjoy the preferential tariff rate when circulating between the member countries of the Agreement.
In addition, the self-certification mechanism of origin will be applied by Vietnam and most of its member countries (except Laos, Cambodia and Myanmar) after no more than 10 years from the date of entry into force of the Agreement.

Trade facilitation

RCEP also includes commitments on trade facilitation and implementation of customs procedures, standard and technical regulations, specifically:

Transparency and simplification of customs procedures: Timely disclosure of information on the Internet; Measure and publish the results of clearance,
Apply information technology to support customs operations based on internationally accepted standards for fast customs clearance,
Trade facilitation for “Authorized Economic Operators” and allow negotiation for mutual recognition of “Authorized Economic Operators” programs,
The Complaints and Appeals Regulations allow any individual to whom an administrative decision has been issued by a Customs authority, within its territory, to have the right to complain and protest on a non-discriminatory basis.

The negotiations of the Regional Comprehensive Economic Partnership between ASEAN and the six states with which ASEAN has existing FTAs (including China, Korean, Japan, India, Australia and New Zealand) were launched from May 9th, 2013. The negotiation progress was concluded in November 2019, except India - decided to opt out of RCEP. 15 RCEP member countries (except India) signed RCEP on 15 November 2020. This RCEP Agreement will enter into force 60 days after six ASEAN Member States and three non ASEAN Member States have ratified the Agreement.

The Regional Comprehensive Economic Partnership (RCEP) Agreement is an agreement to broaden and deepen ASEAN’s engagement with Australia, China, Japan, Korea and New Zealand. Together, these RCEP participating countries account for about 30% of the global GDP and 30% of the world population. The objective of the RCEP Agreement is to establish a modern, comprehensive, high-quality, and mutually beneficial economic partnership that will facilitate the expansion of regional trade and investment and contribute to global economic growth and development. Accordingly, it will bring about market and employment opportunities to businesses and people in the region. The RCEP Agreement will work alongside and support an open, inclusive, and rules-based multilateral trading system.

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REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP AGREEMENT (RCEP)

Main commitment

Introduction

Agreement text

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