RCEP Agreement will further integrate Vietnam’s economy into the world economy
By: Date: 2021-02-08 Categories: Internationalfood Tags: ,
Food Partner Network News According to information from Vietnam’s Ministry of Industry and Trade, the Regional Comprehensive Economic Partnership (RCEP) includes 15 countries, including 10 ASEAN countries, as well as Australia, China, Japan, South Korea and New Zealand. It is currently the largest FTA agreement in the world. RCEP is considered to be the world’s largest free trade agreement, with a scale of approximately 2.2 billion consumers, accounting for approximately 30%of global GDP (26.2 trillion US dollars), and is expected to establish a new development pattern for regional and international trade.

According to the Vietnam Agricultural Products Processing and Market Development Agency, my country is currently the second largest export market for agriculture, forestry and fishery in Vietnam, second only to the United States. In 2020, the export value of Vietnam’s agricultural, forestry and aquatic products to China is approximately US$10.36 billion, accounting for 25.14%of Vietnam’s total export of agricultural, forestry and aquatic products. ASEAN is the fourth largest export market for Vietnam’s agricultural, forestry and aquatic products. In 2020, Vietnam’s exports to the ASEAN market amounted to 3.69 billion U.S. dollars, followed by Japan (3.42 billion U.S. dollars) and South Korea (2.34 billion U.S. dollars).

RCEP creates better opportunities for many agricultural products to open their markets. However, Vietnam’s agricultural, forestry and aquatic products will face fierce competition from RCEP countries. Therefore, in order to improve the competitiveness of Vietnam’s agricultural products and to make full use of the opportunities brought by RCEP, Vietnam must further consolidate the foundation for agricultural development.

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