RCEP Series Explained

Introduction to RCEP | RCEP Explained

On November 15, 2020, 15 countries, namely ASEAN member states Australia, China, Japan, New Zealand and South Korea, signed the Regional Comprehensive Economic Partnership (RCEP), arguably one of the largest free agreements exchange to the world. Upon its entry into force, it will cover 30% of the world population and GDP, accounting for nearly 28% of world trade. In the first video of the RCEP Explained series, we will share with you the general rules of origin that are applied for each country in RCEP. Good vision!

Vietnam – South Korea | RCEP Explained

Le relazioni commerciali tra Vietnam e Corea del Sud si sono sviluppate rapidamente negli ultimi anni. In particolare, quest’ultima gode di un surplus commerciale con il Vietnam e alcune delle sue maggiori industrie hanno spostato la loro produzione in Vietnam.

La Corea del Sud è anche uno dei principali investitori in Vietnam ed è una potenza influente in termini di cultura e stile di vita. La moda, la musica e lo stile coreani sono molto diffusi in Vietnam, beneficiando trasversalmente il commercio tra i due stati.

Con l’entrata in vigore del RCEP, tali rapporti saranno ulteriormente favoriti, grazie alle riduzioni doganali e alle norme di origine unificate. Dai un’occhiata ai nuovi regimi tariffari che si applicheranno quando entrerà in vigore la RCEP!

Vietnam – Japan | RCEP Explained

Vietnam and Japan share a long friendship based on trade and mutual cooperation.

Japan is Vietnam’s third largest trading partner, sharing a balanced trade exchange with the former.

Not only that, the Vietnamese have become the largest foreign workforce in Japan, surpassing Chinese and Filipino workers. When the RCEP comes into effect, it will further promote the already fruitful relations between the two countries, easing trade barriers and timelines.

Check out our video!

Price reductions between Vietnam and China | RCEP Explained

When the RCEP goes into effect, probably in 6 months to 2 years, trade between Vietnam and China is expected to be lightened in terms of time and custom controls. Not only that, several products will see their entry fees reduced or zeroed, greatly increasing the trade exchanges of both countries.

Find out an overview of these rates in our video!

Vietnam – New Zealand | RCEP Explained

Vietnam and New Zealand share an interesting trading history.

In 2020 the latter recorded a trade surplus of $ 59 million, with the entire trade trade reaching the value of $ 1 billion. The two countries already enjoy the benefits of a trade agreement regulating trade between ASEAN member states Australia and New Zealand, and said trade will further increase as the RCEP enters into force.

Find out more about the reduction of incoming tariffs for both customs in our video!