On the morning of 15 November 2020, H.E Mr. Thongloun SISOULIT, Prime Minister of Lao PDR, led the Lao delegation to attend the 4th Regional Comprehensive Economic Partnership Summit (virtual) under the chair of H.E Mr. Nguyen Xuan Phuc, Prime Minister of Vietnam.
At the meeting, the ASEAN leaders congratulated Vietnam as the chair of the Association of Southeast Asian Nations (ASEAN) on preparing to host this historic and significant summit, which the ASEAN leaders witnessed at the virtual signing ceremony of the RCEP after eight years of regional negotiation.
The signing of the RCEP sends a signal to the world that ASEAN is a potential region and it opens to global trade and investment. It also boosts the global economy, which has been affected by the Covid-19 pandemic.
The RCEP will reduce trade tariffs between member countries, accounting for 30 percent of the global economy, reaching 2.2 billion consumers.
RCEP “will help reduce or remove tariffs on industrial and agricultural products and set out rules for data transmission,” said Luong Hoang Thai, head of the Multilateral Trade Policy Department at Vietnam’s Ministry of Industry and Trade.
The RCEP will be effective once all signatory countries ratify it domestically over the next two years.
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