The agreement was signed on November 15 by 10 member states of the Association of Southeast Asian Nations (ASEAN) and five trade partners, namely Australia, China, Japan, New Zealand, and the Republic of Korea.

The RCEP creates the world’s biggest free-trade area with a combined population of 2.2 billion and accumulative GDP of 26.2 trillion USD or 30 percent of the world’s total GDP. (Photo for illustration: Nikkei)

It is the largest trade pact in the world, which covers a market of 2.2 billion people, or a third of the global population, with a combined Gross Domestic Products (GDP) of 26.2 trillion USD, or about 30 percent of the world’s GDP, and accounts for nearly 30 percent of the global trade.

RCEP will offer opportunities for Russian enterprises that have representatives in Vietnam to access new markets once it enters into force, said Ilyichev.

The Russian Ministry of Economic Development is studying the text of the trade deal to provide recommendations for domestic businesses, he added.

As a member of the Eurasian Economic Union (EAEU), Russia has a free trade agreement with Vietnam which took effect in October 2016. The European country signed a FTA with Singapore last year and is currently negotiating another with India, he said, adding that it also has an agreement for economic and trade cooperation with China which has no provisions for tariff reduction.

The deal would not affect agreements inked between Russia and Vietnam, particularly the EAEU-Vietnam FTA, the deputy minister added.

Source: VNA