Further to our alert on the development of the Regional Comprehensive Economic Partnership (RCEP) negotiation (Link), we would like to share additional details about the RCEP based on the current information available. The RCEP members signed the RCEP on 15 November 2020 during the 37th ASEAN Summit. After the signing, the Thai government shall arrange for a public hearing before presenting to the parliament for ratification. We will keep you updated on this issue if…
On November 15, 2020, the Regional Comprehensive Economic Partnership (RCEP) was signed by China and 14 other nations — the 10 countries of the Association of Southeast Asian Nations (Brunei*, Cambodia, Indonesia, Laos, Malaysia*, Myanmar, Philippines, Singapore*, Thailand and Vietnam*) plus Australia*, China, Japan*, New Zealand* and South Korea. Many of the products for which tariffs are eliminated are already duty-free. [Countries with an * are also signatories to the CPTPP] RCEP was originally proposed…
On October 2, 2020, the Office of the United States Trade Representative (USTR) announced that at the direction of President Trump, it is initiating an investigation addressing two significant issues with respect to Vietnam. USTR will investigate Vietnam’s acts, policies, and practices related to the import and use of timber that is illegally harvested or traded, and will investigate Vietnam’s acts, policies, and practices that may contribute to the undervaluation of its currency and the…
On 9 September 2020, the Department for International Trade (DIT) announced that the UK has taken a major step in the process of joining CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), one of the world’s largest and most dynamic free trade areas. The press release stated in part: International Trade Secretary, Liz Truss, alongside the current chair of the CPTPP Commission, Mexican Economy Minister Graciela Márquez, opened discussions between senior UK trade officials and…
On 30 June 2020, the Official Journal published a notice announcing the Free Trade Agreement between the European Union and the Socialist Republic of Viet Nam, signed in Hanoi on 30 June 2019, will enter into force on 1 August 2020.
On 08 June 2020, Vietnam’s National Assembly passed a resolution ratifying the EU – Vietnam Investment Protection Agreement (EVIPA) (“Resolution”) and the EU – Vietnam Free Trade Agreement (EVFTA). Passage of the Resolution marks Vietnam’s completion of its legal procedure to ratify the EVIPA, however, the EVIPA requires further ratification by all EU member states before it can enter into force. The EVIPA includes investment protection prohibiting discriminatory treatment and expropriation without compensation. The EVIPA…
On 8 June 2020 Vietnam ratified the European Union – Vietnam Free Trade Agreement (EVFTA) and the European Union – Vietnam Investment Protection Agreement (EVIPA). The EVFTA will provide expansive preferential markets access for goods traded between Vietnam and the European Union (EU). The EVFTA will enter into effect on 1 August 2020. In order to export from Vietnam to the EU, exporters must have a REX number in order to complete shipments valued at…
On May 12, 2020, the Philippines component of the Free Trade Agreement (FTA) and Investment Agreement (IA) between Hong Kong, China and the Association of Southeast Asian Nations (ASEAN) entered into force. The FTA and IA entered into force between Hong Kong and Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam in 2019. According to the Hong Kong Trade Development Council (HKTDC), under the FTA, the Philippines will progressively eliminate and reduce customs duties on goods…
On 12 February 2020, the European Parliament approved the EU-Vietnam trade and investment agreements. The EU-Vietnam trade agreement is now set to enter into force in 2020, upon conclusion of the ratification procedure by Vietnam. The trade agreement will eliminate virtually all tariffs on goods traded between the two sides and will guarantee – through its strong, legally binding and enforceable commitments on sustainable development – the respect of labour rights, environmental protection and the…
On January 13, 2020, the US Department of the Treasury announced that it had delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. In this Report, Treasury reviewed and assessed the policies of 20 major US trading partners. Treasury also assessed developments over the last several months with China and its currency practices. The announcement said: The Report concluded that while the currency practices…