Hanoi (VNA) – Domestic businesses should equipthemselves with necessary knowledge in order to tap opportunities from the RegionalComprehensive Economic Partnership (RCEP), advised experts.

The RCEP, which was signed during the 37th ASEANSummit in Mid-November, involves 10 members of the Association of SoutheastAsian Nations (ASEAN) as well as the Republic of Korea (RoK), China, Japan,Australia and New Zealand. It is the biggest-ever trade agreement in theworld with combined GDP of member economies accounting for 30.2 percent ofglobal GDP, equivalent to about 32 trillion USD, and a market comprising of47.5 percent of the world population.

According to Nguyen Thi Thu Trang, a representative from theVietnam Chamber of Commerce and Industry (VCCI), Vietnam is one of thecountries that benefit the most from the deal as the country has many productsmeeting the demand of the majority of signatories of the agreement.

The RCEP will help form a stable and long-term export marketfor ASEAN member countries amid the recent instable supply chains, whilecreating a fair playground in the region via a binding legal framework onpolicies on trade, investment, intellectual property and e-commerce, she said.

Thanks to the harmonisation of origin regulations within theRCEP, Vietnam’s export products can meet all conditions to enjoy preferentialtax rates, thus increasing the country’s exports to regional markets, especiallyJapan, the RoK, Australia and New Zealand, said Trang.

Meanwhile, Vu Duc Giang, Chairman of the Vietnam Textile andApparel Association said that the RCEP is hoped to bring about numerousbenefits for garment and textile sector with the opening of a giant2-billion-strong market. It will help domestic firms overcome challenges inmaterials supply, he added.

However, according to Giang, it is necessary to designsolutions and development strategy for the 2030-2040 period, which shouldidentify key areas and products for development. He added that more investment inindustrial parks or water treatment plants meeting environmental protectionstandards is needed to meet standards set by the RCEP.

At the same time, lawyer Tran Van Tien from Dong Doi lawagent said that together with other trade deals, the RCEP will continue helpingpromote Vietnam’s reform efforts along more progressive and positivedirections.

Therefore, the investment and business environment in thecountry will rapidly be completed, motivating socio-economic development andenhancing the competitiveness of local enterprises, especially small andmedium-sized firms, he said.

He pointed out that along with the deeper integration intothe world economy, Vietnamese firms are facing more international legaldisputes with foreign rivals, while their legal awareness has remained modest.

Tien advised domestic companies to equip themselves withknowledge about international legal regulations to minimise risks and latentchallenges during the signing and implementation of contracts with foreignpartners./.