KUALA LUMPUR —Việt Nam is fully and effectively implementing its commitments under the Regional Comprehensive Economic Partnership (RCEP) Agreement while proactively working with other member states to enhance and expand cooperation within the RCEP framework, Prime Minister Phạm Minh Chính said at the 5th RCEP Summit on October 27 in Kuala Lumpur, Malaysia, held alongside the 47th ASEAN Summit and related summits.

This was the first RCEP Summit since the agreement was signed in November 2020 during Việt Nam’s ASEAN Chairmanship and since it took full effect on June 2, 2023.

The meeting provided leaders with an opportunity to discuss the global economic landscape, review regional cooperation under the RCEP framework, and outline strategic directions for the next phase, focusing on full and effective implementation of the agreement, the admission of new members and preparations for the overall review of RCEP in 2027.

In his address, Prime Minister Chính said the event demonstrates the strong commitment of RCEP members to deepening regional integration, enabling economies to respond more effectively to emerging global challenges.

The Prime Minister underscored the pivotal role of the RCEP Agreement in promoting economic growth across the Asia-Pacific region. He highlighted its tangible benefits in trade, investment and regional supply chain development, noting that it provides a solid foundation for sustainable growth and enhanced competitiveness among member economies.

He affirmed that Việt Nam attaches great importance to RCEP, viewing it as a bridge that allows economies at different stages of development to share benefits, strengthen self-development, and move toward common prosperity.

Chính also emphasised Việt Nam’s support for the multilateral trading system, recognising the World Trade Organisation (WTO) as a cornerstone of a fair, transparent and mutually beneficial global trade order, and the country’s readiness to participate actively in the WTO reform process.

The summit concluded with the adoption of the Leaders’ Joint Statement on the RCEP, reaffirming support for ASEAN’s centrality and the commitment to advancing an open, inclusive, mutually beneficial and forward-looking regional economic integration process.

The joint statement also reaffirmed the strong commitment of RCEP members to the multilateral trading system, with the WTO as its foundation, upholding openness, transparency, fairness and rules-based predictability while ensuring non-discrimination among trading partners.

It further emphasised the central role of RCEP in promoting regional economic integration, strengthening resilience, and fostering sustainable growth amid global economic volatility and uncertainty. — VNS