HANOI, April 17 (Xinhua) -- The Regional Comprehensive Economic Partnership (RCEP) is expected to benefit Vietnam the most if the country and the domestic business community can make good preparations, local media reported Monday.
The RCEP covers 16 countries, including 10 members of the Association of the Southeast Asian Nations and their regional trading partners of China, Japan, South Korea, Australia, New Zealand and India.
Compared to other deals, the RCEP has broader and deeper liberalization commitments in the trade of goods, services and investment, Vietnam's state-run news agency VNA quoted local experts as saying on Monday.
RCEP members make up 24 percent of global gross domestic product (GDP) and 28 percent of global trade, therefore, the deal is hoped to greatly benefit members, especially less developed countries, said experts.
With less developed economy than others in RCEP, Vietnam is likely to benefit the most from the deal, said VNA, adding that RCEP is expected to have positive influence on exports, investment attraction and economic growth.
To make full use of the deal, Vietnamese experts suggested the government take stronger actions to reform institutions and improve the investment environment to ensure equality for all economic sectors.
It is also necessary to strengthen communications to help enterprises overcome challenges and choose good investments, insiders said.
According to the World Trade Organization Center under the Vietnam Chamber of Commerce and Industry, negotiations on the deal are projected to wrap up in November.
