Hanoi (VNA) – Ministers from 15 countries spanning the Asia-Pacific region onNovember 15 signed the Regional Comprehensive Economic Partnership (RCEP) Agreementafter eight years of talks.

The trade pactinvolves 10 ASEAN member nations - Brunei, Cambodia, Indonesia, Laos,Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam,and the bloc’s partners - Australia, China, Japan, the Republic of Korea (RoK)and New Zealand. Together, they accountfor around 30 percent of the globe's gross domestic product (GDP) and 30 percent of the world's population.

Theagreement is expected to create the world’s largest free trade area andnumerous new supply chains, and make significant contributions to regional economicrecovery post COVID-19.

Speakingat the signing ceremony which was held virtually, Vietnamese Prime Minister Nguyen Xuan Phuc said thenew cooperation framework of the RCEP will contribute to accelerating thebuilding of the ASEAN Economic Community 2025, helping ASEAN become a dynamic,strong partner that works for common prosperity.

Thesigning of the deal is the pride and great achievement of the ASEAN countries andpartners in laying a foundation for a new, comprehensive, long-term cooperationperiod, bringing benefits to all countries in the region.

ThePM expressed his hope that the agreement will soon be ratified by the countries andput into place in the time ahead, contributing to post-pandemic economicrecovery and bringing prosperity to people and businesses of all the membercountries.

Inan interview with the Vietnam News Agency (VNA) on the sidelines of the signingceremony, Minister of Industry and Trade Tran Tuan Anh, who inked the pact on behalf of Vietnam, described the signing of the deal asa milestone in economic integration of Vietnam and other participatingcountries.

Withcommitments to opening markets for goods, services and investment, and the harmonisationof the rules of product origin between the countries, as well as tradefacilitation measures, the agreement will create opportunities to develop new supplychains in the region.

Thepact will help to establish stable, long-term export markets for Vietnam andother ASEAN countries, the minister said.

Notably,with new cooperation frameworks in the RCEP and other free trade agreements, theASEAN countries will become trust-worthy destinations for internationalinvestors, he stressed.

Theconclusion of the RCEP talks and the signing also play a role in promotingASEAN’s centrality in shaping the regional architecture, theminister added./.