Circular tackles trade remedies during RCEP implementation

The Ministry of Industry and Trade (MoIT) has issued Circular No. 07/2022/TT-BCT, including four Chapters and 15 Articles, guiding the implementation of trade remedies in the Regional Comprehensive Economic Partnership (RCEP).

The Circular guides the implementation of trade remedies as well as anti-dumping measures in the RCEP. Its provisions will be applied on imported goods originating from member countries. Those covered by the Circular are government management agencies as well as individuals and foreign countries involved in the investigation, application, and handling of trade remedies under the RCEP.

In addition to the positive effects the RCEP agreement brings, Vietnam also faces challenges, such as its exports being subject to trade remedies and other technical barriers and a large trade deficit with countries such as China and South Korea as well as ASEAN. The Trade Remedies Authority at MoIT will coordinate with associations and localities to disseminate, guide, and support businesses to understand trade remedy provisions in the RCEP and Circular No. 07, to protect their legitimate interests during implementation.

The RCEP was signed by the ten ASEAN member states and five partner countries - Australia, China, Japan, New Zealand and South Korea - on November 15, 2020, and took effect from January 1, 2022. According to forecasts from the World Bank, Vietnam will post the highest growth in trade and revenue among signatories.