Circular 5 provides further information on how to define the
origin of goods applies to qualify for reductions under the RCEP.
It contains specific provisions on applicable tax differences for
beneficiaries of the RCEP, unifying definitions, specifications,
requirements, formalities, and tax rates. Thereby facilitating
cross-border trade inside the free trade zone, one of the core
incentives for RCEP signatories.
LEGAL UPDATE
1. Spotlight on RCEP
Vietnam has joined the most impactful free trade zone in the
world by ratifying the Regional Comprehensive Economic Partnership
(RCEP), which entered into force at the beginning
of 2022. RCEP is a free trade agreement (FTA)
signed by all ten member countries of the Association of Southeast
Asian Nations (ASEAN) and five additional partners
(Japan, Korea, China, Australia, and New Zealand) on November 15,
2020. This makes RCEP the world's most expansive FTA by the
number of members and represented country GDP –
