Launching economic and technical support programme RT4D

Luong Hoang Thai, director general of the Multilateral Trade Policy Department

At the conference, Luong Hoang Thai, director general of the Multilateral Trade Policy Department (under the Ministry of Trade and Industry) said that AANZFTA and RCEP are two important agreements in the region, and that the Vietnamese government is interested in seizing all opportunities.

Eight member countries have signed AANZFTA, with Vietnam, Thailand, the Philippines, and Myanmar doing so soon. RCEP took effect in early 2022, and 15 member countries have already been approved. It stands as the largest free trade area in the world, capturing 30 per cent of the world's population and contributing 30 per cent to global GDP.

"RCEP is building an implementation mechanism, including establishing a support department under the ASEAN Secretariat, which is expected to be separated into a RCEP Secretariat, and appointing representatives of member countries to participate in committees to implement major areas of the agreement and discuss procedures for countries that are interested in joining," Thai said.

"We highly appreciate the economic and technical support scheme that developed countries provide to developing member nations, particularly the RT4D initiative that ensures Australian government assistance worth $46 million to ASEAN countries," he added.

The RT4D programme will be deployed based on the consultancy of 10 ASEAN countries and two partner countries (Australia, and New Zealand) within the AANZFTA, and five partner countries (Australia, New Zealand, China, South Korea, and Japan) under RCEP. The priority is the establishment of an RT4D representative office in Vietnam, as well as two other countries.

Cecilia Louise Brennan, economic counsellor at the Australian Embassy

Cecilia Louise Brennan, economic counsellor at the Australian Embassy in Hanoi, said that Vietnam is an important partner for Australia, and deepening the economic engagement between the two countries is a top priority for the Australian government.

"The RT4D is a key priority for the Australian government, which is why we are providing $46 million of Australian funding directly to allow for world-class technical expertise and capacity building, helping the region realise the full benefits of AANZFTA and RCEP," she emphasised.

The RT4D's design includes an enhanced focus and additional resources to support Vietnam, Cambodia, and Laos, as well as several activities of relevance to Vietnam, including a communications package and business roundtables in Vietnam to promote the benefits of an upgraded AANZFTA.

"The RT4D is also looking to establish a regional office in Hanoi, alongside the one in Jakarta, which is already in operation. The Hanoi office aims to better support the programme implementation in Vietnam, Laos, and Cambodia," the counsellor said.

The regional multilateral cooperation with Australia is being strengthened. Australia signed the AANAFTA upgrade in August 2023 to ensure the agreement remains fit-for-purpose by reinforcing the rules and market access to support services, trade, and investment while also adding more chapters on issues like e-commerce, trade, sustainable development, and micro, small, and medium-sized enterprises.

Australia co-chaired RCEP in 2023 to support progress on key governance issues, including agreeing to establish a RCEP Support Unit in 2024.

"We recognise the importance of a strong, rules-based multilateral trading system, as well as the key role of ASEAN in the regional economic architecture. We look forward to combining our efforts towards these goals," Brennan asserted.

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