ABSTRACT
This chapter focuses on the prospects and implications of Regional Comprehensive Economic Partnership (RCEP) on the Cambodia, Laos, Myanmar, and Vietnam (CLMV). It explains the evolutions and arrangement of RCEP. Itakura presents the simulation results that show greater benefits for Association of Southeast Asian Nations (ASEAN) member countries if East Asian economic integration attains more depth. Regarding regional and bilateral free trade agreements (FTAs) involving ASEAN member countries, the so-called “spaghetti-bowl” syndrome already embodies huge inconsistencies in the rules of origin and the depth of investment and services trade liberalization. The Trans-Pacific Partnership (TPP) and the RCEP include many of Vietnam’s important economic partners such as China, Japan, Australia, and ASEAN. The fulfilment of TPP and RCEP commitments will help build a transparent and competitive investment environment in Vietnam, thereby facilitating the efficient allocation of capital resources. Vietnam also has to harmonize its commitments under various integration tracks.
