South Korea and Australia are proving the odd couple of the global economy, managing to mitigate the impact of the Covid crisis due to deep links with China’s growth and key advantages unique to themselves.

The recently signed Regional Comprehensive Economic Partnership (RCEP) agreement, which forms the world’s largest trade bloc, is expected to become a driving force for the economic recovery of the Asia-Pacific region from the unprecedented impact of the Covid-19 pandemic. Signed on November 15, 2020, the pact’s 15 members include the 10 countries of ASEAN (Association of Southeast Asian Nations), Australia, China, Japan, the Republic of Korea (RoK), and New Zealand.

After two years of implementing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the use of the deal to generate benefits for the economy and businesses has remained modest, according to insiders.

Foreign direct investment (FDI) enterprises continue to view the nation as an attractive investment destination due to its political stability, improved administrative procedures, and its gradual reduction of inspections and unofficial costs, according to the provincial competitiveness index (PCI) 2020 survey.

Just as some patients recovering from Covid-19 suffer long-lasting symptoms, it’s becoming clear that the same will be true for the global economy once this year’s V-shaped rebound fades.

As reported by the Vietnam Chamber of Commerce and Industry (VCCI) and World Bank (WB), 87.2% of businesses were seriously affected by the Covid-19 pandemic, 11% were not affected and only 2% saw a positive impact. In order for businesses to "recover", it is necessary to focus on reviewing and expanding the issued support packages, Ms. Nguyen Thi Huong, Director General of the General Statistics Office of Vietnam, said.

New Consul General of Vietnam to Vancouver (Canada) Nguyen Quang Trung had a virtual meeting with Minister of Jobs, Economic Recovery and Innovation Revi Kahlon and Minister of State for Trade George Chow of British Columbia province on April 16.

The TRIPS Agreement is a minimum standards agreement, which allows members to provide more extensive protection of intellectual property if they so wish.

The Embassy of Vietnam in Venezuela and Colombia recently held a webinar on promoting cooperation in trade, investment and tourism between Vietnam and Colombia.

East Asian trade is set to rise even further in importance because the scale of the region’s economic recovery is larger and faster than anywhere else. Asia was already the second most integrated regional trade network after the European Union in 2019, with regional trade at 58 per cent of total trade. East Asia’s trading system is likely to become more inclusive and sustainable with its rapid shift to digital platforms.