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The U.S.-Vietnam relationship has been on an upward trajectory defined by common interests since diplomatic relations between the two countries normalized a quarter-century ago. Vietnam was one of two Southeast Asian countries specifically referenced in the Biden administration’s Interim National Security Strategic Guidance, demonstrating the extent to which it has become an increasingly critical part of U.S. defense planning for the region. Bilateral trade has grown over 200-fold since normalization. People-to-people ties have also grown as Vietnam’s tourism industry has developed. Since normalization, Vietnam has welcomed U.S. tourists, former Vietnam War veterans, and even former refugees and their families. U.S. schools and companies in turn have attracted Vietnamese students and recent graduates, who are among the best educated in the world despite the country’s lower level of economic development.
RCEP: What does it mean for future Asia-Pacific trade and U.S. companies operating in the region?
After eight years of back-and-forth negotiations, Asia’s Regional Comprehensive Economic Partnership on Trade (RCEP), the world’s largest regional trade agreement, was signed in an online ceremony on 15 November 2020. While more limited than the U.S.-led Trans-Pacific Partnership (TPP-12) and its successor, the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), it is a major regional free trade agreement that poses challenges for the United States, which opted out of TPP-12 and CPTPP and was not part of RCEP, and could displace some U.S. exports to the region.
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After eight years of back-and-forth negotiations, Asia’s Regional Comprehensive Economic Partnership on Trade (RCEP), the world’s largest regional trade agreement, was signed in an online ceremony on 15 November 2020. While more limited than the U.S.-led Trans-Pacific Partnership (TPP-12) and its successor, the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), it is a major regional free trade agreement that poses challenges for the United States, which opted out of TPP-12 and CPTPP and was not part of RCEP, and could displace some U.S. exports to the region.