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Compared to other transnational free trade agreements, the Regional Comprehensive Economic Partnership Agreement (RCEP), which was signed by Thailand and 14 other countries in November 2020 and is expected to be implemented sometime in 2021, is unparalleled in its complexity and remarkably presents the framework for a Pan-Asian basic standard for trade that surpasses the conditions set by the World Trade Organization (WTO), according to Tricor GroupAsia-Pacific Trade Report 2021.
The report, released today to leading media and business leaders, applies industry data from a multitude of research and media sources to offer insights, insights, observations and projections compiled by senior Tricor executives on the impact of global trade trends on trade and investment activities in the APAC region. in the coming year.
In particular, Tricor Group Asia Pacific 2021 Trade Report focuses on how the historic implementation of RCEP in 2021 is likely to improve market opening and create new opportunities for global businesses in Thailand and the APAC region in the difficult context of the resumption of the COVID-19 pandemic. In the report, Tricor details the provisions of the RCEP and offers a summary of the steps companies can take to prepare to capitalize on the deal and the growth potential it offers. The report also contains a detailed guide to doing business in Thailand as well as other key RCEP markets where Tricor maintains an influential market presence including Australia, Mainland China, Japan, Malaysia, Singapore, South Korea and Vietnam.
Notably, under the provisions of the RCEP, companies and investors in Thailand can expect improved business opportunities throughout ASEAN and the APAC region as a whole, through more commodity becoming eligible for tariff reductions, increased regulatory transparency, high standards of intellectual property protection, and reduced compliance costs associated with customs processes.
Dyland Mah, Managing Director, Tricor Thailand, said: “RCEP brings together different countries with different perspectives and perspectives. But through multilateral cooperation and better market access, RCEP economies can work together to build a more resilient and inclusive future as a region. Due to their breadth and diversity of RCEP coverage, its implementation can be cumbersome for some companies. As a leading business development specialist in Thailand, we look forward to working with companies to overcome these looming challenges in order to stay ahead. “
Lennard Yong, CEO of Tricor Group, said: “The creation of the RCEP trade bloc is undoubtedly a defining moment for global trade – a pivotal development that could redirect foreign direct investment (FDI) flows in the months and years to come. At Tricor, we are fully aware of how this trade deal risks disrupting FDI and triggering new trends in international business. Tricor Group’s 2021 Asia Pacific Trade Report provides a blueprint for global and local businesses looking to take advantage of and capitalize on the new opportunities expected to be created by RCEP. This expertise strengthens our leadership in the region as a go-to partner for companies looking to expand across Asia-Pacific and beyond.
Gary Tok, CCO of Tricor Group, said: “The signing of the RCEP is very good news for businesses and investors in the APAC region and beyond, especially against the unprecedented strains the COVID-19 pandemic has placed on global supply chains. . As the leading business development specialist in the APAC region, Tricor has helped companies weather the headwinds of an unprecedented public health crisis and prepare for more uncertainty. In light of this historic agreement, we look forward to working with global companies to review and adapt their business models so that they can benefit from the extensive supply chain networks and multilateral cooperation enhanced through RCEP. “
Sunshine Farzan, Head of Marketing and Communication at Tricor Group, said, “The headlines of 2020 were largely dominated by one universal story: COVID-19. Few foresaw the distress and pervasive disruption the pandemic would present to economies around the world. The Tricor Group Asia Pacific Trade Report 2021, which draws on quantitative data suggests that, despite many obstacles and outstanding uncertainties, new opportunities are on the horizon for global businesses in 2021, like the many benefits RCEP offers. By highlighting these emerging perspectives and prescribing actions for action, this report can help business leaders and investors stay ahead of today’s changing landscape. “
About Tricor Thailand
Tricor Thailand was established in 2005 and is based in Bangkok. Our comprehensive service offering includes accounting and tax compliance services for multinationals and small and medium enterprises; administration and secretarial services for unlisted companies; and human resources and payroll services. If you are looking to establish your business in Thailand, our experienced professionals can help you harness the opportunities offered by Thailand’s resilient economy, world-class infrastructure, competitive human capital, and strong government support.
Tricor Group (Tricor) is the leading business development specialist in Asia, with global knowledge and local expertise in business, corporate, investor, human resources and payroll, trust services and corporate debt and strategic business advice. Strategically based in Hong Kong, we operate in 21 countries / territories and through a network of 47 offices. Tricor serves 50,000 clients, including approximately 2,000 listed companies in Asia and over 40% of the Fortune Global 500 companies. With 2,700 employees, of whom 630 are certified professionals, we provide essential functions to help ambitious companies succeed. accelerate their growth in Asia and beyond.
The advantage of Tricor comes from in-depth industry experience, committed staff, technology-driven processes, standardized methodologies, constant attention to changes in laws and regulations and extensive contacts with the industry. Tricor is uniquely positioned to unlock the potential of your business and help you stay ahead of today’s diverse and rapidly changing regulatory environment.
For more information, please visit: www.tricorglobal.com/locations/thailand
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210131005052/en/
Contacts
For more information please contact:
HONG KONG SAR (GROUP OFFICE)
Sunshine Farzan
Tricor Services Limited
Group Marketing & Communication Manager
Phone: +852 2980 1261
Email: [email protected]
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