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Compared to other transnational free trade agreements, the Regional Comprehensive Economic Partnership Agreement (RCEP), which was signed by Singapore and 14 other countries in November 2020 and is expected to be implemented in the course of 2021, is unrivaled 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 Groupof Asia-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 Singapore and APAC 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 Singapore as well as other key RCEP markets where Tricor maintains an influential market presence including Australia, Mainland China, Japan, Malaysia, Korea. from the South, Thailand and Vietnam.
Notably, under the provisions of the RCEP, businesses and investors in Singapore can expect better business opportunities throughout ASEAN and the APAC region as a whole, through more commodities. becoming eligible for tariff reductions, increased regulatory transparency, high intellectual property standards and reduced compliance costs. associated with customs processes.
Ho Lon Gee, CEO and Managing Director, Tricor Singapore, said: “RCEP is expected to dramatically improve regional cross-border trade, which is at the very heart of Singapore’s open and export-oriented economy. Once RCEP is implemented and in effect, Singapore businesses will benefit greater flexibility in their sourcing strategies, by having access to a greater number of suppliers throughout the RCEP area. At Tricor Singapore, we are committed to helping global and local businesses evolve their business plans to that they can take advantage of these emerging opportunities and collaborate with regional partners to explore new markets. “
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.
Wendy Wang, CFO and COO of the Tricor Group, said: “Despite the unprecedented economic downturn amid the COVID-19 pandemic and a growing trend of protectionism around the world, RCEP serves as a symbol for a pan-Asian trade network and adheres to the belief that a Greater market opening will lead to greater economic prosperity. Not only are the developed and powerful economies of China and Japan united for the first time in a single trade agreement, but they are also joined by the major emerging economies of the world. ‘ASEAN, such as Malaysia, Singapore, Thailand and Vietnam. RCEP almost guarantees that intra-Asian trade, which is already cumulatively larger than Asia’s trade with North America and Europe combined , will continue to be the growth engine of the global economy – driving even greater economic gravity east towards the APAC. “
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 Singapore
One of the easiest places in the world to do business, Singapore attracts many multinational companies, but entering any new market comes with challenges. Due to globalization, international tax reforms, digitization and national movements, Singapore’s tax environment is constantly changing with new amendments, requirements, exemptions, incentives, challenges and opportunities. Whether you are looking to relocate or streamline your current operations, we can help you take advantage of the growing opportunities Singapore has to offer.
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, and trust services and corporate debt. Strategically based in Hong Kong, we operate in 21 countries / territories and through a network of 47 offices. Tricor serves 50,000 clients, including over 1,500 listed companies in Hong Kong and Mainland China, approximately 500 listed companies in Singapore and Malaysia, and over 40% of the Fortune Global 500 companies. With 2,700 employees, we perform essential functions to help ambitious companies 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.
To learn more, please visit: www.tricorglobal.com/locations/singapore
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210131005058/en/
Contacts
For more information:
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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