Tricor Group 2021 Asia Pacific Trade Report focuses Singapore's RCEP impact, COVID-19 recovery

KUALA LUMPUR, Feb 2 -- Compared to other transnational free trade agreements, the Regional Comprehensive Economic Partnership Agreement (RCEP) -- signed by Singapore and 14 other countries last November and expected to be implemented this year -- is unrivalled in its complexity.

RCEP remarkably lays the framework for a pan-Asian basic standard for trade that surpasses the terms provided by the World Trade Organization (WTO), according to Tricor Group’s 2021 Asia Pacific Trade Report.

The report, released recently to media outlets and prominent business leaders, applies industry data from a multitude of research and media sources to offer perspectives, insights, observations and projections compiled by senior Tricor executives on how global trade trends will impact APAC trade and investment activity in the year ahead.

In particular, the report focuses on how the landmark implementation of the RCEP in 2021 is likely to enhance market openness and create new opportunities for global enterprises in Singapore and APAC against the challenging backdrop of COVID-19 pandemic recovery.

In a statement, Tricor Singapore Chief Executive Officer & Managing Director, Ho Lon Gee, said: "The RCEP is expected to greatly enhance regional cross-border trade, which is at the very heart of Singapore's open and export-oriented economy.

“Once RCEP is implemented and in force, companies in Singapore will enjoy greater flexibility in their sourcing strategies, gaining access to a larger pool of suppliers throughout the RCEP zone.”

Tricor Group is the leading business expansion specialist in Asia, with global knowledge and local expertise in business, corporate, investor, human resources & payroll, and corporate trust & debt services.

-- BERNAMA