HEADLINES: Getting Ready For RCEP 1st January, 2022
This week is a momentous one for Asia and Global trade implications, as entire Governments, officials and businesses look ahead to the commencement of the Regional Comprehensive Economic Partnership (RCEP) free trade agreement that starts on January 1st. China has reduced tariffs on nearly 1,000 products, while new regional interconnectivity and other free trade agreements will shortly come into effect to dovetail with RCEP. Even the UK can benefit indirectly by taking advantage of, and leveraging the Asian trade deals it does have. RCEP is the world’s largest Free Trade bloc and includes Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Thailand and Vietnam. It is time for international traders, manufacturers and sourcing businesses to look at what this massive trade deal - the world’s largest in terms of population market access and trade - 30% of global GDP - will have on their operations moving ahead into 2022 and beyond.
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