KUALA LUMPUR, Malaysia--(BUSINESS WIRE)--When compared to other transnational free trade agreements, the Regional Comprehensive Economic Partnership Agreement (RCEP), which was signed by Malaysia and 14 other countries in November of 2020 and is expected to be implemented sometime in 2021, is unrivalled in its complexity and 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 today 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, Tricor Group’s 2021 Asia Pacific Trade 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 Malaysia and APAC against the challenging backdrop of COVID-19 pandemic recovery. Within the report, Tricor details the provisions of the RCEP and offers a summary of steps companies can take to prepare themselves to capitalize on the agreement and the business growth potential it offers. The report also contains a detailed guide to doing business in Malaysia as well as other key RCEP markets where Tricor maintains influential market presence, including Australia, mainland China, Japan, Singapore, South Korea, Thailand and Vietnam.
The RCEP is particularly significant for the future of trade and investment in Malaysia, as the deal is projected to drive critical domestic regulatory reforms in key areas such as labor laws, investment liberalization, cybersecurity, data security and protection of intellectual property.
Yeap Kok Leong, CEO & Managing Director, Tricor Malaysia / Labuan, said: “Supply chain diversification has come under the spotlight in recent years, thanks to ongoing geopolitical tensions and pandemic disruptions. Under the RCEP, plans for China+1 or ASEAN+1 supply chain strategies, which many global companies have set their sights on, will be streamlined with greater market access across the RCEP zone. In particular, thanks to the deal’s focus on digitization and smart manufacturing, SMEs in Malaysia will be incentivized to develop more innovative and competitive products, further deepening the country’s footprint in global and regional supply chains. Tricor Malaysia is committed to walking alongside and supporting our partners in cross-border endeavors throughout the region.”
Lennard Yong, Tricor Group CEO, said: “The establishment of the RCEP trade bloc is indisputably a defining moment for global trade – a pivotal development that could redirect foreign direct investment (FDI) flows in the months and years ahead. At Tricor, we are highly cognizant of gauging how this trade deal will potentially disrupt FDI and trigger new trends in international business. Tricor Group’s 2021 Asia Pacific Trade Report provides a blueprint for global and local enterprises looking to leverage and capitalize on the new opportunities expected to be created by the RCEP. This expertise reinforces our leadership in the region as the ‘go-to’ partner for enterprises seeking to expand throughout Asia Pacific and beyond.”
Gary Tok, Tricor Group CCO, said: “The signing of the RCEP is much welcome news for enterprises and investors across APAC and beyond, especially against the unparalleled strains the COVID-19 pandemic has placed on global supply chains. As the leading business expansion specialist in APAC, Tricor has been helping businesses face the headwinds of an unprecedented public health crisis and prepare for more uncertainty ahead. In light of this landmark agreement, we look forward to working with global businesses to review and adapt their business models so they can benefit from the vast supply chain networks and strengthened multilateral cooperation afforded by the RCEP.”
Dr Veerinderjeet Singh, Chairman of Tricor Malaysia, said: “The headlines of 2020 were largely dominated by COVID-19. No one anticipated the mayhem and disruption that the pandemic has brought about to economies around the world. Tricor Group’s 2021 Asia Pacific Trade Report puts into perspective that, despite numerous hurdles and oncoming uncertainties, there are always new opportunities on the horizon for businesses in 2021. This includes the various benefits offered by the RCEP. As such, businesses need to grab the opportunities and business prospects via deeper analysis and introspection through robust risk mitigation strategies and effective structuring of operations which enables one to traverse the various regional legislative requirements to forge ahead. We believe this report can help business leaders and investors stay ahead of the curve in today’s shifting landscape.”
About Tricor Malaysia
Tricor Malaysia has a wealth of local knowledge to provide expert advice on setting up and doing business in Malaysia, as well as the capability to extend services across Asia and other regions via the international network of the Tricor Group. A leading provider of integrated business, corporate and investor services in the Asia region, Tricor Malaysia has extended service offerings to include governance, risk and compliance; GST advisory, training and services; issuing house services to complement share registration services; internal audit advisory to support risk management; tax services; business incubation centre and IT solutions. Whether you are looking to set up shop or streamline your current operations, we can help you capitalize on the growing opportunities Malaysia has to offer.
Tricor Group (Tricor) is the leading business expansion specialist in Asia, with global knowledge and local expertise in business, corporate, investor, human resources & payroll, corporate trust & debt services, and strategic business advisory. Strategically headquartered in Hong Kong, we operate out of 21 countries/territories and across a network of 47 offices. Tricor serves 50,000 clients, including ~2,000 companies publicly listed in Asia and over 40% of the Fortune Global 500 companies. With 2,700 employees, we deliver critical functions to help ambitious companies accelerate their growth in Asia and beyond.
Tricor’s advantage comes from deep industry experience, committed staff, technology-driven processes, standardized methodologies, constant attention to changes in laws and regulations and wide industry contacts. Tricor is uniquely positioned to unlock the potential of your business, and help you stay one step ahead of today’s diverse and fast evolving regulatory environment.
To learn more, please visit: www.tricorglobal.com/locations/malaysia
