SYDNEY--(BUSINESS WIRE)--When compared to other transnational free trade agreements, the Regional Comprehensive Economic Partnership Agreement (RCEP), which was signed by Australia 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 basic standard for trade across key markets of the APAC region 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 Australia 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 Australia as well as other key RCEP markets where Tricor maintains influential market presence, including mainland China, Japan, Malaysia, Singapore, South Korea, Thailand and Vietnam.
In particular, according to Tricor’s report, the RCEP represents wins for Australian and foreign businesses within the financial services sector, education, health, engineering and other professional services, who can now become better integrated within the region and gain more interconnected access to key markets across the newly formed RCEP zone.
Richard Beattie, CEO, Tricor Australia / New Zealand, said: “From an Australian point of view, the RCEP enhances Australia's position for two-way economic engagement in the growing APAC region. Not only will the RCEP attract more foreign investment into Australia, the landmark deal will significantly level the playing field throughout key countries in APAC, opening up investment and expansion avenues for Australian-based firms in new markets that just aren’t accessible at the moment. At Tricor Australia, we are committed to helping enterprises – those based in Australia as well as foreign firms – stay ahead of the monumental changes being spurred by the RCEP so they can boldly tap into new pools of opportunity, both here in Australia and abroad.”
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.”
Sunshine Farzan, Tricor Group Head of Marketing & Communications, said: “The headlines of 2020 were largely dominated by one universal story: COVID-19. Few anticipated the distress and ubiquitous disruption the pandemic would present to economies around the world. Tricor Group’s 2021 Asia Pacific Trade Report, which draws from qualitative and quantitative data, suggests that, despite numerous roadblocks and pending uncertainties ahead, new opportunities are on the horizon for global businesses in 2021, such as the numerous benefits offered by RCEP. By highlighting these emerging prospects and prescribing possible steps to take, this report can help business leaders and investors stay ahead of the curve in today’s shifting landscape.”
About Tricor Australia
Australia is attracting investors because of its stability, location and emerging opportunities—but entering any new market comes with challenges. Whether you are looking to set up shop or streamline operations, we can help you navigate the local landscape and capitalize on the many benefits Australia 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, and corporate trust & debt services. 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 over 1,500 companies listed in Hong Kong and Mainland China, ~500 companies publicly listed in Singapore and Malaysia, 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/australia