Of RCEP, business, and a less messy bowl of noodles
In Budget 2020, Singapore's Market Readiness Assistance scheme was enhanced to include FTA consultancy services to help SMEs navigate the network of rules involved.
THE Regional Comprehensive Economic Partnership (RCEP) was signed on Nov 15, 2020, at the virtually held 37th Asean Summit under the watchful eye of the international media. This came after an eight-year rollercoaster ride of negotiations, including the withdrawal of India - one of Asia's major economies and original RCEP negotiating parties - at the eleventh hour.
RCEP is the world's largest Free Trade Agreement (FTA) to date, comprising about 30 per cent of global gross domestic product and covering countries that add up to close to a third of the world's population.
Singapore is no stranger to the benefits of FTAs. Singapore's FTAs have brought actual tariff savings of over S$700 million and over S$1.1 billion in 2009 and 2010 respectively for Singapore-based companies, and there has been a clear positive impact on the domestic export of goods.
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