Regional Comprehensive Economic Partnership (RCEP): Turning a New Page for Asia-Pacific Economic Cooperation
The RCEP will create the world's largest trading bloc, accounting for one third of the world's population and global GDP, making it bigger than the E.U. At the Chamber’s webinar on 23 February, a panel of speakers shared their insights on the agreement’s potential impacts on trade and investment in the region, and the opportunities that are expected to arise.
Kelvin Lau, Senior Economist for Greater China from Standard Chartered Bank (Hong Kong) Ltd, said the RCEP would bridge the trade and investment gap between China and Japan and Korea, as China did not have an FTA with the other two previously. Kathleen Wang, Tax Services Senior Manager from PwC Hong Kong and Kevin Tsoi, Partner from PwC China, encouraged members to look at the potential opportunities in trade of goods, as the RCEP will eliminate tariffs on at least 92% of the goods in the region, within which around two thirds will be immediate. Melissa Ho, Economist for Asian and Emerging Markets Research at HKTDC, said RCEP member countries have traditionally been important trading partners for Hong Kong, accounting for 73% of Hong Kong’s total trade. Hong Kong could potentially become the region’s sourcing hub and financing centre, and therefore play an important role in the RCEP.
This webinar is one of many events the Chamber organizes as we look into opportunities beyond Covid-19. Stay tuned for more updates on the RCEP and trade and investment news in the region!
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