Daily Times

The entry into force of the Regional Comprehensive Economic Partnership (RCEP) will provide a boost to the trade and business ties between Singapore and the RCEP parties, said Singapore’s Minister for Trade and Industry Gan Kim Yong in a press release published on Friday. He said that many Singapore businesses indicated that they were keen to utilize the RCEP Agreement when it enters into force during outreach events.

“That the RCEP agreement is entering into force about a year after it was signed, is a testament to the region’s determination and commitment to deepening economic integration amidst difficult times,” Gan added.

According to the press release, businesses will be able to enjoy tariff elimination of about 92 percent for goods traded amongst signatory parties that have ratified the RCEP agreement from Jan. 1,2022. They will also benefit from additional preferential market access for specific products including mineral fuels, plastics, other chemical products, miscellaneous food preparations and beverages in selected RCEP markets.

With streamlined rules of origin and regional cumulation provisions, businesses will have greater flexibility to tap on these preferential market access benefits and be able to take advantage of regional

supply chains, the statement said.

Businesses stand to benefit from enhanced commitments above existing ASEAN Plus One free trade agreements in some sectors, as well as a more transparent approach that would provide greater certainty for businesses, it added.