SINGAPORE - Companies will soon find it easier and cheaper to conduct business in the region when the newly-inked region-wide free trade pact takes effect, said Trade and Industry Minister Chan Chun Sing on Sunday .
Consumers, too, will see benefits with a more competitive range of products to choose from, as well as cost-savings passed down from the elimination of tariffs on most goods traded among participating countries, said Mr Chan. The key benefits of the agreement include tariff elimination for at least 92 per cent of goods traded among the participating countries, and allowing businesses to invest in fellow RCEP countries without having to meet conditional performance requirements.
As for concerns some have raised about benefits being tilted in favour of larger economies, like China, Mr Chan said the signing of the RCEP will bring about mutual benefits for both Chinese companies venturing beyond the domestic market, as well as for non-Chinese companies who want to enter China. "It will place the region at the forefront of the global economic recovery and remain as an attractive investment destination during and post-Covid-19."
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