When compared to other transnational free trade agreements, the Regional Comprehensive Economic Partnership Agreement (RCEP), which was signed by South Korea 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 pan-Asian basic standard for trade 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 South Korea 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 South Korea as well as other key RCEP markets where Tricor maintains influential market presence, including Australia, mainland China, Japan, Malaysia, Singapore, Thailand and Vietnam.
The RCEP, according to Tricor’s report, is expected to be the shot in the arm that South Korea, a country that relies heavily on global trade, needs to thrive and better position itself on the global stage. According to the Korea Economic Research Institute, the official launch of RCEP is estimated to add an annual average of 1.1% to Korea’s GDP and is expected to represent US $1.1 billion in consumer welfare.
Byung-Doo Choi, CEO, Tricor South Korea, said: "The RCEP shines a new light on South Korea on the global trade and investment stage, enabling more foreign firms to enter the country as well as supporting South Korea-based firms in their foreign investment and expansion ambitions. In particular, the RCEP will reduce or remove tariffs in key industries that benefit South Korea’s economy and will also greatly raise the standards for intellectual property protections throughout the zone. As we look toward full activation of the RCEP, Tricor South Korea is well-positioned to help firms in South Korea navigate the rapidly changing landscape and unlock their full potential."
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."
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About Tricor South Korea
Tricor Korea specializes in company administration, payroll and executive search services, offering best practices and local knowledge to clients based in Korea. Staffed by experienced professional accountants as well as human resource and IT consultants, Tricor Korea is committed to customized solutions and excellence in service. Whether you are looking to set up shop or streamline your current operations, we can help you capitalize on the growing opportunities Korea 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 ~2,000 companies publicly listed in Asia and over 40% of the Fortune Global 500 companies. With 2,700 employees, of which 630 are certified professionals, 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/south-korea
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