RCEP special – Singapore
Regional Comprehensive Economic Partnership (RCEP), a mega trade pact and a game changer for the landscape of economic cooperation in the west Asia Pacific region, took effect on 1 January 2022 after the minimum number of signatory countries that ratified the agreement was achieved.
Benjamin Hirasawa, Founder and Managing Partner of BH2I in Singapore:
“Once officially implemented, RCEP, as the world’s largest free trade agreement, will support existing Asia Pacific market trends and mitigate many of the greatest legal challenges attorneys face by establishing an agreement which supports the goal of regional cooperation and integration.
“RCEP is unique in that while it covers specific terms which facilitate economic benefit, the agreement extends beyond financial gain to include clear business policies and standards, serving as a symbolic political movement within the Asia Pacific region.”
Q: Which terms in the RCEP agreement are the most relevant to your practice, and how will they foster regional economic cooperation?
Key words: government procurement; professional services; dispute resolution