The recently signed Regional Comprehensive Economic Partnership (RCEP) agreement, which forms the world’s largest trade bloc, is expected to become a driving force for the economic recovery of the Asia-Pacific region from the unprecedented impact of the Covid-19 pandemic. Signed on November 15, 2020, the pact’s 15 members include the 10 countries of ASEAN (Association of Southeast Asian Nations), Australia, China, Japan, the Republic of Korea (RoK), and New Zealand.
Cross-border transfers of goods are a complex process, given the different customs regulations in various countries. This is why the Association of Southeast Asian Nations (Asean) has come up with the Asean Customs Transit System (ACTS) to improve the movement of goods between member countries.
Association of Southeast Asian Nations deal hasn’t materialized, so Canada is pursuing talks with individual countries
East Asian trade is set to rise even further in importance because the scale of the region’s economic recovery is larger and faster than anywhere else. Asia was already the second most integrated regional trade network after the European Union in 2019, with regional trade at 58 per cent of total trade. East Asia’s trading system is likely to become more inclusive and sustainable with its rapid shift to digital platforms.
Last month, Singapore completed one of the largest floating solar energy farms in the world, the latest in a series of solar initiatives in Southeast Asia that have gone ahead despite the impacts of the pandemic.
The Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act), was passed into law on March 26 this year. The Act’s purpose is to grant tax relief for companies in financial need, provide transparent tax provisions, and further increase the competitiveness of the Philippines. The Act is part of corporate fiscal reforms undertaken by the country since 2019. The CREATE Act still needs to be officially published to take effect.
The Regional Comprehensive Economic Partnership (RCEP) sends a very powerful message of the region's commitment to open and liberal trade, an official of the International Monetary Fund (IMF) has said.
A forum to promote investment in industries in Vietnam was held online on April 15 within the framework of the Vietnam International Trade Fair (Vietnam Expo 2021) in Singapore.
<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
