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KUALA LUMPUR: Companies, including small and medium enterprises, should leverage free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) to export to countries in the Asia Pacific region, according to speakers at the first Export Excellence Awards (EEA) 2021 webinar.
RCEP, Asean’s biggest free trade agreement (FTA) to date, comprises all 10 Asean member states and five of Asean’s existing FTA partners to cover a market of 2.2 billion people with a combined size of approximately US$25tril (US$101.21 tril), which is about 29% of the world’s gross domestic product.
Its primary purpose is to serve as an overarching mechanism to facilitate free trade between the 15 countries with a single set of rules and procedures for accessing preferential tariffs.