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Xinhua Silk Road
InfoQuest

SMEs may benefit a lot from RCEP

December 31, 2020


Abstract : The Regional Comprehensive Economic Partnership (RCEP) signed in November 2020 is an important variable in the global economic recovery against COVID-19 and attaches great importance to the role of small and medium-sized enterprises (SMEs) in promoting economic development,employment and innovation.

InfoQuest (December 31, 2020) - The Regional Comprehensive Economic Partnership (RCEP) signed in November 2020 is an important variable in the global economic recovery against COVID-19 and attaches great importance to the role of small and medium-sized enterprises (SMEs) in promoting economic development, employment and innovation, which is also a new point for ASEAN countries that have not yet signed free trade agreements (FTA) with their trading partners, according to Director General, Department of Trade Negotiations Auramon Supthaweethum.

RCEP requires member countries to disclose and share information on trade regulations for SMEs' acquisition and usage, thus promoting cooperation, improving the competitiveness of SMEs, and boosting mutual learning among SMEs inside and outside RCEP.

RCEP is expected todrivethe SMEs' integration of into the global production chain and participation in new trade modes; it also highlights technology, innovation and IP rights, and regards these elements as important components of its operations, products and services.

Owners of SMEs in Thailand should make corresponding preparations to learn the trade-related provisions in RCEP, and notice consumer habits in RCEP member markets, to formulate business strategic plans for market-desired products, Auramon added.

Those owners should also strengthen their understanding or consult government departments against the impact of malpractice.

In addition, the Department of Trade Negotiations is discussing with relevant personnelfor the establishment of an FTA fund, to offer assistance to business owners negatively impacted by FTA and enable Thai business owners to participate in global free trade competition.

Source: InfoQuest, by Phonnareu / Kasamarporn /Sasithorn, translated by Xinhua Silk Road

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Keyword: SMEs RCEP

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