Asia has been actively entering into Free Trade Agreements (“FTAs”) since the 1980s. This trend shows no sign of abatement.

Since the beginning of 2022, most Asia-Pacific (“APAC”) economies are starting to show signs of post-pandemic economic recovery. The Regional Comprehensive Economic Partnership (“RCEP”), which came into effect on 1 January 2022, paves the way for more Free Trade Agreements (“FTAs”) to be signed across the APAC region.

For businesses, more FTAs in the APAC is beneficial as it enables savings in supply chain costs and heightened transparency in trading lanes. However, more FTAs also mean new operational challenges for companies, especially as demands on supply chains become more complex.

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This was published in the WTS Global Customs Newsletter #1 2022.

For further inquiries regarding this alert, please contact:

Eugene Lim
Founding Principal, Taxise Asia LLC
Eugene.Lim@TaxiseAsia.com
+65 6304 7989