This is the conclusion drawn by the Monetary Authority of Singapore's biannual macroeconomic review released on Wednesday , which said that the Regional Comprehensive Economic Partnership is expected to increase regional trade flows and deepen cross-border production linkages among its 15 member economies.
"It should therefore help to draw in investments, offering companies a broad array of production locations with differing comparative advantages, and the opportunity to export at preferential tariff rates to a wide economic area comprising both high-income consumers and a large and growing middle-income segment."
Tariff cuts differ significantly across products and economies, with a more gradual pace of reduction in Cambodia, Lao PDR , and Vietnam, to allow more time for these lower-income economies to adapt to increased competition. The second category of gains comes from harmonisation of rules of origin, which govern how locally produced content is assessed in order for products to be eligible for preferential import tariff rates.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.