In 2022, there were numerous developments in the
negotiation and conclusion of various free trade agreements
(“FTA”). FTAs promote increased trade and investment
flows and are key to business growth. Increasingly, there has also
been an emphasis on digital trade and e-commerce in newer FTAs and
agreements. These are growth areas and businesses can take
advantage of them.
On 1 January 2022, the Regional Comprehensive Economic
Partnership Agreement ("RCEP") entered
into force with 10 Parties (Brunei, Cambodia, Lao PDR, Singapore,
Thailand, Viet Nam, Australia, China, Japan, and New Zealand)
immediately ratifying the RCEP. By March 2022, Korea, Myanmar and
Malaysia had ratified the RCEP as well. The RCEP remains the
world's largest FTA to date, covering around 30% of the
global GDP (US $26 trillion) and nearly a third of the world
population. The RCEP offers about 92% tariff elimination for goods
traded amongst the signatories and allows businesses to benefit
from
