Plans to Educate Local Companies and Other Stakeholders on Potential Benefits from Regional Comprehensive Economic Partnership

Mr Leon Perera asked the Minister for Trade and Industry how does the Ministry plan to educate local companies and other stakeholders on their potential benefits from the Regional Comprehensive Economic Partnership.

After the signing of the RCEP Agreement on 15 November 2020, MTI has been working closely with Enterprise Singapore (ESG) and the Singapore Business Federation to reach out to companies on how they can benefit from and utilise the RCEP Agreement.

In 2021, as part of the lead up to the entry into force of the RCEP Agreement, the Ministry and our partners organised two webinars which were attended by more than 400 participants from over 200 Singapore-based companies. These webinars introduced participants to the RCEP Agreement, highlighted key benefits and demonstrated how businesses could use the Agreement. The Ministry also worked closely with the media to facilitate their understanding and reporting of the Agreement and its benefits to Singaporeans.

In 2022, we will continue to organise such outreach sessions and also conduct in-depth sectoral sessions that target different business segments and highlight the relevant benefits under the RCEP Agreement.

In addition to these webinars, the Ministry has published three guidebooks: (i) Understanding Trade in Goods and Rules of Origin under the RCEP: Benefits for Businesses; (ii) Understanding the RCEP Services, Investments and E-Commerce Chapters; and (iii) Understanding the RCEP Intellectual Property Chapter: Benefits for Businesses. These guidebooks were designed to help businesses understand and utilise the RCEP Agreement and include examples of how the RCEP Agreement will benefit them and help save costs. These guidebooks were distributed at the webinars and can be found via this weblink: https://www.mti.gov.sg/Improving-Trade/Free-Trade-Agreements/RCEP.

Businesses can also take advantage of ESG's Tariff Finder at this weblink: https://www.enterprisesg.gov.sg/non-financial-assistance/for-singapore-companies/free-trade-agreements/ftas/tariff-finder. The Tariff Finder provides information on the preferential tariffs to more than 150 destinations (covering Singapore's bilateral, regional and plurilateral FTAs), the relevant Rules of Origin, and other general requirements necessary for exportation.