Tapping the RCEP opportunities: Hong Kong to maximise GBA's unique edge as business platform
The Regional Comprehensive Economic Partnership (RCEP) agreement is expected to bring huge benefits not only to traders, but also to many service providers throughout the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). A large-scale trade agreement inked by 15 Asia-Pacific nations, the RCEP is seen as an essential means for supply chains to gear up for production in the region. While looking for new markets and committing to expand their overseas manufacturing bases, many companies within the region are facing the challenge of harnessing the recovery-led momentum in order to secure sustainable development as a way of moving forward in the post-pandemic era. In line with the above, this report examines the challenges and opportunities businesses face from the greater integration of the region’s economies, while also exploring the measures that should be taken to fully capitalise on the new production/sourcing advantages and market niches emerging from the provisions of the RCEP agreement.
This is a joint report by ACCA and HKTDC.