UPS® (NYSE: UPS), a global logistics provider and leading advocate for global trade, applauds the signing of the Regional Comprehensive Economic Partnership (RCEP) at the ASEAN Summit on 15 November 2020. An agreement of this scale, involving the ten members of ASEAN, China, Japan, South Korea, Australia and New Zealand, will provide a positive impact and support the region’s long term economic growth.
“The signing of RCEP is welcome news for businesses and economies across Asia, said Ross McCullough, President, UPS Asia Pacific Region. “Amid the unprecedented pressure placed on global supply chains due to the coronavirus pandemic, the signing of the world’s biggest trade agreement is a timely vote of continued confidence in the Asia Pacific region. Thirty per cent of global GDP and three of East Asia’s biggest economies are represented in the deal; its magnitude means that there is tremendous potential for the RCEP to be a catalyst for businesses across Asia to unlock new cross border opportunities, further deepen and expand their supply chains, and play a bigger role in international trade.”
“The RCEP and regional initiatives such as the ASEAN Agreement on Electronic Commerce, ASEAN-Wide Self-Certification Scheme and the recently implemented ASEAN Customs Transit Agreement – will help integrate a diverse region and create scale, offering fresh growth opportunities for businesses large and small. The connectivity and cooperation across markets are even more critical as economies chart a course for recovery.” he added.
Globally, UPS moves 3% of the world’s GDP and its 528,000 employees operate in 220 countries and territories, transport more than 20 million packages and documents daily supported by the largest in-house customs brokerage operation. We urge all signatories to swiftly ratify the RCEP so that businesses and consumers in Asia Pacific can reap the benefits and fast-track their economic recovery from the downturn brought about by the coronavirus pandemic.