Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali showing the Regional Comprehensive Economic Partnership (RCEP) Agreement document during the signing ceremony witnessed by Prime Minister Tan Sri Muhyiddin Yassin at the 37th ASEAN Summit and Related Summits held virtually on Novembe 15 PETALING JAYA: The small and medium enterprises (SMEs) are expected to benefit from the Regional Comprehensive Economic Partnership (RCEP), coupled with the Putrajaya Vision 2040, a business advisory firm said. BinaPavo@kCommerce (M) Sdn Bhd consultant and research fellow Dr Eric Balan said the vision is a 20-year run that would allow SMEs to penetrate into markets that was once difficult to enter. “A wide range of goods and services sectors will see clear benefits but there are sectors that are now open to intense competition because of low-cost producers and this shifts economic supply, ” he said in a statement yesterday. The Putrajaya Vision 2040 is an economic roadmap for a more open, resilient, and peaceful Asia Pacific community driven by trade and investment, innovation and digitalisation, and sustainable inclusive growth. Balan said the benefits of the RCEP would outweigh the cost, allowing SMEs to relook into their strategies and become more competitive in their offerings.RCEP leaders at the virtual summit “By just being part of a RCEP supply chain would already boost SMEs’ position in the region. With the supply chain now extending globally, the SMEs’ risk can be mitigated, ” he said. Participating SMEs will now have opportunities to attract investments from the world over, he said. “SMEs can now re-evaluate the use of their technology or their investments in technology to capture potential market share and growth.” He said it was also timely that the enterprises carried out market research to diversify their goods and services from existing ones, carved out new segments they want to serve and shift their organisational thinking towards the goals of the RCEP. “Cross-regional SME trade pacts in technical and manufacturing cooperation are highly mooted as this allows the SMEs to learn, source, integrate, distribute, and penetrate into the growing consumer markets, especially in China, ” Balan added. Meanwhile, BinaPavo@kCommerce founder Prof Dr Mohar Yusof said the RCEP facilitated SMEs to continuously engage in learning and those that are rigid to change would definitely lose out from the benefits. —Bernama
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