- Its GDP would be the 7th in the world;
- It would be the 4th power exporter to the world;
- It would be the 3rd most populous state.
These numbers have recently been joined by another reason to consider Southeast Asian countries: the Regional Comprehensive Economic Partnership (RCEP), the largest free trade agreement for the aggregate GDP of its members, signed on November 15, 2020, Will go into effect on January 1, 2022.
The ASEAN Secretariat announced that as of November 2, 2021, six ASEAN members (Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam) have ratified the agreement along with Australia, China, Japan, and New Zealand. According to the provisions of the agreement, the RCEP will enter into force sixty days after that date, on January 1, 2022.
With an aggregate GDP of over 26 trillion dollars (representing 30% of global GDP) and nearly one-third of the world's population, the RCEP should aupping trade and investment by removing barriers and the 90% of tariffs among participating members within 20 years of entry into force and providing preferential access in the region's growing markets.
According to the latest report by MISE and ICE, ASEAN Area countries have an average growth rate of 5% per year, representing a unique opportunity for Italian foreign trade. Italy has not yet fully exploited the potential of this area: The emerging middle class offers Italian companies the opportunity to bring products and services to new consumers who are increasingly looking abroad to satisfy their needs.
Are you interested in exploring opportunities in the ASEAN Area? Then you are in the right place: in recent months we have presented numerous articles, published newsletters and organized webinars on Southeast Asian countries, precisely because we believe it is an area that is destined to grow, reserving enormous potential for Italian companies that want to internationalize.
Below we report some of our focuses. Do you want to read them in detail and figure out which one is best for your business? Then click on one of the links below and contact us: we will study the best solution together.
Focus: Export to Indonesia, a road ready to go
Focus: From China to ASEAN, the new manufacturing reorganization in the post-Covid-19 era.
Focus: Vietnam, the new manufacturing hub and the free trade agreement with the EU
Interview with Tomaso Andreatta, Indochina Chief Representative of Banca Intesa Sanpaolo
It makes sense because ASEAN is a large and growing market: if it were a single country it would rank 7th in the world in GDP, be the 4th largest exporter and the 3rd most populous country. According to MISE and ICE, it is growing at an average annual rate of 5%, and Italy has not yet fully exploited its potential.
The Regional Comprehensive Economic Partnership (RCEP) is the largest free trade agreement by combined GDP of its members. It was signed on November 15, 2020, and enters into force on January 1, 2022, sixty days after November 2, 2021, the date on which the necessary ratification threshold was reached.
As of November 2, 2021, six members of ASEAN have ratified the RCEP: Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam. To this list are added four non-ASEAN countries: Australia, China, Japan, and New Zealand. This was announced by the ASEAN Secretariat.
The RCEP is expected to increase trade and investment by eliminating barriers and 90 percent of tariffs among its members within 20 years of its entry into force. It also offers preferential access to growing markets. The area is worth over $26 trillion in GDP, or 30 percent of the global total, and almost a third of the world’s population.
According to the latest report from MISE and ICE, the countries of the ASEAN Area are growing at an average of 5% annually. The emerging middle class represents an opportunity for Italian companies, because these new consumers are increasingly looking abroad to meet their needs with products and services.
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