“The Regional Comprehensive Economic Partnership (RCEP) may prove to be the tonic Asia needs to recover from the pandemic-induced slump. Although international trade continues to face uncertainty, the signing of RCEP underscores the belief in market openness – that it will lead to greater economic growth for more. Intra-Asian trade, which is already larger than Asia’s trade with North America and Europe combined, will continue to power global economic growth and pull the economic centre of gravity towards Asia,” said Stuart Milne, Chief Executive Officer, HSBC Malaysia.
“We hope RCEP members will build on the progress they have made and further liberalize trade and investment in the region.” “As a gateway to ASEAN, Malaysia can further strengthen its cross-border trade and economic ties with RCEP partners. With greater market access, Malaysian businesses can look forward to growing regionally and beyond. In addition, we look forward to more investments into the country and the region as a whole with more foreign companies to base their production in ASEAN given that the RCEP effectively allows convergence between the FTAs. With Malaysia as a key strategic market for HSBC, the Bank remains committed to serve Malaysian businesses and help develop the country as an investment hub in the ASEAN region,” Milne added.
HSBC is focused on accelerating growth from our Asian franchise. Our international banking network provides access to more than 90% of global GDP, trade and capital flows. The network covers the world’s largest and fastest-growing trade corridors and economic zones and will be able to support clients to capture opportunities in the region.