RCEP a proof of signatories’ resolve to strengthen integration: Malaysian minister
The recently concluded Comprehensive Regional Economic Partnership (RCEP) agreement is a proof of resolve of Malaysia, together with ASEAN member countries and the five ASEAN Free-Trade Agreement (FTA) partners, to continue strengthening regional economic integration, facilitating cross-border trade and investment, and reducing non-tariff barriers, a Malaysian minister has said.
Malaysian Senior Minister for Economy and Minister of International Trade and Industry Mohamed Azmin Ali (Photo: Reuters)
Kuala Lumpur (VNA) –🌟 Therecently concluded Comprehensive Regional Economic Partnership (RCEP) agreementis a proof of resolve of Malaysia, together with ASEAN member countries and thefive ASEAN Free-Trade Agreement (FTA) partners, to continue strengtheningregional economic integration, facilitating cross-border trade and investment,and reducing non-tariff barriers, a Malaysian minister has said.
Malaysian Senior Minister for Economy andMinister of International Trade and Industry Azmin Ali said the RCEP agreementwas the largest FTA covering 2.2 billion or nearly one-third (29.7 percent) ofthe world’s population and contributed 24.8 trillion USD or 28.9 percent of theworld’s gross domestic product (GDP) based on the World Bank’s data in 2018. The RCEP can accelerate the process of theregional economic recovery post COVID-19, as well as that of Malaysia, throughmarket opening, increased investment, trade facilitation and industrialintegration, especially for small and medium enterprises (SMEs) into theregional value chain, he said. Despite all the challenges anduncertainties of the global economy triggered by the spread of the ongoingpandemic, Azmin said all the Malaysian government’s efforts and carefulplanning to rebuild the country’s economy have paid off. The RCEP trade pact was formally signed inNovember 2020 within the framework of the recent 37th ASEAN Summit and RelatedSummits hosted by Vietnam, after years of negotiation. It includes 10 ASEAN members, namelyBrunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines,Singapore, Thailand and Vietnam, and the bloc's five FTA partners of China,Japan, the RoK, Australia and New Zealand./.
Malaysia will benefit from its participation in the Regional Comprehensive Economic Partnership Agreement (RCEP) as it enhances economic integration and facilitation between ASEAN countries and their dialogue partners, namely China, Japan, the Republic of Koreas, Australia, and New Zealand.
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Malaysian Senior Minister for Economy and Minister of International Trade and Industry Mohamed Azmin Ali (Photo: Reuters) 
