RCEP, CPTPP to boost Malaysia’s external trade beyond 2023
Malaysia’s external trade activities is expected to expand steadily beyond 2023 amid the impact of new trade agreements, apart from elevated commodity prices and lower interest rates, according to a research released on February 2 by Malaysian Industrial Development Finance Berhad (MIDF).
Malaysia’s external trade activities are expected to expand steadily beyond 2023. (Photo: businesstoday.com.my)
Kuala Lumpur (VNA) – Malaysia’s externaltrade activities are expected to expand steadily beyond 2023 amid the impact ofnew trade agreements, apart from elevated commodity prices and lower interestrates, according to a research released on February 2 by Malaysian IndustrialDevelopment Finance Berhad (MIDF).
The research house said the Regional ComprehensiveEconomic Partnership (RCEP) and Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) were also expected to lift the externaltrade performances in 2024.
As of 2022, RCEP members contributed 58.1% ofMalaysia’s total trade while CPTPP members accounted for 27.5%, it noted.
Under those two free trade agreements (FTAs), Malaysianproducts are able to penetrate into wider markets while importedgoods become cheaper. Hence, Malaysia’s exports and imports growth rates would touch 12.1% and10.9% respectively in 2024, it added.
MIDF Research said the external front is still on achallenging path, with concerns of a global economic slowdown, inflationbiting, tightening monetary policy in many countries and geopolitical risks inEurope and Asia.
It has foreseen slight moderation in exports growthforecast from 25% year-on-year in 2022 to 9.2% year-on-year in 2023./.
The European Union (EU) is expecting trade with Malaysia to recover to pre-pandemic levels by the end of this year, EU Ambassador to Malaysia Michalis Rokas has said.
Malaysian Prime Minister Anwar Ibrahim said the government will work to gradually reduce the national debt and budget deficit, without resorting to raising taxes that hurt the poor.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Talking to the Vietnam News Agency on the occasion of the 100th anniversary of the Vietnam’s Revolutionary Press Day (June 21, 1925–2025), Nikulina, who is also a veteran journalist of Russia’s Sputnik News, emphasised the vital role of mainstream journalism in defending the truth and maintaining public trust.
The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Malaysia’s external trade activities are expected to expand steadily beyond 2023. (Photo: businesstoday.com.my) 
