REVIVAL OF RCEP TO STRENGTHEN REGIONAL ECONOMIC INTEGRATION — PM ANWAR
KUALA LUMPUR, Nov 4 (Bernama) -- Malaysia, as ASEAN Chair, has revived the implementation of the Regional Comprehensive Economic Partnership (RCEP) to strengthen its position as a major trading nation as well as to leverage cross-border trade opportunities in the region, said Prime Minister Datuk Seri Anwar Ibrahim.
He said it was part of Malaysia’s efforts to boost regional economic integration by playing an active role in both ASEAN and the Asia-Pacific Economic Cooperation (APEC).
“This programme of regional cooperation is important, with Malaysia being a trading nation. So, apart from ASEAN and APEC, we are also enhancing the RCEP, which we consider important,” he said during the Minister’s Question Time in the Dewan Rakyat today.
He was responding to a question from Datuk Dr Ku Abd Rahman Ku Ismail (PN–Kubang Pasu), who wanted to know what Malaysia achieved rom the recent APEC Economic Leaders’ Meeting (AELM) in South Korea.
The Prime Minister explained that the renewed implementation of the RCEP would open up greater opportunities for trade and investment among member countries, while also boosting Malaysia’s competitiveness in the global supply chain.
According to him, Malaysia’s active participation in major regional agreements such as RCEP and APEC allows it to gain greater market access and strengthen its export position.
“For Malaysia, 80 per cent of our total trade is with APEC countries. Therefore, we must place an emphasis on this. It is about our nation’s survival.
“RCEP provides a stable and mutually beneficial trade framework between ASEAN economies and external partners, reducing our dependence on a single market,” he added.
The 5th RCEP Summit convened in Kuala Lumpur last month was the first leaders’ meeting since the trade pact entered into force on Jan 1, 2022, and also the first since the signing ceremony at the 4th RCEP Summit in 2020.
Besides ASEAN member states, RCEP members include Australia, China, Japan, South Korea and New Zealand.
-- BERNAMA
