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KUALA LUMPUR: The Regional Comprehensive Economic Partnership (RCEP) will serve as an important instrument for economic recovery and will encourage the reopening of markets while ensuring uninterrupted supply chains.
Prime Minister Muhyiddin Yassin said the RCEP deal is critical to the region’s response in tackling the Covid-19 pandemic.
He said the pandemic had not only cost lives, but also hit economies.
“Along with the challenges to the global trading system due to regional tensions, it is imperative that Asean continue to maintain our competitiveness as a region,” he said in his speech during the 4th virtual RCEP Summit hosted today by Vietnam.
Muyhiddin said that free trade agreements (FTAs) are the way forward to help maintain competitiveness by promoting international trade, encouraging investment and ensuring the supply of talent.
As such, he said the RCEP will be the main vehicle through which regional economic integration can be enhanced within ASEAN and its dialogue partners.
“In fact, it is significant that this association has been negotiated based on the different levels of economic development of the 15 participating countries, to ensure a mutually beneficial FTA for all.
“I believe this is the touchstone for the future growth and vitality of our regional economic collaboration,” he said.
He added that Malaysia, along with ASEAN and NAFTA partners, would like to show the world that even with different levels of economic development, 15 countries can come together to create a trade pact that will be mutually beneficial, not just for the business community. , but also for the livelihood of the people.
On another note, Muhyiddin said that Malaysia recognizes the difficulties India is currently facing and wishes to express its continued support and welcome India’s accession to RCEP in the future.
The country had chosen not to participate in the RCEP negotiations in November 2019.
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