Malaysia drums up support for S Korea's bid to join CPTPP - MIDA | Malaysian Investment Development Authority
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Malaysia drums up support for S Korea’s bid to join CPTPP

Malaysia drums up support for S Korea’s bid to join CPTPP

18 Apr 2022

Malaysia on Monday expressed support for South Korea’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Yonhap news agency reported, quoting Seoul’s trade ministry.

Malaysia’s Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali has voiced support for Seoul’s envisioned entry into the mega free trade deal in the Asia-Pacific region during a virtual meeting with South Korea’s Trade Minister Yeo Han Koo.

Last week, South Korea announced its decision to join the pact and is working to submit an application this month.

“The Malaysian minister welcomed South Korea’s planned application for the CPTPP membership and shared his country’s ratification procedures for the agreement,” the Ministry of Trade, Industry and Energy said in a release.

The CPTPP involves 11 nations, including Malaysia, Australia, Japan, Canada, Mexico and Vietnam, and it accounted for around 15 percent of the world’s total trade volume of US$5.2 trillion as of 2020.

So far, seven out of the 11 member nations, including Malaysia, Canada, Australia and Vietnam, have voiced support for Seoul’s push to win the membership. The four nations who haven’t done so are Japan, Singapore, Chile and Peru.

During the meeting, the two sides also exchanged opinions on the Indo-Pacific Economic Framework (IPEF), which the United States (US) has sought to launch in the Asian region amid an intensifying Sino-US rivalry.

Yeo told the Malaysian side that South Korea “is positively reviewing” the participation in the framework, as the platform is expected to help strengthen the region’s economic competitiveness and achieve sustainable growth, according to the ministry.

He also voiced hope for enhanced cooperation with Malaysia in supply chains, clean energy and other issues within the framework and via various other cooperation mechanisms.

Source: Bernama