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Malaysia to expand trade linkages by ensuring successful implementation of ACFTA, RECP

Malaysia to expand trade linkages by ensuring successful implementation of ACFTA, RECP

08 Mar 2024

Malaysia is determined to expand the country’s trade linkages by ensuring the successful implementation of the ASEAN-China Free Trade Area (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP).

Ministry of Investment, Trade and Industry (MITI) secretary-general Datuk Hairil Yahri Yaacob said Free Trade Agreements (FTAs) have been instrumental in facilitating businesses and ensuring that supply chains operate smoothly across the region, particularly amidst prevailing global uncertainties.

The ACFTA has been the cornerstone of ASEAN-China economic relations, and Malaysia has been committed to elevating the ACFTA to ensure that it remains comprehensive, relevant and mutually beneficial to all members. 

“As the country coordinator for ASEAN-China from July 2024-2027, Malaysia will assume a constructive role in advancing ASEAN-China relations, particularly in supporting the efforts towards the conclusion of the ACFTA 3.0 Upgrade Negotiations,” he said in his keynote address at the soft launch of the Malaysia-China Summit 2024 (MCS 2024) here today.

Furthermore, Malaysia is continuously reviewing and updating its regulatory regime, keeping pace with the changes in the global economic landscape to capture economic opportunities. 

MITI is also making every effort to position Malaysia as the globally preferred investment destination, underscored by good governance and environment, as well as environmental, social and corporate governance (ESG) goals, he said.

In enhancing industrial collaboration, Hairil Yahri affirmed the government’s commitment to bolstering industries’ capabilities, thereby reinforcing Malaysia’s pivotal role in global supply and value chains.

To solidify Malaysia’s leading position and strengthen the ecosystem, the New Industrial Master Plan (NIMP) 2030 has set a clear direction for the development of strategic manufacturing sectors in Malaysia, including the semiconductor industry. 

He noted that the NIMP 2030 outlines strategies to attract globally competitive wafer fabrication companies to set up local operations in Malaysia.

Simultaneously, the government remains proactive in encouraging investors to explore opportunities for strategic partnerships with local industries, particularly in the high-tech sector.

“This includes initiatives such as joint research and development, talent exchange, collaboration in emerging technologies, and the implementation of smart manufacturing practices to bolster production efficiency,” he said.

Hairil Yahri said MITI is set to coordinate 58 programmes under the economic pillar, including MCS 2024.

“These initiatives aim to foster dialogue and collaboration, facilitating business matching, and exploring new opportunities for growth and cooperation,” he added.

Source: Bernama