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RCEP a contributor to sustain Malaysia’s trading and investment destination status in Asean, says minister

RCEP a contributor to sustain Malaysia’s trading and investment destination status in Asean, says minister

06 Aug 2021

The Regional Comprehensive Economic Partnership (RCEP) Agreement will contribute to sustaining Malaysia’s status as a competitive trading hub and investment destination in Asean, Senior Minister cum Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali said.

He said RCEP would also empower the small and medium enterprises (SMEs) to expand their global outreach, strengthening their pivotal role as the backbone of the Asean economy.

“Signing of RCEP is not only Malaysia’s testament of its resolve and commitment to strengthen the multilateral trading system but also an economic recovery tool against Covid-19 which helps to ensure continuous opening of markets as well as the uninterrupted flow of goods and enhancing of regional supply chains,” he said in a statement in conjunction with the 54th Asean day.

The virtual commemoration was led by Senior Foreign Minister (Security Cluster) Datuk Seri Hishammuddin Hussein, who is the head of the Malaysian delegation and Asean political-security pillar, and attended by Tourism and Culture Minister Datuk Seri Nancy Shukri as the head of the Asean socio-cultural pillar while Mohamed Azmin represented the Asean economic pillar.

According to the Ministry of International Trade and Industry (MITI), the signing of the RCEP agreement in November 2020 was the heart of Asean’s achievement during this unprecedented time of global uncertainties.

“In addition, the Asean Travel Corridor Arrangement Framework (ATCAF) and ratification of RCEP have been identified as among the key tools for expediting regional economic recovery under the Asean Comprehensive Recovery Framework (ACRF),” it said.

It said under Brunei Darussalam’s strong and able chairmanship with the theme “We Care, We Prepare, We Prosper” this year, Asean has steadily progressed towards economic recovery through various initiatives under the ACRF, including the ATCAF.

Meanwhile, the ministry said the Asean Online Sale Day (AOSD) would take place on the http://aseanonlinesaleday.com/ website from Aug 8 to Aug 10, 2021 to commemorate the 54th Asean Day.

“The AOSD initiative was launched in 2020, amidst the accelerated adoption of technology and digitalisation in the region since the onset of the pandemic early last year,” it said.

It added that more than 40 Malaysian SMEs are taking part in this year’s sale.

Source: Bernama