Tengku Zafrul: Malaysia-Vietnam to leverage RCEP, CPTPP
21 Jul 2023
Malaysia and Vietnam can work together in leveraging their Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) membership.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the RCEP and CPTPP will boost both countries’ ongoing economic recovery efforts, post-pandemic.
“These agreements play a crucial role in advancing our agenda of progressive, sustainable and inclusive growth, further strengthening our efforts towards a resilient and prosperous future,” he said at the Malaysia-Vietnam Business Forum here, today.
Tengku Zafrul is in Hanoi as part of Prime Minister, Datuk Seri Anwar Ibrahim’s two-days official visit to the country.
Meanwhile, he noted that the recent inclusion of the United Kingdom (UK) as a new member of the CPTPP marked a significant development in the trade pact, being the first non-founding country outside the Asia-Pacific region to join the mega trade deal.
“The UK’s accession clearly shows the attractiveness and benefits of the CPTPP, and this would certainly encourage other countries to consider the advantages of membership, as well as closer economic integration and cooperation,” he said.
He added that the CPTPP provides Malaysia and Vietnam with numerous opportunities to unleash their market potential, bolster their services sectors, facilitate investment flows and empower small and medium-sized enterprises.
The CPTPP also promotes sustainable and inclusive growth, with provisions that address labour rights, environmental protection and sustainable development.
“Encouraging responsible business practices and social inclusivity contributes to long-term prosperity and the well-being of participating nations, including Malaysia and Vietnam,” said Tengku Zafrul.
Malaysia and Vietnam are also active partners in ASEAN, working together to promote regional peace, stability, prosperity and integration within the region.
“Let us leverage our common participation in various regional and international platforms to continue addressing challenges and advancing our shared interests for the benefit of both countries and ASEAN’s sustainable, balanced and inclusive growth,” he said.
He added that the Malaysia-Vietnam Business Forum can clearly build on the meaningful milestones achieved in Malaysia and Vietnam’s first 50 years of diplomatic relations.
“May the forum be a catalyst for fresh connections, fruitful collaborations, and a prosperous future for both our nations,” he added.