Prime Minister Anwar Ibrahim says Malaysia is reviving RCEP implementation to boost trade and reduce single-market dependence.
KUALA LUMPUR: Malaysia has revived implementation of the Regional Comprehensive Economic Partnership to strengthen its position as a major trading nation.
Prime Minister Datuk Seri Anwar Ibrahim said this revival would leverage cross-border trade opportunities throughout the region.
He explained this forms part of Malaysia’s efforts to boost regional economic integration through active roles in ASEAN and APEC.
“This programme of regional cooperation is important, with Malaysia being a trading nation,” he said during Minister’s Question Time in the Dewan Rakyat.
Anwar was responding to a question from Datuk Dr Ku Abd Rahman Ku Ismail about Malaysia’s achievements at the recent APEC Economic Leaders’ Meeting in South Korea.
The Prime Minister stated that renewed RCEP implementation would open greater trade and investment opportunities among member countries.
He added that this would also boost Malaysia’s competitiveness within the global supply chain.
Active participation in major regional agreements provides Malaysia with greater market access and strengthens its export position.
“For Malaysia, 80% of our total trade is with APEC countries,” Anwar emphasised.
He described this focus as crucial for the nation’s survival in the global economic landscape.
The RCEP provides a stable and mutually beneficial trade framework between ASEAN economies and external partners.
This framework helps reduce Malaysia’s dependence on any single market for its trade activities.
The 5th RCEP Summit convened in Kuala Lumpur last month marked the first leaders’ meeting since the trade pact took effect.
RCEP officially entered into force on January 1, 2022, after signing at the 4th RCEP Summit in 2020.
Besides ASEAN member states, the partnership includes Australia, China, Japan, South Korea and New Zealand. – Bernama
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