Minister of International Trade and Industry Mohamed Azmin Ali (Photo: Reuters) Kuala Lumpur (VNA) – The signing of the RegionalComprehensive Economic Partnership (RCEP) will be a testament to the world onASEAN and its trading partners’ efforts in strengthening the multilateraltrading system, a Malaysian minister has said.
Minister of International Trade and IndustryMohamed Azmin Ali told the Malaysian news agency Bernama that he and hiscounterparts from RCEP countries (10 ASEAN members and China, Japan, theRepublic of Korea, Australia, and New Zealand) had a virtual meeting onNovember 11.
After an eight-year journey, the countriesfinally completed their negotiations, paving the way for the signing of theagreement on November 15, he said.
The official noted Malaysia is ready for thesigning, having received the mandate from the Cabinet for the implementation ofthe trade deal, adding that its Government has carried out engagements on theRCEP with domestic stakeholders, state governments, and the Cabinet.
Commenting on RCEP, Minister Azmin said theagreement will enhance regional economic integration with a vast array ofmultiplier effects. Malaysia is also confident that RCEP can be used as one ofthe economic recovery tools against COVID-19.
The implementation of this deal will help ensurethe opening of markets as well as an uninterrupted supply chain. Besides, RCEPwill be able to attract even greater investments that will benefit the regionas a whole, according to him.
The minister went on to say that the agreementwill also demonstrate to the world that ASEAN together with its FTA partnerssay “no” to protectionism, and “yes” to free trade. It will further demonstrateASEAN’s centrality in shaping the global trade agenda, he added./.
VNA
