Malaysia highly values role of RCEP hinh anh 1Minister of International Trade and Industry Mohamed Azmin Ali (Photo: Reuters)

Kuala Lumpur (VNA) – The signing of the Regional Comprehensive Economic Partnership (RCEP) will be a testament to the world on ASEAN and its trading partners’ efforts in strengthening the multilateral trading system, a Malaysian minister has said.

Minister of International Trade and Industry Mohamed Azmin Ali told the Malaysian news agency Bernama that he and his counterparts from RCEP countries (10 ASEAN members and China, Japan, the Republic of Korea, Australia, and New Zealand) had a virtual meeting on November 11. 

After an eight-year journey, the countries finally completed their negotiations, paving the way for the signing of the agreement on November 15, he said.

The official noted Malaysia is ready for the signing, having received the mandate from the Cabinet for the implementation of the trade deal, adding that its Government has carried out engagements on the RCEP with domestic stakeholders, state governments, and the Cabinet. 

Commenting on RCEP, Minister Azmin said the agreement will enhance regional economic integration with a vast array of multiplier effects. Malaysia is also confident that RCEP can be used as one of the economic recovery tools against COVID-19. 

The implementation of this deal will help ensure the opening of markets as well as an uninterrupted supply chain. Besides, RCEP will be able to attract even greater investments that will benefit the region as a whole, according to him.

The minister went on to say that the agreement will also demonstrate to the world that ASEAN together with its FTA partners say “no” to protectionism, and “yes” to free trade. It will further demonstrate ASEAN’s centrality in shaping the global trade agenda, he added./.