Deputy International Trade and Industry Minister Senator Datuk Lim Ban Hong (Photo: thevibes.com) Kuala Lumpur (VNA) – Malaysia will benefit fromits participation in the Regional Comprehensive Economic PartnershipAgreement (RCEP) as it enhances economic integration and facilitation betweenASEAN countries and their dialogue partners, namely China, Japan, the Republicof Koreas, Australia, and New Zealand.
Deputy International Trade and Industry Minister SenatorDatuk Lim Ban Hong said in front of the lower house on December 17that each RCEP member state has its own advantages whether in terms of rawmaterials, expertise and technology, skilled and quality human resources, or alarge market.
He said the RCEP would open up wider market access through theelimination and reduction of tariffs and non-tariffs, harmonisation oftechnical standards and regulations, as well as economic cooperation.
He stressed that the pact will facilitate cross-border trade forlocally produced products, and strengthen regional value chain through rules oforigin that are easier to use.
Lim also said that the RCEP will strengthen the integration of local companiesin the global value and supply chain to become more competitive on theinternational stage and become global companies, and it will make it easier forMalaysian companies to obtain raw materials for their manufacturing processes.
Local service providers, including those in e-commerce, can enjoy greatermarket access in terms of cross-border supply, and create a commercial presencein the RCEP region as it is home to 2.2 billion people, orone-third of the world’s population, he added.
Furthermore, the deal helps Malaysia attract more foreign investments sinceSoutheast Asia will be the destination of choice for investment.
RCEP participation is also expected to accelerate the regional economicrecovery process after COVID-19 through market opening and increased tradefacilitation among member states, he said./.
VNA
