Govt will amend intellectual property, other laws to comply with RCEP

KUALA LUMPUR – The government has taken steps to amend the relevant laws and regulations to comply with its obligations under the Regional Comprehensive Economic Partnership (RCEP) agreement.

Domestic Trade and Consumer Affairs Ministry Secretary-General Datuk Seri Hasnol Zam Zam Ahmad said among the laws requiring changes are those related to intellectual property (IP).

“It is important to note that these amendments are in line with the direction taken by the ministry and Intellectual Property Corporation of Malaysia to ensure effective IP protection in the country,” he told the Asean Business Advisory Council Malaysia Webinar 2021 today.

“I believe that strengthening IP laws will boost investors’ confidence and facilitate trade with our partners. Acceding to international treaties, such as the Madrid Protocol and Budapest Treaty, will facilitate IP protection for Malaysians as well.”

He stressed that the government is committed to ratifying RCEP.

On the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), he said Putrajaya is mindful of the concerns raised on issues relating to government procurement, state-owned enterprises, market access, and the policy space for the government to implement measures and initiatives independently.

“I believe the cost-benefit study undertaken by the International Trade and Industry Ministry will lay out clearly the advantages and disadvantages of the agreement before a decision is made.

“A significant feature of both CPTPP and RCEP is the balanced and inclusive approach to the coverage, protection and enforcement of IP rights, aimed at reducing IP-related barriers to trade.”

An advantage of both deals is the bridging of e-commerce and digitalisation, he said.

Given this, the government is committed to identifying and intensifying efforts, including eliminating trade barriers, to help businesses connect with the international digital trade market.

Hasnol Zam Zam said the government is also looking to revitalise the local business ecosystem by putting in place several programmes including digital advertising for small and medium enterprises, introducing dedicated marketplaces, and strengthening the legal infrastructure to protect consumers.

“In our efforts to jump-start the economy and begin the recovery process, while strengthening our domestic businesses with the necessary tools, with the ratification of RCEP, we may also have the opportunity to shift our focus to fresh markets abroad and explore promising opportunities.

“The benefits of this free trade agreement, such as lower tariffs and better access to foreign markets, will aid businesses, and must be utilised to pull ourselves out of this unfortunate situation (triggered by the Covid-19 pandemic).”

He said such trade pacts will facilitate the entry of quality investments into Malaysia.

Think tanks have urged the government to expedite the ratification of both RCEP and CPTPP for Malaysians’ benefit.

So far, four countries – Singapore, Thailand, China and Japan – have ratified RCEP. Once ratified by six Asean and three non-Asean nations, the deal will come into force in 60 days. – Bernama, June 22, 2021