KUALA LUMPUR – The Asean Business Advisory Council (Asean-BAC) has urged the government to ratify both the Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by year-end.
Malaysian chair Tan Sri Mohd Munir Abdul Majid said Malaysia has lost its first-mover advantages as the country has yet to ratify both agreements.
Hence, Asean-BAC today presented a virtual memorandum to the International Trade and Industry Ministry to support the ratification of RCEP and CPTPP.
Munir said trade associations, chambers of commerce, professional bodies and business councils recognise the importance of the ratification process that could position Malaysia as a gateway to the RCEP and CPTPP market.
“It provides opportunities for Malaysian businesses by offering market access to nearly a third of the world’s population, widening intra-regional sourcing channels of raw materials with competitive pricing, integrating supply chains, promoting greater transparency for sharing trade facilitation, economic cooperation, standardising rules related to e-commerce, and providing certainty in the protection of intellectual property rights,” he said at the Asean-BAC Malaysia Webinar 2021 today. – Bernama, June 22, 2021
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