KUALA LUMPUR – The proposed amendments to the three acts that are necessary to complete the domestic ratification process of the Regional Comprehensive Economic Partnership (RCEP) will be tabled in Parliament next month, according to Senior Minister Datuk Seri Mohamed Azmin Ali.
The draft amendments to the acts are being refined by the Attorney-General’s Chambers, and after the amendments have been approved, Malaysia will submit the instrument of ratification to the Asean secretariat, said Azmin, who is also the international trade and industry minister.
“As stipulated in paragraph three of Article 20.6 of the RCEP agreement, the RCEP agreement will take effect in Malaysia 60 days after the ratification instrument is sent to the Asean secretariat,” he said during Question Time in the Dewan Rakyat today.
He was answering a question from Wong Hon Wai (Bukit Bendera-PH) who wanted to know the status of Malaysia’s participation in the RCEP as the agreement is expected to be effective from January 2022.
“It will be tabled in Parliament in December after being scrutinised for the assembly’s approval, before Malaysia submits the ratification instrument to the Asean secretariat. The government is committed to ratifying the RCEP agreement by the end of this year,” Azmin said.
The RCEP ratification process requires amendments to three acts under the purview of the Domestic Trade and Consumer Affairs Ministry relating to intellectual property rights, namely the Patents Act, Copyright Act, and Trademarks Act.
The senior minister said that based on the assessment of the Malaysia External Trade Development Corporation, the value of the country’s exports is expected to increase by RM44 billion a year when the RCEP comes into force.
“As of November 2, 2021, Singapore, China, Japan, Brunei, Cambodia, Laos, Thailand, Vietnam, New Zealand, and Australia have ratified the RCEP agreement.
“Following this development, RCEP member countries have completed the minimum requirements for ratification and the effective date of the RCEP agreement is January 1, 2022,” he said.
Azmin said this enforcement currently only applies to the 10 mentioned countries. – Bernama, November 25, 2021
_25022021_-_KUL_-_WAN_SAIFUL_WAN_JAN_INFORMATION_CHIEF_OF_BERSATU_INTERVIEWED_ON_PH_FALL_ANNIVERSARY_-_SADIQ_-_32.jpg)
_with_his_US_counterpart_Joe_Biden._Source_-_US_Embassy__Consulates_in_Indonesia.png)
