KUALA LUMPUR (Dec 8): The Regional Comprehensive Economic Partnership (RCEP) has the potential to be a huge catalyst to spur economic growth, innovation and connectivity in the Asia Pacific, said Datuk Seri Ismail Sabri Yaakob.
Delivering his closing remarks at the China-RCEP Forum in Shanghai, China on Saturday (Dec 7), the former prime minister said the progress achieved will have a direct impact on businesses, communities, and the regional economies.
"For example, from January to March this year, exports to RCEP countries accounted for 29% of Malaysia's total exports, to reach RM203 million.
"These statistics underscore the agreement's ability to mitigate associated risks that come with depending on one region only," he said.
Earlier, Ismail Sabri witnessed the signing of two memoranda of understanding (MOUs) involving Malaysian companies Ireef Farmpool Sdn Bhd, Naturale Recreation Management Sdn Bhd, and Malaysian Aquaculture Group Holdings Bhd, with the Chinese firm Hainan Zhanyu Biotechnology Co Ltd.
Ismail Sabri said by strengthening trade relations in Asia Pacific, Malaysia not only protects the country from potential supply disruptions but also creates new opportunities to diversify exports and increase industry cooperation.
"The RCEP increases access to large markets such as China and its 1.41 billion population, and Indonesia with 275 million. Therefore, this economic integration benefits all of us [who are] dealing with the complexities of global trade, especially in the context of instability in the Middle East and Eastern Europe," he said.
He said various critical issues such as trade facilitation, supply chain resilience, digital transformation, and sustainable development were discussed via the forum.
"These are not just abstract ideas but have actionable priorities to build China-Asean cooperation. This forum has laid the foundation for deeper relations and new partnerships to drive mutual prosperity," he said.
RCEP is the world's largest free trade agreement, involving 15 countries in Asia Pacific, including 10 Asean member countries and five regional partners — China, Japan, South Korea, Australia, and New Zealand.
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