Malaysia is expected to be the largest beneficiary of the China-backed RCEP among Southeast Asian countries in terms of export gains, with a projected 200 million USD increase, the ministry said in a statement.
The RCEP is the world’s largest trade pact, signed on November 15, 2020 by the 10 ASEAN countries and five other Asia-Pacific countries – Australia, China, Japan, New Zealand and the Republic of Korea.
The RCEP has a combined gross domestic product (GDP) to the tune of 26.2 trillion USD, or 30 per cent of global GDP, and engages 2.2 billion people, or 30 per cent of the world’s population, 2019 data shows.
