Malaysia commits to ratify RCEP by year-end

Tuesday, 2021-10-26 21:55:05
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Malaysian Prime Minister Ismail Sabri Yaakob (Photo: VNA)
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NDO/VNA - Malaysian Prime Minister Ismail Sabri Yaakob said on his Twitter account on October 26 that at the 38th and 39th ASEAN Summits and Related Summits, Malaysia affirmed its strong commitment to ratify the Regional Comprehensive Partnership (RCEP) Agreement in 2021.

He said the RCEP will help accelerate the recovery of the region.

The same day, Malaysia's Senior Minister and Minister of International Trade and Industry (MITI), Azmin Ali, said that the ratification of RCEP will help Malaysian businesses access a large market in 15 countries which contribute up to one-third of global GDP.

RCEP is the world's largest free trade agreement with a market that accounts for nearly a third of the global population, or about 2.2 billion people. The 10 ASEAN member countries, along with China, Japan, the Republic of Korea, Australia and New Zealand signed the RCEP Agreement in November 2020. For the agreement to come into force, it needs ratification by at least 9 countries (including at least 6 ASEAN member countries and 3 non-ASEAN countries).

RCEP member countries have all expressed their determination to ratify this agreement before the end of this year so that the agreement will enter into force on January 1, 2022 according to the set target.