Kuala lumpur: Malaysia, as ASEAN Chair, has revived the implementation of the Regional Comprehensive Economic Partnership (RCEP) to strengthen its position as a major trading nation as well as to leverage cross-border trade opportunities in the region, said Prime Minister Datuk Seri Anwar Ibrahim. He said it was part of Malaysia’s efforts to boost regional economic integration by playing an active role in both ASEAN and the Asia-Pacific Economic Cooperation (APEC).

According to BERNAMA News Agency, the Prime Minister stated that this programme of regional cooperation is significant, with Malaysia being a trading nation. He emphasized that, apart from ASEAN and APEC, Malaysia is also enhancing the RCEP, which is considered important. The statement was made during the Minister’s Question Time in the Dewan Rakyat.

The Prime Minister was responding to a question from Datuk Dr Ku Abd Rahman Ku Ismail (PN-Kubang Pasu), who inquired about Malaysia’s achievements from the recent APEC Economic Leaders’ Meeting (AELM) in South Korea. He explained that the renewed implementation of the RCEP would open up greater opportunities for trade and investment among member countries, while also boosting Malaysia’s competitiveness in the global supply chain.

Malaysia’s active participation in major regional agreements such as RCEP and APEC allows it to gain greater market access and strengthen its export position, according to him. He highlighted that 80 per cent of Malaysia’s total trade is with APEC countries, thus underscoring the importance of these agreements for the nation’s survival.

RCEP provides a stable and mutually beneficial trade framework between ASEAN economies and external partners, reducing Malaysia’s dependence on a single market. The 5th RCEP Summit, which convened in Kuala Lumpur last month, was the first leaders’ meeting since the trade pact entered into force on January 1, 2022, and also the first since the signing ceremony at the 4th RCEP Summit in 2020. Besides ASEAN member states, RCEP members include Australia, China, Japan, South Korea, and New Zealand.