Malaysia will benefit from its participation in the Regional Comprehensive Economic Partnership Agreement (RCEP) as it enhances economic integration and facilitation between ASEAN countries and their dialogue partners, namely China, Japan, the Republic of Koreas, Australia, and New Zealand.
Deputy International Trade and Industry Minister Senator Datuk Lim Ban Hong (Photo: thevibes.com)
Kuala Lumpur (VNA) – Malaysia will benefit fromits participation in the Regional Comprehensive Economic PartnershipAgreement (RCEP) as it enhances economic integration and facilitation betweenASEAN countries and their dialogue partners, namely China, Japan, the Republicof Koreas, Australia, and New Zealand.
Deputy International Trade and Industry Minister SenatorDatuk Lim Ban Hong said in front of the lower house on December 17that each RCEP member state has its own advantages whether in terms of rawmaterials, expertise and technology, skilled and quality human resources, or alarge market.
He said the RCEP would open up wider market access through theelimination and reduction of tariffs and non-tariffs, harmonisation oftechnical standards and regulations, as well as economic cooperation.
He stressed that the pact will facilitate cross-border trade forlocally produced products, and strengthen regional value chain through rules oforigin that are easier to use.
Lim also said that the RCEP will strengthen the integration of local companiesin the global value and supply chain to become more competitive on theinternational stage and become global companies, and it will make it easier forMalaysian companies to obtain raw materials for their manufacturing processes.
Local service providers, including those in e-commerce, can enjoy greatermarket access in terms of cross-border supply, and create a commercial presencein the RCEP region as it is home to 2.2 billion people, orone-third of the world’s population, he added.
Furthermore, the deal helps Malaysia attract more foreign investments sinceSoutheast Asia will be the destination of choice for investment.
RCEP participation is also expected to accelerate the regional economicrecovery process after COVID-19 through market opening and increased tradefacilitation among member states, he said./.
The Regional Comprehensive Economic Partnership (RCEP) has given Vietnam and other ASEAN countries a perfect opportunity to become a centre of investment attraction, said Minister of Industry and Trade Tran Tuan Anh.
The signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement is ASEAN’s most outstanding achievement this year, Permanent Representative of Indonesia to ASEAN Ambassador Ade Padmo Sarwono said in an interview granted to the Vietnam News Agency (VNA)’s correspondent in Jakarta on November 18.
Indonesia plans to exclude several “sensitive” commodities such as rice, weaponry and alcoholic beverages from its scheduled commitment to eliminating tariffs in the Regional Comprehensive Economic Partnership (RCEP).
The signing of the Regional Comprehensive Economic Partnership (RCEP) has injected new momentum into the economic and trade cooperation between ASEAN and China, a Singaporean scholar told Xinhua News Agency.
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Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
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Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
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Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
Deputy International Trade and Industry Minister Senator Datuk Lim Ban Hong (Photo: thevibes.com) 
