Malaysian official declares efforts to enhance RCEP utilization, participation
(MENAFN) Efforts are currently underway to ensure that local businesses in Malaysia are well-equipped to harness the opportunities arising from the country's participation in the Regional Comprehensive Economic Partnership (RCEP), as highlighted by Sugumari S.Shanmugam, senior director of ASEAN economic integration division at the Ministry of Investment, Trade and Industry. Speaking at the "Capitalizing RCEP On Opportunities" seminar held on Tuesday, Sugumari emphasized the importance of gaining insights from enterprises to tailor strategies and initiatives that effectively support their endeavors within the regional market.
"It is imperative that we seize upon the opportunities presented by RCEP to drive innovation, promote inclusive growth, and foster greater economic resilience," Sugumari stated, underscoring the significance of leveraging RCEP as a catalyst for sustainable economic development.
Highlighting the progress made since the implementation of RCEP in Malaysia on March 18, 2022, Sugumari noted that a total of 3,355 Certificates of Origins (COs) have been issued to Malaysian exporters, with goods valued at 1.11 billion ringgit (approximately 240 million U.S. dollars). Notably, the main exports from Malaysia to RCEP countries primarily encompass mineral fuel and oil, as well as electric and electrical products, reflecting the diverse opportunities within the regional market.
Minister Counsellor of the Economic and Commercial Office at the Embassy of China in Malaysia, Sun Shuqiang, echoed the sentiment, emphasizing that greater participation of local companies would not only enable Malaysia to leverage RCEP for economic growth but also deepen economic and trade cooperation between China and Malaysia. Sun highlighted the potential for enhanced collaboration to further unleash the ASEAN-centered regional development potential, underlining the mutually beneficial nature of strengthened economic ties between the two nations within the RCEP framework.
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