Malaysian minister says RCEP places multilateralism at forefront

KUALA LUMPUR - The upcoming Regional Comprehensive Economic Partnership (RCEP) agreement will place multilateral cooperation at the forefront, Malaysia's Minister of International Trade and Industry Mohamed Azmin Ali said on Wednesday.

Speaking at a press briefing following attending the final ministerial level meeting on the RCEP agreement with ministers from Association of Southeast Asian Nations (ASEAN) countries and their dialogue partners, Azmin said all RCEP Participating Countries (RPCs) have concluded negotiations and will sign the RCEP agreement on Sunday at the 4th RCEP summit.

The signing of RCEP agreement will be a testament to the world on the efforts to strengthen the multilateral trading system and uphold the development agenda in the World Trade Organization (WTO), said Azmin.

"It will also demonstrate to the world that ASEAN together with the ASEAN Free Trade Agreement partners say no to protectionism and yes to free trade," he said.

"The signing will also send a positive signal to the world that Malaysia, together with the other RCEP countries, has chosen to open our markets instead of resorting to protectionist measures during this difficult time."

Azmin said he believes the RCEP would be able to enhance regional economic integration with a vast array of multiplier effect.

"This would include, for example, having a customer base close to one-third of the world's population which would mean greater market access for our businesses and traders," he said.

"We would also be able to see the ease of non-tariff measures including harmonization of rules and standards related to trade that would facilitate cross-border trade within the region," he said, adding that RCEP would also play a crucial role in COVID-19 recovery process by ensuring open markets and an uninterrupted supply chain.

Initiated by ASEAN in 2012, RCEP is a proposed free trade agreement (FTA) between the 10 ASEAN member states and their FTA partners including China, Japan, South Korea, Australia and New Zealand.