Efforts underway to increase RCEP utilization: Malaysian official-Xinhua

Efforts underway to increase RCEP utilization: Malaysian official

Source: Xinhua

Editor: huaxia

2024-04-17 21:44:00

KUALA LUMPUR, April 17 (Xinhua) -- Efforts are underway to ensure that local businesses better utilize the opportunities presented by Malaysia's participation in the Regional Comprehensive Economic Partnership (RCEP), a Malaysian official told a seminar here.

"By gaining insights from our enterprises, we can tailor our strategies and initiatives to better support their endeavors and implementation in the regional market," Sugumari S.Shanmugam, senior director of ASEAN economic integration division at Ministry of Investment, Trade and Industry, said in her remarks at the "Capitalizing RCEP On Opportunities" seminar on Tuesday.

"It is imperative that we seize upon the opportunities presented by RCEP to drive innovation, promote inclusive growth, and foster greater economic resilience," Sugumari said.

Sugumari also noted that since its implementation in Malaysia on March 18, 2022 until March 10, 2024, Malaysia has issued a total of 3,355 Certificates of Origins (COs) to Malaysian exporters with goods valued at 1.11 billion ringgit (240 million U.S. dollars).

The main exports for Malaysia to RCEP countries are mainly in the area of mineral fuel and oil as well as electric and electrical products.

For his part, Minister Counsellor of the Economic and Commercial Office at the Embassy of China in Malaysia Sun Shuqiang said that greater participation of local companies will not only help Malaysia leverage RCEP to achieve economic growth but also help deepen economic and trade cooperation between China and Malaysia, further unleashing the ASEAN-centered regional development potential.

"The top 10 import and export commodities in Malaysia are mainly intermediate goods, and ASEAN is China's primary trading partner for intermediate goods. ASEAN countries could make good use of the RCEP rules of origin and its comparative advantages to deepen the integration and development of regional industrial and supply chains, to achieve industrial transformation and upgrading," he said.

He added that RCEP, as a significant victory for multilateralism and free trade, has profound significance and enormous potential to be tapped.