KUALA LUMPUR, June 22 — The Asean Business Advisory Council has urged the government to ratify both the Regional Comprehensive Economic Partnership and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership by year-end.
Hence, Asean-BAC today presented a virtual memorandum to the Ministry of International Trade and Industry to support the ratification of both RCEP and CPTPP. “It provides opportunities for Malaysian businesses by offering market access to nearly a third of the world’s population, widening intra-regional sourcing channels of raw materials at a competitive pricing, integrating supply chain, promoting greater transparency for sharing trade facilitation, economic cooperation, standardisation rules in relation to e-commerce and providing certainty in the protection of intellectual property rights,” he said at the Asean-BAC Malaysia Webinar 2021 today.
Executive director of Asia-Pacific Economic Cooperation Secretariat Tan Sri Dr Rebecca Fatima Sta Maria said foreign direct investment data showed Vietnam has benefited from being one of the early ratifiers of the CPTPP.
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