Malaysia's Ministry of International Trade and Industry (MITI) on January 21 announced that the country submitted its Instrument of Ratification (IOR) to the ASEAN Secretariat on January 17, becoming ready to be the 12th member state to ratify the Regional Comprehensive Economic Partnership Agreement (RCEP).

According to the MITI, the RCEP agreement will be a key enabler for Malaysia in revitalising the domestic and international business activities in a post-pandemic world.

It said the pandemic has underscored the paramount importance of international trade and cooperation, as well as the inter-linkages of regional supply chains.

Business communities, from large- to small-scale entrepreneurs, are encouraged to take advantage of the vast investment opportunities and greater participation in regional and global value chains presented by this mega trade agreement, it said.

As a trading nation, Malaysia will continue to be an open economy, with business-friendly and pragmatic policies that foster a conducive investment climate in the country, it said in a statement.

MITI said within ASEAN, Malaysia is expected to be the largest beneficiary of the RCEP agreement in terms of gains in exports, with a projected 200 million USD increase.

The largest free-trade agreement in the world will enter into force for Malaysia on March 18, 2022. It brings together 11 other signatory countries, namely Singapore, China, Japan, Brunei, Cambodia, Laos, Thailand, Vietnam, Australia, New Zealand, and the Republic of Korea that have completed the ratification process.

Source: VNA