Malaysia To Continue Working With Asean Partners For RCEP

KUALA LUMPUR, Aug 6 (Bernama) -- Malaysia will continue to work with its SEAN partners to steer the Regional Comprehensive Economic Partnership (RCEP) talks for balanced outcomes. The Ministry of International Trade and Industry (MITI) said the RCEP complemented the work under the ASEAN Economic Community (AEC). "The RCEP will also lead to streamlining the different rules applied under the different ASEAN+1 free trade agreements (FTAs)," the ministry said in a statement Saturday. MITI said 14 negotiating rounds had been held over the last three years, and another three negotiating rounds were scheduled this year. It added that 62.5 per cent, or US$375.77 billion, of Malaysia's trade were within RCEP countries. MITI said the RCEP, which built on the ASEAN+1 free trade agreements, when completed was expected to provide a major boost to the economic growth in the region. The removal of barriers within the RCEP region will enable Malaysia to further enhance trade with this fast growing region, said the ministry. The early conclusion of RCEP and the implementation of the Trans-pacific Partnership Agreement will further promote greater integration of the region. MITI said the ASEAN ministers agreed that that globalisation was irreversible and RCEP countries were seeing RCEP, FTAs and trade as the key drivers for economic growth. "The private sector in the region is waiting for its early conclusion," it said. ASEAN countries will intensify their efforts at the next RCEP meeting in Ho Chi Minh from Aug 13 to 19. The outcome of the meeting will be reported to the 28th ASEAN Summit to be held in early September 2016 in Laos. RCEP, launched in 2012, is seen as one of the major trade initiatives in Asia and the world. Eight working groups and six sub-working groups have been established to undertake work on the agreed negotiating areas. Malaysia is chairing the working groups on services and telecommunications. -- BERNAMA