RCEP Deal To Deepen Malaysia's Ties With Other Nations, Says HSBC

KUALA LUMPUR, Sept 7 (Bernama) -- The Regional Comprehensive Economic Partnership (RCEP), once fully implemented, could provide dynamic stimuli to revitalise trade and investment in Asia, says HSBC Malaysia Chief Executive Officer, Mukhtar Hussain. In a statement Wednesday, Mukhtar said, ensuring a swift conclusion of the RCEP negotiations underscored the importance of international trade in helping drive growth in Asia. "Malaysia is also a prominent ASEAN economy and linkage to the RCEP will further deepen its economic ties with other nations," he said. Mukhtar said unlocking the benefits that lowering trade barriers and cutting red tape could bring to businesses was key to companies that were looking to grow and move into new markets. RCEP covers the 10-member nations of ASEAN and the six economies with which the bloc currently has individual free trade agreements -- Australia, China, India, Japan, New Zealand and South Korea. Between them, the RCEP economies account for over 3.4 billion people with a combined gross domestic product (GDP) of about US$22 trillion (US$1 = RM4.05), and for nearly 30 per cent of global trade and global foreign direct investment inflows respectively. The trade officials working on the RCEP between members of the ASEAN and six other economies will meet for the next round of talks in Laos. Meanwhile, the HSBC's international banking network provides access to more than 90 per cent of global GDP, trade and capital flows. The network covers the world’s largest and fastest-growing trade corridors and economic zones and will be able to support clients to capture opportunities in the region. --BERNAMA