During the signing of the Regional Comprehensive Economic Partnership (RCEP), the President of the China-ASEAN Business Association (CABA), Tan Sri Lim Gait Tong, publicly announced that RCEP will be the main factor for Malaysia to recover from the impact of the pandemic.
Together with CABA and Asia Pacific Investment Bank Ltd, a webinar titled “China-ASEAN in RCEP Implementation: Are Businesses Ready for RCEP?” was also broadcasted during the signing ceremony. Other than the President of CABA, the Deputy Minister of the Ministry of International Trade and Industry (MITI), YB Senator Datuk Lim Ban Hong; Minister Counsellor of the Economic and Commercial Office and Commercial Office of the Embassy of the People’s Republic of China in Malaysia, Madam Zhang Peidong, too made their speech in the webinar.
Deputy Minister of the Ministry of International Trade and Industry (MITI), Senator Lim Ban Hong
Apart from promoting Malaysia’s export business, the introduction of RCEP was to help the country provide high-quality transnational raw materials under the RCEP policy. Since the official signing ceremony took place on 15 November 2020, RCEP only took effect on 1 January 2022. With that said, for every successful purchase from the government, dividends will be given to the country.
China has always been Malaysia’s largest trading partner for 13 consecutive years where the total trade volume between China and Malaysia in 2021 has achieved USD176.8 billion and was viewed as a 34.5% increase from last year.
Madam Zhang Peidong, Minister Counsellor of the Economic and Commercial Office of the Embassy of the People’s Republic of China in Malaysia, express her feeling about this initiative by believing that this innovation between China and Malaysia will strengthen the forefront of cooperation between China and ASEAN countries.
Madam Zhang Peidong, Minister Counsellor of the Economic and Commercial Office of the Embassy of the People’s Republic of China in Malaysia
“Since the pandemic, the economies of China and Malaysia have achieved growth amid the complex and constantly-changing international political and economic situation. The two countries have always focused on in-depth cooperation in various fields, such as industrial parks, infrastructure, equipment manufacturing, information communication, digital economy, and more that has yielded fruitful results,” added Madam Zhang Peidong.