Malaysian business community urges the government to expedite the approval of RCEP and CPTPP

        According to the Vietnam News Agency VNA news on April 18, the Federation of Malaysian Manufacturers (Federation of Malaysian Manufacturers) calls on the Malaysian government to speed up the approval process of two major free trade agreements (FTA), namely RCEP (RCEP) and CPTPP (CPTPP), to help local manufacturing Traders or exporters recover their health sooner after an outbreak.

        On April 16, Tan Sri Soh Thian Lai, president of the Federation of Malaysian Manufacturers, said in a statement that these two free trade agreements will enable Malaysian manufacturers to diversify their sources of industrial investment and parts imports. Benefit.

　　 Tan Sri Su Tianlai believes that CPTPP has cancelled nearly 96% of the tariffs on imported products in the region, and RCEP may reach 90%. For Malaysia, these two free trade agreements will complement each other. Driven by RCEP and CPTPP, the further integration of the regional economy has not only provided Malaysian exporters with a convenient channel to enter the growing market in the Asia-Pacific region, but also increased raw materials imported from Latin America and Canada.

        He said that the Federation of Malaysian Manufacturers appreciates the Malaysian Ministry of International Trade and Industry’s commitment to complete the RCEP domestic approval process in the first quarter of 2022, but still calls on the government to speed up the RCEP approval process and strive for the implementation of RCEP this year, because it promotes the restoration of production activities. Rebuilding local supply chain connections is very important for companies.