Sunday, 29 Nov 2020
BUSINESS
16/11/2020 10:05 PM

KUALA LUMPUR, Nov 16 -- Malaysian enterprises must grab the opportunity to strengthen their competitiveness, including through the application of high technology to enhance productivity, following the signing of the Regional Comprehensive Economic Partnership (RCEP) yesterday, said Malaysia-China Chamber of Commerce (MCCC) president Datuk Tan Yew Sing.

“It's important that great attention must be given to market research, human resource training and emphasis of product quality.

“The government must allocate sufficient funds to local enterprises in order for them to meet RCEP challenges,” he said in a statement today.

According to him, MCCC believes that the pioneering effort to create the world’s largest free trade bloc will be of more benefit than harm to Malaysia's economic development.

RCEP, which integrates the three major economic blocs of ASEAN, Northeast Asia, Australia and New Zealand, would bring three major benefits to the member countries, Tan said.

Firstly, RCEP provides a win-win platform to strengthen the regional economic equality and multilateral cooperation, including trade, investment, services and technical cooperation in addition to lower internal tax or even zero taxes.

He said another immediate positive impact was the economic integration of the related regions, which account for a market of 2.2 billion consumers and 30 per cent of global trade volume.

“For Malaysia, the huge increase in global trade will attract more foreign investments to our country.

“The establishment of this common interest community will help to mediate disputes in the region, such as economic and territorial disputes,” he said.

The RCEP agreement was signed by 15 participating countries, namely the 10 member countries of ASEAN as well as China, Japan, South Korea, Australia and New Zealand.

-- BERNAMA

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