PETALING JAYA: The China-Asean Business Council (CABC) has urged Malaysia to ratify the Regional Comprehensive Economic Partnership (RCEP) to increase foreign investment and external trade.
Ratification was among the matters raised at a recent consultation meeting of the Asean Business Advisory Council (Asean-BAC) Malaysia, the CABC and other business associations.
The consultation meeting was held to discuss Malaysia’s efforts in attracting investment from China and its business communities.
RCEP is a free trade agreement among 15 Asia Pacific nations who collectively account for 30% of global GDP. Malaysia and China are both members of the trade pact.
According to the CABC secretary-general Jennifer Liu, ratification of the treaty would become an important pillar of global economic recovery in the post Covid-19 era.
“Enterprises from both countries should jointly seize the opportunities, particularly in the areas of industrial and talent development, as well as in initiatives to accelerate digital commerce,” she said.
Panellists at the meeting also highlighted the many possible areas for high-value collaboration between Malaysia and China.
Sivasuriyamoorthy Sundara Raja, a deputy CEO of the Malaysian Investment Development Authority, said Malaysia welcomed collaboration and investment in high-value sectors, such as information and communications technology, data analytics, design and development.
InvestKL’s director of investor relations (Asia) Mah Chun Wai said China’s 14th Five Year Plan “paves the way for Malaysia and China to mutually benefit from its aligned vision for next-generation industries and high-value activities driven by technology and innovation.”
Asean-BAC chairman Munir Majid said Malaysia should not only look to the west alone for new technologies but also to other countries closer to home such as China.
“Malaysia should work with China to set up a robotics institute given the latter’s great advancements in the field and find ways to leverage China’s expertise in cutting edge technologies to build its sustainable economy, especially in the areas of renewable energy and electric vehicles,” he added.
Another panellist, Malaysia-China Friendship Association (PPMC) vice-president Zulkifly Zakaria proposed a travel bubble for fully vaccinated individuals between Chinese cities and Malaysia to help with the recovery of both countries’ tourism industries.
Source: https://www.freemalaysiatoday.com/category/nation/2021/09/20/get-moving-on-rcep-pact-and-china-ties-govt-urged/