Malaysia’s participation in the Regional Comprehensive Economic Partnership will help spur the country’s economic recovery from the impact of Covid-19, especially in enhancing market access for local products into RCEP member states.
“Apart from tariffs, the reduction of non-tariff measures , which is one of the main challenges in penetrating the international market, is also a major benefit of Malaysia’s participation in the RCEP. Mohamed Azmin said based on the initial projection by Malaysian Industrial Development Finance Bhd, Malaysia’s gross domestic product is set to increase by RM16 billion a year after the RCEP comes into force.
“Local companies can also strengthen the integration in the global value and supply chain with the supply of raw materials, components, semi-finished and finished goods in the RCEP market.
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