KUALA LUMPUR: The government is committed to ratifying the Regional Comprehensive Economic Partnership (RCEP) with steps to amend relevant laws and regulations to comply with the obligations of the free trade agreement.
Domestic Trade and Consumer Affairs Ministry secretary-general Datuk Seri Hasnol Zam Zam Ahmad said intellectual property (IP) laws was one of the legislations that require amendments, which falls under the ministry's purview.
"These amendments are in line with the direction taken by the Ministry and Malaysia Intellectual Property Corporation to ensure effective intellectual property protection in Malaysia.
"With strengthened IP laws, I believe it will boost the confidence of investors and facilitate trade with our partners," Hasnol said at Asean-BAC Malaysia Webinar 2021 on "RCEP and CPTPP as Game-Changers in Asean Post Covid-19 Economic Recovery" here today.
Acceding to international treaties such as Madrid Protocol and Budapest Treaty would also facilitate the protection of intellectual property for Malaysians, he added.
Hasnol said Malaysia would also enhance market access and competitiveness, boost good governance and ensure the country conforms to international standards in specific areas.
"We are mindful of some of the concerns raised on issues such as government procurement, state-owned enterprises, market access and the policy space for the government to implement measures and initiatives independently.
"I believe the cost-benefit study undertaken by the International Trade and Industry Ministry will be able to lay out clearly the advantages and disadvantages of the agreement before a decision is made on the matter," he said when responding to the update of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
Hasnol said a significant feature of both CPTPP and RCEP was their balanced and inclusive approach to the coverage, protection and enforcement of IP rights aimed at reducing intellectual property-related barriers to trade.
The other pertinent aspect includes the obligations to ensure the Malaysia markets would remain open and competitive to facilitate inflow of investments and provide certainty to businesses, he said.
"We need to join hands to rethink, rearrange our strategies, and to revitalise our effort to help everyone, with no one left behind. The government is doing its utmost to confront the crisis and has implemented several measures to ease the burden faced by the businesses," he said.
Hasnol said the government would identify and intensify efforts in assisting the business entities to connect with the international digital trade market by eliminating trade barriers.
"The government is leveraging on the rapid development of e-commerce and the change in consumer behaviour to accelerate the take-up of e-commerce.
"We are also looking to revitalise and rejuvenate the local business ecosystem by putting in place several programmes targeted for the various segments such as digital advertisements and promotions for small-medium enterprises, introducing dedicated market places and strengthening legal infrastructure to protect consumers," he said.
Hasnol said Malaysia has the opportunity to shift its focus to fresh markets abroad and explore promising opportunities to jump-start the economy and begin the economic recovery process while strengthening its domestic businesses with the necessary tools.
"The benefits of free trade agreement such as lower tariffs and better access to foreign markets will be of assistance to businesses and must be utilised to pull ourselves out of this unfortunate situation. These trade pacts will also facilitate the entry of quality investments to Malaysia and this would have a positive impact on our efforts to economic recovery," he added.