BANGKOK: Malaysia is emphasising ‘fair trade’ on the proposed Regional Comprehensive Economic Partnership (RCEP), which is described as the world's biggest multilateral trade agreement.
Economic Affairs Minister Datuk Seri Mohamed Azmin Ali said while the country will benefit from tree trade, it will also give priority in ensuring fair trade especially for countries with smaller economy.
"Malaysia is committed to RCEP but we also want to make it clear that although we want the free trade, we also emphasise on fair trade for countries with small economy including Malaysia. Our commitment for free trade is indisputable but as a small country we want fair trade," he told reporters after attending the Special Asean Economic Ministers’ Meeting on the RCEP at the 34th Asean Summit, here, today.
Azmin said although the Asean leaders were committed towards RCEP but discussions were still being carried out and he expects it to be discussed during the Asean Summit tomorrow.
"The leaders are passionate to ensure the new understanding (RCEP) has to be resolved immediately. We will not conclude now as I think we should let the process continue as there are some concerns among the members.
"However, they certainly want to ensure the new regional corporation should be strengthened and we should move forward," he said.
RCEP is a proposed free-trade agreement between 10 Asean member countries, as well as, six Asia Pacific countries, namely Australia, China, India, Japan, South Korea and New Zealand.
The free trade agreement was officially launched at the 2012 Asean Summit in Cambodia.
However, negotiations have been deadlocked as some countries remain cautious about opening up their economies and cutting import tariffs.
Seven of the 18 RCEP chapters have been concluded.
Meanwhile, Azmin said the 34the Asean Summit will also monitor the development progress of both Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA) and Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT).
"Two master plans were approved in 2017 where 69 infrastructure projects were supposed to be carried out among the Asean countries and over the two years we have managed to complete 16 projects while the IMTGT involves 41 projects with investments totaling USD $47billion.
"Tomorrow, both the reports will be tabled at the Asean Summit. I believe the member countries will also be able to see how the current economic challenges will help further strengthen Asean and its role especially during the ongoing trade war between the United States and China," he said.
Azmin said he has been meeting with some big-name investors in Thailand and trying to explore the possibilities for them to invest in Malaysia.
He described Prime Minister Tun Dr Mahathir Mohamad's meeting with Thai corporate leaders on Friday as a fruitful session as they have showed their preparedness to come over and invest in Malaysia thus creating more job opportunities.