Effective March 18, Malaysia completes the RCEP approval process
Xinhua News Agency, KUALA LUMPUR, January 21 (Reporters Mao Pengfei and Zhu Wei) The Malaysian Ministry of International Trade and Industry issued an announcement on the 21st that Malaysia had submitted the approval letter for the Regional Comprehensive Economic Partnership (RCEP) to the ASEAN Secretariat on the 17th.
According to RCEP, the agreement will enter into force 60 days after the ratification is submitted. The Ministry of Trade and Industry of Malaysia stated that the RCEP will take effect for Malaysia from March 18 and will provide an important impetus to the Malaysian economy and strengthen the multilateral trading system. "The RCEP will be the key to reviving Malaysia's domestic and international economic activity post-pandemic."
Malaysia's Ministry of Trade and Industry expects that Malaysia will become the ASEAN member that benefits the most from RCEP in terms of exports, and service providers including e-commerce will also be able to expand into a wider market.
RCEP will take effect for 10 countries including Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, China, Japan, New Zealand and Australia from January 1 this year, and will take effect for South Korea from February 1.