RCEP & CPTPP 2021: Projections and Opportunities
BENEFITS OF THE FREE TRADE AGREEMENTS FOR MALAYSIA
The business community in Malaysia has expressed keen interest for the ratification of Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Noting the interest in and emphasis on the importance for Malaysia to take early advantage of the RCEP and CPTPP that was raised during the series of ASEAN-BAC Malaysia Virtual Dialogue with Trade Associations, Chambers of Commerce, Professional Bodies and Foreign Business Associations and Business Councils in Malaysia, as well as ASEAN-BAC Malaysia Webinar 2021: RCEP and CPTPP as Game-Changers in ASEAN’s Post COVID-19 Economic Recovery, ASEAN-BAC Malaysia and CARI ASEAN Research & Advocacy then jointly published a report titled “RCEP & CPTPP 2021: Projections and Opportunities” capturing how these free trade agreements could benefit Malaysia.
Malaysia became a signatory to the CPTPP and RCEP on March 8, 2018 and November 15, 2020 respectively. However, the country has yet to ratify both trade agreements.
As acknowledged by the ASEAN-BAC Malaysia Council Members, businesses in Malaysia are eager to deepen the understanding of the RCEP and the CPTPP to take first movers advantage once the FTAs have been ratified and enter into force.
The ratifications could provide Malaysia with the advantage in the new trade and investment opportunities, especially in the post-pandemic environment. The following chapters capture the projected benefits of both free trade agreements.
RCEP & CPTPP Projections and Opportunities covers the two areas of:
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
- What Would Malaysia Get Out of Ratifying CPTPP And RCEP?
The objective of this report is to drive the Malaysian government into speeding up the ratification of both free trade agreements as it will open up new export opportunities for Malaysian exporters and make Malaysia a more competitive marketplace and increase its attractiveness as a Foreign Direct Investment (FDI) destination.