Over 50% RCEP chapters have been finalised

By BERNAMA / Pic By MUHD AMIN NAHARUL

More than 50% of the chapters contained in the Regional Comprehensive Economic Partnership (RCEP) negotiations have been finalised, said International Trade and Industry Minister Datuk Darell Leiking (picture).

He said with the cooperation of all the countries involved in the RCEP, the agreement could be concluded this year.

“This is the good thing about RCEP, we are always negotiating because there’s new innovations and new issues, so that we can include the best terms for each RCEP country,” he told reporters before delivering his special keynote address at the 2019 Malaysia Economic and Strategic Outlook Forum in Kuala Lumpur yesterday.

He said the extended time required for RCEP negotiations is also due to the high standards of the agreement.

“The agreement will be of a much higher standard than any other agreement that we have entered into before,” he said.

RCEP is a China-backed agreement involving 10 Asean members, as well as China, Japan, South Korea, Australia, New Zealand and India — the six Asia-Pacific countries with which Asean has working free trade agreements. The RCEP countries account for about 45% of the world’s population and one-third of the global GDP.

On the proposal by government advisor Tun Daim Zainuddin to merge the Foreign Affairs and International Trade and Industry Ministries, Darell said he was aware of the issue but did not have the intrinsic information regarding the proposal.

“I think it is only a proposal and all decisions are made by the Cabinet and the prime minister (PM). It’s always good that there are innovative proposals, but it doesn’t mean it will happen. It can only happen with the PM’s decision,” he said. — Bernama