KUALA LUMPUR: Asean is exploring engagement with new trading blocs to discuss possible cooperation, among them the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP), said Tengku Datuk Seri Zafrul Abdul Aziz.
The Investment, Trade and Industry Minister said this is important to reinforce a diversified and robust network of trade relations for Asean.
"We are also exploring meaningful engagement with new trading blocs, one of them being a dialogue between Asean and the member countries of the CPTPP, to discuss areas of mutual interest," said Tengku Zafrul.
"Our message to the world is clear, we are open for business and investment and will remain so.
"We will work with all partners - old and new, East and West - to secure diverse markets for our goods and services, and also reinforce our standing as a cornerstone of global trade," he said during his opening remarks at the 57th Asean Economic Ministers (AEM) Meeting on Tuesday (Sept 23).
The CPTPP is a free trade agreement (FTA) signed in 2018 by 11 Pacific Rim countries, including Malaysia.
The agreement removes tariffs among its member states which includes Peru, Singapore, Japan, Chile, New Zealand, Vietnam and the United Kingdom.
The CPTPP came about after Donald Trump, in his first tenure as the United States President in 2017, pulled the US out of the Trans-Pacific Partnership (TPP) agreement.
At the same time, Tengku Zafrul said Asean is strengthening economic ties with existing Dialogue Partners through the upgrading of several Asean Plus 1 free trade agreements (FTA).
According to Tengku Zafrul, they were the Asean-China FTA 3.0, the Asean Trade in Goods Agreement (Atiga) Review and the Asean-Korea FTA upgrade.
Tengku Zafrul said Asean’s prosperity has always been tied to the wider world and its economic success is built on connectivity with global partners.
He said Asean will continue building bridges with its key trading partners by remaining committed to a rules-based multilateral trading system with the World Trade Organisation (WTO) at its core.
"Let us continue to do our part to uphold free, fair and non-discriminatory trade, while cushioning the risks of being at the mercy of larger economies," he added.
Meanwhile, Tengku Zafrul said the Regional Comprehensive Economic Partnership (RCEP) has created the world's largest free trade area, encompassing approximately 30% of the global GDP with Asean at its centre.
"We are also actively deepening strategic trade relations with new economies with the latest example being our readiness to consider an FTA between Asean and the Gulf Cooperation Council (GCC).
"This builds on the new Asean-GCC Joint Declaration on Economic Cooperation that Malaysia helped spearhead and announced during the recent 46th Asean Summit, focussing on key sectors like finance, food security and energy," he said.
Tengku Zafrul said Malaysia has introduced 18 priority economic deliverables (PED) to reflect a holistic and forward-looking approach to Asean’s economic growth.
"As we enter the final stretch of Malaysia’s chairmanship year, I urge all of us to rally behind these deliverables and see them to completion," he said.
"Doing so will send a powerful signal that Asean not only makes plans but also delivers results for our businesses and citizens," he added.
Asean economic ministers are in KL for the 57th AEM Meeting this week.
Among other meetings, the Regional Comprehensive Economic Partnership (RCEP) ministers’ meeting and the Asean-EU business summit, will take place this Thursday (Sept 25).
Meanwhile, a series of consultations will take place from Wednesday to Friday with the United States, South Korea, Canada, India and Russia.
