NANNING: The Regional Comprehensive Economic Partnership (RCEP) is vital in keeping the markets open as the region strives towards economic revival, says Datuk Seri Ismail Sabri Yaakob.

       The ninth Malaysian Prime Minister called on all partners of the free trade agreement to strengthen multilateral cooperation to help the region weather the Covid-19 crisis.

       RCEP is a free trade agreement, signed in November last year, by the 10 Association of South-East Asian Nations (Asean), Australia, China, Japan, New Zealand and South Korea.

       “RCEP provides immense opportunities to bolster regional supply chains and for businesses to diversify production networks.

       “As we transform adversity into opportunity, this agreement will serve as an integral tool that helps us navigate our region towards recovery and future growth,” he added in his pre-recorded speech broadcast at the opening of the 18th China-Asean Expo (CAExpo) and China-Asean Business and Investment Summit here Friday (Sept 10) morning.

       This year marks the 30th anniversary of the establishment of dialogue relations between Asean and China and this fruitful collaboration has resulted in both sides becoming the largest trading partner for each other.

       In addition, China remained Malaysia’s largest export destination for the 12th consecutive year in 2020, with total exports recorded at US$37.92bil (RM157.3bil), contributing to 16.2% of the country’s total exports.

       The annual CAExpo is one of the main Chinese exhibitions participated by Malaysian businessmen.