MALAYSIA stands to gain more than RM44bil in export revenue if it ratifies the Regional Comprehensive Economic Partnership (RCEP) by the end of the year, said Datuk Seri Azmin Ali.

       The International Trade and Industry Minister said this projection was based on a study by the Malaysia External Trade Development Corporation (Matrade).

       “Apart from this, local industries will benefit from wider market access and tariff concessions,” he said in response to a supplementary question from Datuk Seri Azizah Mohd Dun (PN-Beaufort) in the Dewan Rakyat yesterday.

       Azizah wanted to know the potential consequences for the country if it failed to ratify the RCEP on time.

       Azmin said it was imperative that Malaysia ratify the RCEP because it would be a catalyst for economic recovery following the adverse effects of the Covid-19 pandemic on the economy.

       “During the recent Asean Summit, Prime Minister Datuk Seri Ismail Sabri Yaakob gave a commitment to Asean that we would ratify the RCEP by the end of December,” he added.

       Azmin noted that the RCEP would come into force 60 days after Jan 1 next year, after at least six Asean members and three friends of the Asean free trade zone submit their ratification instruments to the Asean secretariat.

       As of Nov 2, he said a total of 10 countries, namely Singapore, China, Japan, Brunei, Cambodia, Laos, Thailand, Vietnam, New Zealand and Australia, had ratified the RCEP.

       Asked by Wong Hon Wai (PH-Bukit Bendera) if there was sufficient time to amend the necessary laws to allow Malaysia to ratify the RCEP on time, Azmin replied that the matter was currently being finalised by the Attorney General’s Chambers.

       “It will then be brought to the House for approval by the end of this year before the government submits the ratification instrument to the Asean secretariat,” Azmin added.

       Wong lamented the country’s slow progress in ratifying the RCEP as several other Asean nations had already done so.