Kuala Lumpur: Prime Minister Muhyiddin Yassin said Malaysia respects India’s decision of not being a part of the Regional Comprehensive Economic Partnership (RCEP). However, he is still hopeful that the Asian Dialogue Partner country will join the trade pact in the future.
He expressed his heartfelt appreciation for India’s active participation and valuable contribution in the RCEP negotiations and forming the RCEP Agreement at the 17th Asian-India Summit yesterday.
The RCEP now includes the 10 Member States of Asia as well as Australia, China, Japan, South Korea, and New Zealand, which is scheduled to be signed on the last day of the 37th Asean Summit.
He pointed out that Malaysia views India as a significant trade partner, as trade between Asian and India has increased over the years.
Muhyiddin stated that he looks forward to the review to make the Asian-India Trade in Goods Agreement (Aitiga) more user-friendly, simple, and trade facilitative for businesses.
What is the Regional Comprehensive Economic Partnership (RCEP)?
The Regional Comprehensive Economic Partnership (RCEP) is a pact that brings together all 10 Asian nations as well as China, Australia, New Zealand, Japan and South Korea. It has been in the making for the last eight years.