Negotiations under the ongoing Asean-China Free Trade Agreement (ACFTA) 3.0 are crucial for post-pandemic recovery, according to Datuk Seri Anwar Ibrahim. Anwar, the Prime Minister, also highlighted the importance of talks under the ACFTA 3.0 for enhancing Asean-China trade and investment relations, as well as ensuring the free flow of goods and services. He commended Asean and China’s efforts to conclude the ACFTA 3.0 Upgrade Negotiations by 2024 and recognized the inclusion of new growth areas such as the digital economy, green economy, supply chain connectivity, competition, consumer protection, and MSMEs in the agreement’s relevance and foresight.
The 20th China-Asean Expo (CAExpo) is currently taking place in Nanning, China, from September 16 to 19. Anwar, in his officiating speech during the event, expressed his support for the Belt and Road initiative (BRI), which he believes has solidified relations between China and participating countries. He sees the BRI as a gateway to new connectivity horizons and growth opportunities across various regions.
Anwar mentioned the Malaysia-China Kuantan Industrial Park (MCKIP) and China-Malaysia Qinzhou Industrial Park (CMQIP) as examples of BRI projects developed under the “Two Countries, Twin Parks” concept. He highlighted how these parks have not only contributed to infrastructure development but also fostered people-to-people bonds and economic benefits. MCKIP, in particular, has catalyzed economic growth in Malaysia’s East Coast Region, generating jobs and establishing an economic link between Malaysia, China, and Southeast Asia.
Over the past 19 editions of CAExpo, Malaysian companies have achieved commendable outcomes in China and Asean markets. The Malaysian Pavilion at this year’s CAExpo, led by Malaysia External Trade Development Corporation (Matrade), is showcasing diverse sectors attended by various Malaysian government agencies, SMEs, and leading organizations. Matrade is coordinating 107 Malaysian companies from sectors including food and beverages, health and wellness, and lifestyles, among others, at the Malaysian Pavilion.
Anwar also praised the Regional Comprehensive Economic Partnership (RCEP) as a testament to Asean and China’s commitment to economic integration, supply chain resilience, and market openness during global challenges. This ambitious free trade agreement covers nearly 30% of the world’s population, GDP, and trade. It offers businesses competitive raw material sourcing through the progressive elimination of 92% of customs duties on goods and promotes transparency, information sharing, and economic cooperation.
Anwar’s second visit to China includes launching the Malaysia Pavilion at CAExpo and having a bilateral meeting with Chinese Premier Li Qiang. During his first visit in March, Malaysia secured a record RM170 billion worth of investment commitments from China.
Credit: The Star : News Feed
