Malaysia stresses equal importance of TPP and RCEP

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By CGTN's World Insight

"We've been working extra hard on RCEP (Regional Comprehensive Economic Partnership), we've been working hard the last 3 or 4 years, we've been working hard with 15 other countries," Mustapa bin Mohamen, Malaysia’s Minister for International Trade and Industry said in an exclusive interview with CGTN’s World Insight.

The Asia-Pacific region has one of the most dynamic economies in the world, generating great potential for multilateral trade mechanisms like RCEP and the Trans-Pacific Partnership (TPP).

RCEP is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN), namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, in addition to the six states with which ASEAN has existing free trade agreements (Australia, China, India, Japan, South Korea and New Zealand).

Mustapa bin Mohamen, Malaysia’s Minister for International Trade and Industry. /CGTN Screenshot‍

When asked why Malaysia is now embracing RCEP rather than TPP, Mustapa said both mechanisms are important, but Malaysia’s emphasis shifted to RCEP particularly after it was announced that President Donald Trump was withdrawing the US from the TPP. However, Mustapa also stressed the importance of the TPP.

"Malaysia in recent months has been quite good at picking up in activities surrounding TPP 11, we've been part of the process, we've been playing a constructive role, we were the part of TPP. Statements from Malaysia will be given equal priority to TPP 11 and RCEP," he explained.

He added that Malaysia wasn't struggling to find a balance between the TPP and RCEP.

"They are equally important, we see them complementing each other," he said.

World Insight with Tian Wei is a 45-minute global affairs and debate show on CGTN. It airs weekdays at 10.15 p.m. BJT (1415GMT), with rebroadcasts at 4.15 a.m. BJT (2015GMT).

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