KUALA LUMPUR : The hosting of the two-day Asia-Pacific Economic Cooperation (APEC) by Malaysia further reinforces its leading role in promoting freer trade and investment flows.
In a statement today, Vanguard Black Sdn Bhd said it sees this as Malaysia’s main stand while hosting the virtual APEC summit, which ends today.
“In hosting APEC 2020, Malaysia champions more free trade beyond COVID-19. With borders closed to curtail spread of the pandemic, it has taken the strong will of governments across the world to keep trade flows open to avoid national and global economies from collapsing,” it said.
The company said Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali noted that Malaysia has seen the wisdom of putting aside past nationalistic self-interests as COVID-19 has essentially forced a reset of mindsets to ensure sustainable economic recoveries post-pandemic.
In addition, the historic Regional Comprehensive Economic Partnership (RCEP) signed on Nov 15 to create the world’s largest trade bloc ensures that Malaysia is in the trade priority lane with China, Japan, South Korea, Australia, and New Zealand, plus other ASEAN nations.
“And while there has been past misgivings over the Trans-Pacific Partnership (TPP), later replaced by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) when President Donald Trump pulled out the US, this pact can be yet another critical trade stepping stone for Malaysia,” it said.
Vanguard Black said ratifying the CPTPP will ensure Malaysia will gain the fast track for exports to more nations – Canada, Chile, Mexico, and Peru.
“With APEC, Malaysia is poised to gain trade benefits with even more nations — Russia and Taiwan – effectively having trade channels open to more than half the global economy.
“This bodes well for our country to ensure job creation and eventually be debt-free,” it added.