Conclusion of RCEP may be extended to mid next year — Mustapa
KUALA LUMPUR: The conclusion of the Regional Comprehensive Economic Partnership (RCEP) is expected to be extended to the middle of next year due to time constraints and with many issues yet to be discussed.
International Trade and Industry Minister, Datuk Seri Mustapa Mohamed said as 2017 draws to an end, the government may need to relook the RCEP’s conclusion target to make it more realistic, considering the number of issues to be discussed among member countries.
The RCEP is a proposed megaregional Free Trade Agreement ( FTA) between 16 Asia- Pacific countries including the 10member Asean countries, China, Japan, India, South Korea, Australia and New Zealand.
Mustapa said the latest meeting on the RCEP between government officials in South Korea was held last month and the full report was yet to be submitted.
“We will receive it at the meeting of Asean Economic Ministers in Manila from November 10 to 11.
“We are still facing a number of challenges (over the RCEP) and hope discussions on it can continue in Manila, particularly towards reducing the number of barriers,” he told reporters after his opening address at the Mid- Tier Companies Business Conference here, yesterday.
Meanwhile at the same event, Mustapa also launched the Malaysian Consortium of MidTier Companies ( MCMTC), an initiative to further support Mid- Tier Companies ( MTCs) to become regional and global champions.
He said the objective of the MCMTC is to promote Malaysian MTCs in the global market, be a focal point of local MTCs for trade, investment and services, as well as link them through collaboration to drive export growth.
“For 2017, we are aiming to drive exports of MTCs by five per cent. This year, 21 MTCs were recruited under Wave 4 and are currently completing the nine- month development programme,” he added.
Mustapa said last year, the total export revenue of 152 MTCs grew by 10.41 per cent to reach RM6.82 billion as compared to RM6.18 billion in 2015. — Bernama