KUALA LUMPUR, March 6 — Malaysia’s status as a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) remains unchanged, said Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
Despite the uncertainty arising from the tariff policies being implemented by the United States (US), he said the US is not a member of CPTPP or RCEP, and therefore, its policies do not directly affect Malaysia’s membership in these agreements.
“To date, the economic policies announced by US President Donald Trump have not directly impacted the country’s economy.
“However, the government will continue to monitor the developments of new US policies and plan appropriate strategies to address any implications on the country’s economy,” Tengku Zafrul said during a question-and-answer session in the Dewan Negara today.
He was responding to Senator Rita Sarimah Anak Patrick Insol, who asked if Malaysia’s participation in multilateral trade agreements like the CPTPP and the RCEP has or will change due to the uncertainty arising from Trump’s tariff policies.
Tengku Zafrul added that the government will continue to promote Malaysia as an open economy and a safe investment destination by emphasising political stability, pro-business policies, and its strategic location in Southeast Asia.
As a trading nation, Malaysia will continue to strive to diversify export markets for both goods and local services.
He said the country will begin negotiations with countries in the Gulf Cooperation Council, which are seen as offering significant benefits across various economic sectors and can strengthen the country’s participation in the global supply chain.
“As the chair of Asean this year, we, together with Asean member countries, are also negotiating to upgrade the Asean-China Free Trade Area to Asean-China 3.0 and the Asean-India Free Trade Agreement, as well as engaging in negotiations for a new free trade agreement with Canada,” Tengku Zafrul said.
— Bernama
