Malaysia views US President Joe Biden's proposed Indo-Pacific economic bloc as a welcome initiative but sees a bigger immediate opportunity in selling its access to a China-led trade pact to lure investment from global companies, Malaysia's trade minister said on Friday.
Azmin Ali, Malaysia's minister of international trade and industry told Reuters in an interview that the newly launched Regional Comprehensive Economic Partnership gives companies the ability to use Malaysia as a hub to access a market comprising a third of the world's population and a third of global GDP output. FILE PHOTO
Azmin Ali, Malaysia's minister of international trade and industry told Reuters in an interview that the newly launched Regional Comprehensive Economic Partnership gives companies the ability to use Malaysia as a hub to access a market comprising a third of the world's population and a third of global GDP output.
Malaysia also is touting access to another regional trade bloc, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership , which includes a number of RCEP countries other than China and adds Canada, Mexico, Peru and Chile. Azmin said IPEF "is not a TPP 2.0," referring to the pan-Pacific trade deal that former US President Donald Trump quit in 2017, but said it represents a first-ever formal economic engagement between with the United States.
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