KUALA LUMPUR, Dec 15 — The Malaysia – China Chamber of Commerce (MCCC) is urging the government to set up a special task force to assist small and medium enterprises (SMEs) in their application processes, with regard to the Regional Comprehensive Economic Partnership (RCEP) agreement.
President Loo Kok Seong said before entering the RCEP market, local SMEs need to prepare themselves by optimising their supply and value chains and analysing their import and export products.
“They could benefit from the tariff reductions and exploring effective strategies to face a competitive market,” he said at the 12th Malaysia – China Chamber Entrepreneurs Conference (MCEC) here today.
Loo said the government should also organise seminars and forums for various industries to communicate with the Malaysian Investment Development Authority (Mida) on improving the competitiveness of importing and exporting their products and better equip SMEs to enter regional markets.
In March 2022, Malaysia became the 12th signatory country to implement the RCEP agreement, joining Australia, Brunei, Cambodia, China, Japan, Laos, New Zealand, Singapore, South Korea, Thailand and Vietnam.
Meanwhile, Mida’s Investment Development deputy chief executive officer Lim Bee Vian said Malaysia is a strategic gateway to the Asean region for investments under the RCEP.
She added the country is doing the right thing by being a liberal economy, and involving itself in international trade and investment.
— Bernama
