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PETALING JAYA: Entrepreneurs should not miss out on opportunities created by the signing of the Regional Comprehensive Economic Partnership (RCEP), says Datuk Heng Seai Kie.
The Wanita MCA chief said the RCEP provides new hope for Malaysian entrepreneurs and national economic recovery amid efforts to counter the Covid-19 pandemic.
“The trade deal will help stimulate the economy by integrating the various participating nations in Asia Pacific while introducing benefits such as lowered tariffs, standardised Customs rules and procedures, and widened market access, especially among countries that don't have existing trade deals.
“As Malaysia steers toward economic recovery, the government will surely take advantage of this economic platform to encourage small and medium enterprises (SMEs) to expand and reach beyond our own borders.
“For e-commerce, RCEP will allow increased exposure to foreign investors, because under standardised rules, businesses can make deals with other nations under the pact directly without red tape.
“As such, Malaysian entrepreneurs are urged not to miss this golden opportunity, ” she said in a statement on Wednesday (Nov 18).
Signatories of the RCEP include all 10 Asean member countries and also China, South Korea, Japan, Australia and New Zealand.
Heng said the total population of these countries is approximately one-third of the world’s at 2.2 billion.
“With this agreement, economic activities will boom as trading between the 15 nations becomes significantly streamlined, ” she said.
Heng also called on entrepreneurs not to be complacent in a free trade environment, because it means other nations can enter our markets easily, challenging local businesses.
“It is important for us to not be complacent but constantly think of ways to innovate and refresh our businesses to keep a competitive edge.
“Regardless, the opportunity has been provided fairly to all, rallying businesses in the region to take up the challenge and upgrade their marketing strategies.
“I urge Malaysian entrepreneurs to likewise cherish this opportunity and grow their business beyond what was previously thought impossible, ” she added.
Source: https://www.thestar.com.my/news/nation/2020/11/18/entrepreneurs-told-not-to-miss-out-on-opportunities-rcep-will-create