Changes in US trade landscape will boost RCEP talks

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KUALA LUMPUR: The Asean-Korea Centre (AKC) is optimistic changes taking place in the United States trade landscape will boost Regional Comprehensive Economic Partnership (RCEP) negotiations.

“With the changing landscape of economic cooperation in this region just like the new US government’s position in the TPP (Trans-Pacific Partnership), the importance of RCEP is going to be bigger,” said AKC Secretary-General Kim Young-Sun.

He was speaking to reporters after the launch of the Malaysian Investment Development Authority (Mida)-AKC Seminar on ‘Business Opportunities in Malaysia’s Smart Manufacturing’ by South Korean Ambassador to Malaysia Yu  Hyun-seok yesterday.

Kim said RCEP was an upgrade to the current Asean-Korea free trade agreement (FTA) and covered broader areas of trade.

“RCEP is a mega trade platform for members of ASEAN and its FTA partners to  contribute towards facilitating trade and overall economic cooperation within the region,” he said.

Meanwhile, Mida chief executive officer Datuk Azman Mahmud said Malaysia was keen to learn from South Korea’s experience in encouraging the adoption of smart manufacturing.

“South Korea is the world leader in the robotic industry.

“Learning from their experience and technologies will help Malaysian industries towards the fourth industrial revolution of high technology and value added industry,” he said.

Kim said Malaysia was well positioned to assume a bigger role in promoting smart manufacturing in the region.

“Malaysia has better infrastructure levels and an Information and Communications Technology base.

Its policies are favourable towards the industrial revolution,” he added.

Mida approved South Korean participation for investments in five manufacturing projects worth RM1.53 billion, between January and September last year.

The investments were for projects in the electrical and electronics, petroleum including petrochemical products and wood products segments.

The one-day seminar, an initiative to raise awareness and interest to business possibilities and opportunities with South Korean companies in  automation and smart manufacturing, was attended by 90 local companies. — Bernama