Previously, Malaysia has officially ratified the Regional Comprehensive Economic Partnership (RCEP), which will come into force for this country on March 18.

According to his Majesty, the ratification of this agreement would widen market access for local companies and bring manifold opportunities for them, especially small and medium enterprises, to increase their participation in the regional and global value chain.

His Majesty also noted that Malaysia’s trade performance had, for the first time, in 2021 surpassed RM2 trillion (1 RM is about 0.24 USD) with exports valued at RM1.24 trillion, which means that the country’s relevant target, as outlined in the 12th Malaysia Plan, has been achieved four years early. This success would boost foreign investors’ confidence in the country’s economic and investment climate.

In the speech, Sultan Abdullah ibni Sultan Ahmad Shah also recognized the pandemic-response measures that are being carried out by Malaysian government for Covid-19 testing, vaccine development, etc. His Majesty, however, noted that Malaysia needs to be "cautious" in its push to position Covid-19 as an "regional epidemic". His Majesty also called on Malaysians to get Covid-19 Vaccine booster shots as soon as possible, and expressed that Malaysia needs to start exploring the reopening to foreign tourists to speed up the recovery of the country's tourism industry.

Source：Chinanews