Government asks Malaysia to support CPTPP membership

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The government asked for support for Malaysia, which joined the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) before South Korea.

On the 18th, Yeo Han-koo, head of the Ministry of Trade, Industry and Energy’s Trade Negotiation Headquarters, held a video conference with Malaysian Senior Minister Mohammed Ajmin Ali and Minister of International Trade and Industry to discuss current trade issues.

Japan, Singapore, Vietnam, Australia, New Zealand, Canada, Mexico, Peru, Chile, Malaysia, and Brunei are 11 member countries of the CPTPP. CPTPP is an economic zone with a trade volume of $5.2 trillion (about 6410 trillion won) and a nominal gross domestic product (GDP) of $10.7 trillion in 2020.

Minister of Trade, Industry and Energy Yeo Han-gu (right) has a video conference with Malaysian Senior Minister Mohammed Ajmin Ali and Minister of International Trade and Industry on the 18th. (Photo = Ministry of Trade, Industry and Energy)

Director Yeo said, “Korea has set the goal of applying for membership this month. He also requested Malaysia’s active interest and support, saying, “I talked to Canada, New Zealand, Mexico, Vietnam, Australia, and Brunei, and major countries showed their support for Korea.”

Minister Azmin replied, “Malaysia welcomes Korea’s application to join the CPTPP.”

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(Photo = Image Today)

Korea and Malaysia also exchanged views on the Indo-Pacific Economic Framework (IPEF). “The IPEF will contribute to sustainable growth from an economic security point of view,” Yeo said. He added, “I look forward to further cooperation with Korean battery and renewable energy companies that have entered Malaysia in fields such as supply chain, clean energy and decarbonization.”

The trade ministers of the two countries agreed on the need to strengthen regional cooperation based on the relationship established through the New Southern Policy. With the entry into force of the Regional Comprehensive Economic Partnership Agreement (RCEP), they decided to join hands in future-oriented fields such as supply chain, clean energy, and infrastructure. The RCEP came into effect on the 18th of last month in Malaysia and on the 1st of February in Korea.

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