Economic integration

MTCC: Global Joint Committee Enables Economic Integration Between ASEAN Member States

BANGKOK (September 13): The Malaysian-Thai Chamber of Commerce (MTCC) has proposed the establishment of a Joint Global Committee, a uniformed body tasked with monitoring the degree of economic integration among ASEAN member states.

MTCC Director Ng Woan Na said that through the Joint Global Committee, all Malaysian Chambers of Commerce (MBCs) from ASEAN countries would come together under one roof to tap new markets and identify new opportunities. new trade and investment opportunities.

“The joint committee would report on progress to the Malaysian Foreign Trade Development Corporation (MATRADE) to continue its liaison with ASEAN member countries.

“The proposed committee will play important roles such as consultation and trade facilitation to identify practical business aspects such as red tape, barriers behind borders, data flow and protection and improving sector potential “she told Bernama in an email today.

She also said the committee would also monitor and evaluate the framework, regular mid-term review and reporting to MATRADE, conduct a comprehensive database for assessment and harmonization as well as standardization with a regional framework.

Ng, who was the representative speaker at the electronic summit of Malaysian Indochinese Chambers of Commerce last month, also proposed to ASEAN MBCs to establish an ASEAN representative office in the major member countries of the Comprehensive Regional Economic Partnership ( RCEP) such as Australia, China and Japan. , South Korea and New Zealand to help Malaysian companies integrate into markets and seize new opportunities while working together to explore investments in third countries.

RCEP is the largest free trade agreement (FTA) in the world, bringing together 10 ASEAN members – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, including Japan, China, South Korea, Australia and New Zealand.

The agreement was signed by all 10 ASEAN members, including China, Japan, South Korea, Australia and New Zealand in November 2020.

The pact will enter into force 60 days after six of the ASEAN member states and three non-ASEAN member states have ratified the agreement.

So far, Singapore, Thailand, China and Japan have ratified the RCEP agreement.

Malaysia is expected to ratify the RCEP by the end of the year or no later than the first quarter of 2022.

At the summit, Ng also highlighted 12 industries targeted under Thailand 4.0 policy and key investment opportunities, with particular emphasis on the development of the Eastern Economic Corridor, the most important current flagship project. from the Thai government.

In the context of Covid-19, she spoke about Thailand’s economic projection and the main factors contributing to the recovery of the Thai economy.