Dato’ Sri Mustapa Mohamed welcomed China’s initiative to further advance APEC Leaders’ mandates on FTAAP to achieve deeper regional economic integration. Malaysia supported a study to be done as it would be a useful analytical work to evaluate not only the potential benefits, but also the impact, challenges and readiness of economies to meet the high standards envisaged in FTAAP. We are very supportive of the initiative to develop a roadmap for FTAAP and are also supportive of the decision to task officials to finalise this roadmap by the end of this year.
This initiative however does not imply that negotiations on FTAAP will be launched immediately after the study is completed. APEC as a non-binding, voluntary forum will play a leadership role and provide intellectual inputs into the FTAAP process, and the FTAAP when agreed, will be pursued outside of APEC.
FTAAP will not be inconsistent with Malaysia’s participation in the on-going negotiations on TPP and RCEP. On the other hand, TPP and RCEP are recognised as building blocks towards an FTAAP. FTAAP when realised, will provide synergy and complement TPP and RCEP initiatives. In all the on-going regional RTA/FTA undertakings, Malaysia’s participation would enable us to remain engaged and contribute to the shaping of the evolving regional trading arrangements. This will enable us to advance Malaysia’s economic interest and ensure that such initiatives would contribute towards expanding our trade, economic growth and the creation of employment opportunities, and benefit Malaysian consumers.
One of the key deliverables for APEC Ministers Responsible for Trade (MRT) Meeting this year is strengthening regional economic integration and undertaking more concrete actions to develop a framework for the realisation of the Free Trade Area of the Asia-Pacific (FTAAP). FTAAP was first mooted by the APEC Business Advisory Council (ABAC) in 2004. In 2006, APEC recognised FTAAP as a long-term prospect and could become a vehicle to achieve regional economic integration. The commitment was advanced in 2010 when APEC agreed on the pathways to realise FTAAP based on on-going regional RTA/FTA initiatives such as Regional Comprehensive Economic Partnership (RCEP – ASEAN+6) and Trans-Pacific Partnership (TPP).
To translate the vision of FTAAP into a reality, APEC Trade Ministers have agreed to kick off and advance the process in a comprehensive and systematic manner towards the eventual realisation of an FTAAP. APEC will intensify efforts to enhance transparency among regional RTAs/FTAs; strengthen capacity building activities; and formulate a roadmap for APEC’s contribution to the realisation of FTAAP.
Ministry of International Trade and Industry, Malaysia
18 May 2014
This initiative however does not imply that negotiations on FTAAP will be launched immediately after the study is completed. APEC as a non-binding, voluntary forum will play a leadership role and provide intellectual inputs into the FTAAP process, and the FTAAP when agreed, will be pursued outside of APEC.
FTAAP will not be inconsistent with Malaysia’s participation in the on-going negotiations on TPP and RCEP. On the other hand, TPP and RCEP are recognised as building blocks towards an FTAAP. FTAAP when realised, will provide synergy and complement TPP and RCEP initiatives. In all the on-going regional RTA/FTA undertakings, Malaysia’s participation would enable us to remain engaged and contribute to the shaping of the evolving regional trading arrangements. This will enable us to advance Malaysia’s economic interest and ensure that such initiatives would contribute towards expanding our trade, economic growth and the creation of employment opportunities, and benefit Malaysian consumers.
One of the key deliverables for APEC Ministers Responsible for Trade (MRT) Meeting this year is strengthening regional economic integration and undertaking more concrete actions to develop a framework for the realisation of the Free Trade Area of the Asia-Pacific (FTAAP). FTAAP was first mooted by the APEC Business Advisory Council (ABAC) in 2004. In 2006, APEC recognised FTAAP as a long-term prospect and could become a vehicle to achieve regional economic integration. The commitment was advanced in 2010 when APEC agreed on the pathways to realise FTAAP based on on-going regional RTA/FTA initiatives such as Regional Comprehensive Economic Partnership (RCEP – ASEAN+6) and Trans-Pacific Partnership (TPP).
To translate the vision of FTAAP into a reality, APEC Trade Ministers have agreed to kick off and advance the process in a comprehensive and systematic manner towards the eventual realisation of an FTAAP. APEC will intensify efforts to enhance transparency among regional RTAs/FTAs; strengthen capacity building activities; and formulate a roadmap for APEC’s contribution to the realisation of FTAAP.
Ministry of International Trade and Industry, Malaysia
18 May 2014