Malaysia views U.S. President Joe Biden's proposed Indo-Pacific economic bloc as a welcome initiative but sees a bigger immediate opportunity in selling its access to a China-led trade pact to lure investment from global companies.
WASHINGTON - Malaysia views U.S. President Joe Biden's proposed Indo-Pacific economic bloc as a welcome initiative but sees a bigger immediate opportunity in selling its access to a China-led trade pact to lure investment from global companies, Malaysia's trade minister said on Friday.
"It represents almost 2.3 billion people under RCEP," Azmin said. "So again, we would like to invite these big companies to come to Malaysia and to use Malaysia as a gateway to penetrate a bigger market access and also to enjoy lower tariffs in terms of our export product." The IPEF plan was a key topic of discussion at a Washington leaders summit of the Association of Southeast Asian Nations , though it is not expected to be formally launched until Biden travels to Japan next week.Malaysian Prime Minister Ismail Sabri Yaakob on Thursday called for Washington adopt a "more active" trade and investment agenda with ASEAN countries.
Malaysia still needs to decide which of the so-called IPEF pillars to join, he added. Vietnam's prime minister also on Wednesday said more time was needed to study IPEF.
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