ASEAN – BAC Malaysia Webinar 2021: Media Release: “RCEP and CPTPP as Game Changers in ASEAN’s Post COVID-19 Economic Recovery” held on 22 June 2021

Posted on June 25, 2021 by samuelloh39

The ASEAN-BAC Malaysia Webinar was held on 22 June 2021 titled “RCEP and CPTPP as Game-Changers in ASEAN’s Post COVID-19 Economic Recovery” involved a private sector bodies such as representatives of Malaysian trade associations, chambers of commerce, professional bodies, and foreign business associations and business councils. MAJECA, represented by Datuk Seri Mohamed Iqbal was a speaker in Panel 1 of the webinar to discuss “How can Malaysia capitalise on RCEP to reduce the trade deficit between Malaysia-Japan?”.

The following is the media release provided by ASEAN Business Advisory Council Malaysia, titled ‘Private Sector in Malaysia led by the ASEAN Business Advisory Council Malaysia calls for RCEP and CPTPP to be Ratified by end-2021’. For more information please visit http://aseanbac.com.my/

MEDIA RELEASE: Private Sector in Malaysia led by ASEAN Business Advisory Council Malaysia calls for RCEP and CPTPP to be ratified by end-2021

Kuala Lumpur, 22 June 2021 — A large group of private sector bodies led by the ASEAN Business Advisory Council (ASEAN-BAC) Malaysia released a joint memorandum urging the government to ratify the Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by the end of 2021 to allow Malaysia to gain an early mover’s advantage in positioning itself as a gateway to nearly a third of the world’s population through the ASEAN, RCEP, and CPTPP markets.

According to the memorandum, early ratification of the RCEP and CPTPP would enable Malaysian businesses to gain market access, to better source for raw materials and integrate their supply chains with other RCEP and CPTPP markets, derive greater certainty concerning intellectual property rights, as well as promote greater transparency, information sharing, trade facilitation, economic cooperation, and coherence in e-commerce regulations.

The memorandum of support was signed by representatives of Malaysian trade associations, chambers of commerce, professional bodies, and foreign business associations and business councils on the occasion of the ASEAN-BAC Malaysia webinar on 22 June 2021 titled “RCEP and CPTPP as Game-Changers in ASEAN’s Post COVID-19 Economic Recovery.”

Click here to view the Memorandum of Support video (above).
Click here to view the Memorandum of Support.

Ministry of Domestic Trade and Consumer Affairs (DTCA) Secretary-General Datuk Seri Hasnol Zam Zam Ahmad, for his special address said, “The government is committed to ensuring that the post-pandemic economic recovery process is implemented in a structured and timely manner and that free trade agreements such as the RCEP will certainly help in the recovery of domestic businesses.”

ASEAN-BAC Malaysia Chairman Tan Sri Dato’ Dr. Munir Majid noted that political uncertainties are unconducive for business and the economy causing key strategic decisions such as ratifying the RCEP and CPTPP to be delayed and Malaysia losing its first-mover advantage.

“Greater dependence is now on the civil service to be professional to drive home the point the country cannot be falling back. Businesses too, particularly the SMEs, should be well prepared to seize the opportunities and to face challenges in a highly competitive global environment,” said Tan Sri Dr. Munir Majid.

1. Ratify the RCEP and CPTPP at the soonest to accelerate Malaysia’s post-pandemic recovery

Ratification of the RCEP and CPTPP remains one of the private sector’s top recommendations to help businesses bounce back from the impact of the COVID-19 pandemic, according to the ASEAN-BAC Malaysia’s Pathway for Malaysia 2021 report which contains 137 recommendations for economic recovery from the private sector.

“Malaysia has spent many years negotiating these landmark agreements and should therefore ratify them quickly to take advantage of the opportunities they present, especially for our post-pandemic recovery,” said ASEAN-BAC Malaysia Council Member Tan Sri Yong Poh Kon.

Supporting this view, the Federation of Malaysian Manufacturers (FMM) President Tan Sri Dato’ Soh Thian Lai said that, “While the signing of the RCEP and CPTPP was a significant achievement for the country, the government must hasten to ratify them to stabilize manufacturing activities and rebuild supply chain connectivity in the region.”

The Socio-Economic Research Centre (SERC) of ACCCIM’s Executive Director Lee Heng Guie concurs, saying that the country is counting on the speedy implementation of this mega trade deal to secure a strong export-led economic recovery. “The tariff reductions that the RCEP promises are important, so too are the other non-tariff benefits such as enhanced trade, services and investment facilitation, including the easing of trade procedures,” added the economist.

Such benefits would be particularly beneficial in the supply chain industry, according to ASEAN-BAC Malaysia Council Member Raja Singham, since these trade deals would allow Malaysia to further integrate Malaysia’s border trades and expand the country’s access to trade and investment opportunities.

2. RCEP and CPTPP membership will bolster Malaysia’s reputation as a pro-business economy

“What will Malaysia lose from not ratifying the CPTPP, which potentially sets the standard for international trade rules going forward?” asks Asia-Pacific Economic Cooperation (APEC) Secretariat Executive Director and former MITI Secretary-General Tan Sri Dr. Rebecca Fatima Sta Maria.

“Malaysia will eventually be subjected to such rules as it is an open economy and CPTPP members who have committed to rules and disciplines will be seen to be more attractive and business-friendly,” she said.

Malaysia-India Business Council (MIBC) Honorary Secretary Datuk K. Surendran Kutty Krishnan, opined that bold economic reforms were needed to entice new investors since other markets in the region are also becoming increasingly competitive. He also noted that the RCEP and CPTPP were only two of the 16 free trade agreements that Malaysia has signed but has yet to ratify and enforce.

While Malaysia and Japan have had a bilateral free trade agreement for over a decade, the Malaysia-Japan Economic Association (MAJECA) nevertheless urges the government to proceed with the ratification of the RCEP and CPTPP without further delay, as they could serve as a conduit for an even wider range of collaborations and trade flows between the two countries, according to MAJECA vice president Datuk Seri Mohamed Iqbal.

3. Regulatory frameworks should be harmonized to complete free trade agreements

The RCEP is the world’s largest trading bloc with 15 member countries representing around 30 percent of global GDP, while the CPTPP is a free trade agreement among 11 countries representing approximately 13.5 percent of global GDP.

Malaysian Organisation of Pharmaceutical Industries (MOPI) president, Billy Urudra remarked that once ratified, the prices of generic drugs are expected to drop due to increased competition. In highly regulated industries such as the pharmaceutical industry, it is imperative that the FTAs are accompanied by a harmonized regulatory framework for the FTAs to be meaningful.

As for avenues for dispute resolution, LAWASIA and Bar Council Malaysia past president, Christopher Leong believes that the Investor-State Dispute Settlement provisions in the CPTPP provides for the well-developed and recognised dispute resolution mechanism by way of international arbitration. According to him, the mechanism is transparent and open to development, and as such should not be a reason for a country to not ratify the agreement.

APPENDICES

Printed Materials (click below)

Recordings (click below)

News Coverage (click below)

Below are some photos taken by the MAJECA Secretariat during the webinar:

44th Annual General Meeting of MAJECA held on 16 June 2021

Posted on June 16, 2021 by samuelloh39

The 44th Annual General Meeting (AGM) of the Malaysia-Japan Economic Association (MAJECA) was convened virtually over Zoom on Wednesday, 16 June 2020 at the Boardroom, 26^th Floor, Bangunan Ambank Group, Jalan Raja Chulan, 50200 Kuala Lumpur.

In order to comply with the Government’s and/or relevant authorities’ directives and guidelines on public gatherings, meetings and events, arising from the measures to combat the spread of the COVID-19 pandemic during the Recovery Movement Control Order, the 44th AGM was convened via a hybrid of in-person as well as virtual participation.

The following were elected to the Executive Committee of MAJECA for the new term 2021-2022.

Office Bearers

President: YBhg Tan Sri Azman Hashim

Vice-Presidents:

YBhg Dato’ Md Taib Abdul Hamid
YBhg Datuk Seri Mohamed Iqbal
YBhg Datuk Jason Tai Hee
YBhg Tan Sri Dato’ Seri Lodin Bin Wok Kamaruddin

Honorary Secretary: YBhg Tan Sri Dato’ Dr Michael Yeoh Oon Kheng

Honorary Treasurer: Mr Yeonhang Chuah

Executive Committee Members

YBhg Dato Yeoh Seok Kian
YBhg Tan Sri Rastam Mohd Isa
Mr Ravindran Kurusamy
Mr Steven Tee Shin Yau
Mr Goh Peng Ooi

Some photos of the meeting proceedings can be found below:

Tan Sri Azman Hashim, President & Chairman delivering his Chairman’s Statement.
Dato’ Md Taib Abdul Hamid, Vice-President
YBhg Datuk Seri Mohamed Iqbal, Vice-President
YBhg Datuk Jason Tai Hee, Vice-President
YBhg Tan Sri Dato’ Seri Lodin Bin Wok Kamaruddin, Vice-President
YBhg Tan Sri Dato’ Dr Michael Yeoh Oon Kheng, Hon. Secretary
Mr Yeonhang Chuah, Hon. Treasurer
YBhg Tan Sri Rastam Mohd Isa, Member of Executive Committee
Mr Gary Tang, Member of Executive Committee
Tan Sri Azman Hashim, President & Chairman thanking all participants for making time to attend the meeting.

The MAJECA 2020 – 2021 Annual Report Book can be found here:

Report on ASEAN-Japan Business Week held from 24 – 28 May 2021

Posted on June 11, 2021 by samuelloh39

On 24 to 28 May 2021, the ASEAN-Japan Business Week held a series of virtual webinars. Hosted by Ministry of Economy, Trade and Industry (METI), Japan Business Federation (JBF, Keidanren), Japan Chamber of Commerce and Industry (JCCI), Japan External Trade Organization (JETRO), Research Institute of Economy, Trade and Industry (RIETI), ASEAN Secretariat (ASEC), ASEAN Business Advisory Council (ASEAN-BAC), ASEAN-JAPAN Business Council (AJBC), Economic Research Institute for ASEAN and East Asia (ERIA), AEM-METI Economic and Industrial Cooperation Committee (AMEICC) Secretariat, the ASEAN-Japan Business Week also showcased various supporting business organisations from ASEAN nations.

Southeast Asia has always been at the heart of international business for many Japanese companies, and it has become even more important for the latter to respond flexibly and rapidly to the massive transformation such as “digitalization” and “green growth” in the region.

ASEAN-Japan Business Week was designed to give participants an opportunity to get a better understanding of the latest trends around ASEAN businesses and its future potential that spans across various sectors. The keywords of this event are “Innovation” and “Sustainability”, which are in alignment with “Dialogue for Innovative and Sustainable Growth (DISG)”, launched last year with endorsement by Economic Ministers from ASEAN and Japan.

During the Business Week, executives of leading companies had talked about their vision and initiatives with concrete examples, and a wide range of experts from various fields had discussed on how to accelerate and expand their initiatives.

PROGRAMME OUTLINE:

The outline of the 5-day programme (in Jakarta Time (UTC+7) were as follows.

For more details on the programme and the participating speakers, please click on the following link:

https://ameicc.org/aseanjapan_businessweek/en/day-1.html

Day 1: May 24, 2021 (Monday)

Time: 13:00 pm – 14:00 pm ~ Establishing New Partnership between Japan and Southeast Asia

Time 14:00 pm – 16:00 pm ~ Transforming Southeast Asia, Transforming Japanese Business

Day 2: May 25, 2021 (Tuesday)

Time: 10:00 am – 11:30 am ~ SDGs and Business Contribution in Southeast Asia

Time: 12:00 pm – 14:00 pm ~ Growing Opportunity for SMEs in ASEAN region

Day 3: May 26, 2021 (Wednesday)

Time: 11:00 am – 15:00 am ~ Promoting Green Business for Sustainable Development in Southeast Asia

Day 4: May 27, 2021 (Thursday)

Time: 10:15 am – 11:45 am ~ International Politics and Economics Surrounding Southeast Asia: Perspectives on its relationship with the US and China

Time: 12:30 pm – 14:00 pm ~ From SEA: Business Opportunities and Challenges in ASEAN region in post-Covid-19

Day 5: May 28, 2021 (Friday)

Time: 11:00 am – 13:00 pm ~ Southeast Asia Start-ups in the three hottest fields – DX Platform Program

Time: 13:30 pm – 14:45pm ~ New Business Opportunities in BCG (Bio-Circular-Green) Sector in Thailand

Day 1 (24th May) highlighted the importance of “Innovation” and “Sustainability” for future win-win relationship between ASEAN and Japan. This was echoed in the speeches of the main speakers and also key figures from Japanese and businesses that expressed their expectations and hope such as increased sustainable investments and heightened digitalisation based on the theme of “Transforming Southeast Asia, Transforming Japanese Business”.

Day 2 (25th May) saw two sessions focused on Sustainable Development Goals (SDGs) and Micro, Small and Medium Enterprises (MSMEs). Co-organised by ISEAS-Yusof Ishak Institute and RIETI, the first session entitled “SDGs and Business Contribution in Southeast Asia” was joined by experts from ISEAS and Japanese companies and gave their insightful thoughts. The second session led by JCCI included several speakers from Japanese MSMEs that shared their knowledge about business in SEA and gave suggestions for other Japanese MSMEs to find new business opportunities in the region.

On Day 3 (26th May), the session entitled “Promoting Green Business for Sustainable Development in Southeast Asia” had discussed the importance of Asia Transition Finance, new prospects and commitment to achieve carbon neutrality for the manufacturing industry as well as ASEAN-Japan cooperation in sustainable growth and green business. This was followed by two panel discussions whose themes were “The importance on Asia Transition Finance” and “Exploring New Business Opportunity in Southeast Asia and the Commitment to Achieve Carbon Neutrality for the Manufacturing Industry”.

Day 4 (27th May) saw discussions on international politics and economics surrounding Southeast Asia, especially from the perspectives on its relationship with the US and China. JETRO had organised another session where presidents of JETRO branches in the ASEAN region presented the latest business information of each country which was elaborated under the theme of “New Trends of Innovation and Sustainability in the Post-COVID-19 Era & Direction toward ASEAN-Japan further Collaboration”.

On Day 5 (28th May), JETRO had organized two special sessions. For the first one, ASEAN start-ups from various fields had delivered pitch presentations to introduce their innovations and ideas while aiming further collaboration with Japanese companies. In succession, at the end of ASEAN-Japan business week, a session entitled “New Business Opportunities in BCG (Bio-Circular-Green) Sector in Thailand” was held. The “BCG Economy” was introduced as Thailand’s new national policy followed by a panel discussion on how to expand BCG business in Thailand for Japanese businesses.

Archived video recordings of the various presentations can be found on the AMEICC website via the following link:

https://ameicc.org/aseanjapan_businessweek/en/index.html

Gallery of photos of the ASEAN-JAPAN Business Week as snapped by the MAJECA Secretariat:

Mr Kajiyama Hiroshi, Minister of Economy, Trade and Industry, Japan giving his Opening Speech on Day 1.
H.E. Dato Lim Jock Hoi, Secretary General of ASEAN giving his speech on Day 1.
Speakers during Session 2, Day 1. (From left) Mr Shawn Heng, Mr Ebihara Takeshi, Mr Saito Takeshi, Mr Kawabata Yasuo, Mr Hachiyama Koji.
Mr Iwadare Yoshihiko, Associate Professor, J. F. Oberlin University giving his Keynote Speech on Business Opportunities in ASEAN region in post-COVID-19 Era during Session 2, Day 2.
Speakers during Panel Discussion for Session 1, Day 2. (Clockwise, from top left) Mr Iwadare Yoshihiko, Mr Tsuji Akihisa, Mr Fujimoto Kohei, Mr Tsuboi Iwao, Mr Ito Masahiko, Mr Yamada Hiroshi, Mr Sakata Kohki.
Speakers during Panel Discussion for Session 2, Day 3. (Clockwise, from top left) Mr Wada Yuhei, Mr Kobori Hideki, Mr Ogawa Tatsuo, Mr Fujisawa Hideaki, Mr Seto Kinya, Mr Toriihara Shunji.
Mr Gerard B. Sanvictores, Chairman, The Philippines-Japan Economic Cooperation Committee giving his Opening Message during Session 2, Day 4.
Tan Sri Dato’ Soh Thian Lai, President, The Federation of Malaysian Manufacturers (FMM) giving his Opening Message during Session 2, Day 4.
Speakers during Panel Discussion for Session 2, Day 5. (Clockwise, from top left) Mr Wada Yuhei, Ms Yurugi Yoshiko, Mr Kubota Yasuhiro, Mr Miwa Motokazu, Mr Sekiyama Kazuhide.