The strained ties between Malaysia and North Korea in not expected to have any significant impact on Malaysia’s regional trade. Deputy International Trade and Industry Minister Datuk Ahmad Maslan told Parliament that the souring ties will also have little effect on the economy. He added that the conflict would not affect regional trade, such as the Regional Comprehensive Economic Partnership (RCEP).
RCEP is a proposed trade agreement which involves 16 countries, which include the 10 ASEAN members and its six dialogue partners Japan, India, China, New Zealand, Australia and South Korea.
Datuk Ahmad noted that North Korea imported RM696.6mil worth of goods from Malaysia, which imported goods worth RM8.2mil last year.
On RCEP, Ahmad expressed confidence that the trade negotiations could be concluded this year between ASEAN and the dialogue partners. He said RCEP differed from the negotiations under the defunct Trans Pacific Partnership Agreement. (TTPA). Datuk Ahmad said RCEP will benefit the nation in terms of market access and trade because member states will have a combined population of 3.4 billion people.
Source: The Star