KUALA LUMPUR: Malaysia has suggested three key factors to form the foundation of future Asean-China cooperation to pave the way for economic recovery from the impact of the Covid-19 pandemic.
Prime Minister Datuk Seri Ismail Sabri Yaakob had proposed efforts to intensify open trade and investment; strengthening the Regional Comprehensive Economic Partnership (RCEP) as an essential tool for Asean economic revival as well as facilitating the cross border travel bubble which is vital for the recovery process.
In his speech via a video recording at the opening ceremony of 18th China-Asean Expo 2021 in Nanning, China today, Ismail Sabri said it was imperative for Asean and China to intensify efforts on both trade and investment fronts.
In the wake of the new wave of the Covid-19 virus outbreak, he said it was crucial everyone come together and continue embracing rules based and multilateral trade relations to facilitate the region in weathering the crisis.
"As outlined in the Asean Economy Recovery Framework, we have to strive to keep the supply chain connectivity uninterrupted and to facilitate the movement of essential goods and services.
"By removing unnecessary barriers to trade and by rolling back on new restrictive trade measures, we will be bringing ourselves closer to pre-pandemic economic growth rates.
"This is even more critical for small and medium enterprises (SMEs) which are businesses that form the backbone of our economy.
"It is timely for both Asean and China to promote cooperation in digital economy partnership, thus facilitating the acceleration of technology adoption among SMEs," he said.
Ismail Sabri also said it was crucial to strengthen RCEP as an essential tool for the Asean-China economic revival that would assist the regions to navigate their way towards recovery and future growth.
The RCEP, he said, provides immense opportunities to bolster regional supply chains and for businesses to diversify production networks which are imperative for seamless integration into the global economy.
Ismail Sabri also proposed common initiatives on travel bubbles and quarantine arrangements to be explored between Asean and China to revive the tourism industry as well as people to people connectivity.
"Similarly, mutual recognition of vaccination certification documents is another fertile area for collaboration. Creative efforts are vital in reinstating people to people connectivity.
"The pandemic has resulted in border tightening, with travelling still being regarded as a high risk activity. Thus, it is heartening that Asean is actively developing a travel corridor arrangement framework to facilitate cross-border trade and investments.
"This, in turn, will set the region on a steady path for economic recovery and growth," he said.
Ismail Sabri also said China has been instrumental to Asean particularly being one of the earlier partners to offer assistance during the pandemic.
"I am optimistic that Asean and China can continue enhancing and elevating this strategic partnership to a higher level," he said.
Last year, China remained as Malaysia's largest export destination with a total export to China expanded to USD37.92 billion and contributed 16.2 per cent of Malaysia's total exports, he said.
Ismail Sabri added that by reinforcing Asean's centrality and focusing on creating a favourable environment for strategic cooperation, he was hopeful that Asean-China will be able to overcome the pandemic and emerge stronger and more resilient.