Malaysia calls upon IPEF to focus on market access element

KUALA LUMPUR: Malaysia has called upon the Indo-Pacific Economic Framework (IPEF) member countries -- especially the United States -- to focus on the market access element, namely capacity building and technical assistance as part of its initiative.

Senior Minister of International Trade and Industry (MITI) Datuk Seri Mohamed Azmin Ali said the IPEF is an instrument of economic diplomacy that aims to strengthen cooperation between member countries.

He noted that the IPEF is different from other free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) because the IPEF has a clear market access element.

"IPEF members are countries with different backgrounds and varying development levels.

"As such, through the element of capacity building and technical assistance, we can reduce or close the development gaps between the countries," he said during Dewan Rakyat's question and answer time today.

Mohamed Azmin said this in reply to a question by Wong Hon Wai (PH-Bukit Bendera) who asked about the difference between IPEF and CPTPP and how Malaysia can balance economic diplomacy with China which is not a member of IPEF.