When asked about free trade agreements during the Dewan Rakyat’s question and answer session on 13 October 2021, Deputy Minister of International Trade and Industry, Datuk Lim Ban Hong, explained that amendments to the Patents Act 1983, Copyright Act 1987 and Trademarks Act 2019 are currently being refined by the AG’s Chambers to ensure that they fall in line with the Regional Comprehensive Economic Partnership (RCEP) signed in March 2018. This is required to complete Malaysia’s ratification to the RCEP.
15 ASEAN countries and five ASEAN dialogue partners (Australia, China, South Korea, Japan and New Zealand) have signed the RCEP and it will only come into force after at least six ASEAN countries and three ASEAN dialogue partners have ratified it. Currently, only six countries have ratified the free trade agreement – Brunei, Cambodia, Singapore, Thailand, China and Japan.
The RCEP is expected to be effective from January 2022.
Concerning the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), signed in March 2018 by 11 Asia-Pacific countries, only three countries have not ratified the agreement – Brunei, Chile and Malaysia.
Six acts have already been passed for the CPTPP, while the remaining eight acts that need to be amended are:-
Under the Ministry of Human Resources, the
- Employment Act 1955;
- Trade Unions Act 1959;
- Labour Ordinance (Sabah Chapter 67); and
- Labour Ordinance (Sarawak Chapter 76).
Under the Ministry of Domestic Trade and Consumer Affairs, the
- Geographical Indications Act 2000;
- Patents Act 1983; and
- Copyright Act 1987.
Under the Ministry of Communications and Multimedia, the
- Communications and Multimedia Act 1998.
As the main purpose of these agreements are to reduce economic barriers and encourage economic cooperation, Malaysia is committed to ratify these free trade agreements which will inevitably not only heal the Malaysian economy, but also bolster it further.