KUALA LUMPUR: The world's largest trade deal RCEP, (Regional Comprehensive Economic Partnership, came into force in Malaysia from Friday, Malaysia 's trade ministry said in a statement.

Malaysia is expected to benefit the most from the RCEP among ASEAN (the Association of Southeast Asian Nations) members in terms of export profits, according to the country's International Trade and Industry Ministry (MITI).

The country is likely to witness a 200 million-dollar rise in export gains, the ministry stated, making the RCEP a critical tool for recovering from the economic disruptions created by the COVID-19 outbreak.

"Representing a significant milestone in the vibrant growth and revitalization of economies anchored in the rules-based multilateral trading system, RCEP enables Malaysia to participate in the global trade and investment ecosystem, benefiting from the eventual elimination of approximately 90 percent of tariffs between members," the statement said.

"Additional benefits include increased trade liberalisation, including the elimination of non-tariff barriers, increased trade facilitation, and the elimination of barriers to the services sector, as well as an improved business environment through regulations governing intellectual property protection, government procurement practises, and e-commerce," it added.

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