Malaysia committed to completion of CPTPP ratification process

CP TPP was signed in Chile on March 8 (Photo: VNA)

Kuala Lumpur (VNA) - Malaysia sends a strong signal of the country’s commitment towards an open and liberal trading system following the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Chile on March 8.

According to the News Straits Times, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said that Malaysia has begun necessary steps to amend relevant laws in order to complete the ratification process and enable the implementation of the CPTPP as early as possible. He stressed that the world needs more trade and investment flows, not restricted markets.

In a statement, the minister voiced his belief that the CPTPP will help its members to further promote trade and investment and mitigate the challenges of the global economic environment.

As one of the pioneer members who has successfully negotiated the trade deal, Malaysia should not miss the opportunity to grab the benefits of the CPTPP and efforts to complete the ratification process should be intensified, he added.

Despite the absence of the US, Mustapa believes Malaysia still stands to gain from market access to countries like Canada, Peru and Mexico, with whom Malaysia currently do not have preferential trading arrangements yet.

Malaysia’s participation in the CPTPP will also benefit the country in terms of enhancing governance in a number of economic sectors, strengthening economic cooperation among member countries and promoting adoption of international standards, he added.

Mustapa said the CPTPP will open up the door for more Malaysian companies to expand their presence beyond the borders of the country as well as strengthening Malaysia’s position as a premier investment destination, which will eventually create additional quality jobs for the people.

"Malaysian people will also benefit from the increase in consumer choices on goods and services in the country’s market,” he noted.

In another article, the newspaper reported that the majority of businesses in Malaysia believe the CPTPP will have a positive impact on their business.

According to the new data from HSBC’s comprehensive survey of global businesses, 63 percent of Malaysian firms expect positive impact from the new trade agreement in the next two years.

Andrew Sill, HSBC Malaysia head of commercial banking, said the CPTPP is a big, ambitious deal for Malaysia, which will matter hugely for future growth, jobs and living standards.

He stated that now is the time for both Malaysian firms and government to focus on implementing the agreement to achieve its full potential.

The HSBC survey covered six out of 11 countries signing the CPTPP agreement, namely Australia, Canada, Malaysia, Mexico, Singapore and Vietnam. Of 1,150 firms based in those countries, almost half (46 percent) expect to see positive benefits of the deal. - VNA