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Malaysian chemical firms call on Government’s ratification of CPTPP

The Chemical Industries Council of Malaysia (CICM) on August 2 called on the country’s Government to soon ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to bring about benefits for its chemicals companies.
Malaysian chemical firms call on Government’s ratification of CPTPP ảnh 1Illustrative image (Photo: malaymail.com)
Kuala Lumpur (VNA) – The Chemical Industries Council of Malaysia(CICM) on August 2 called on the country’s Government to soon ratify the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) to bring aboutbenefits for its chemicals companies.

It said that the deal will open access and help boostexports for Malaysian chemicals players to Canada, Mexico and Peru via betterprice competitiveness following substantial elimination of tariffs.

At present, Canada imposes a tariff of up to 270%, Mexico30% and Peru 9%, said CICM in a statement, adding that the high tariffs affectkey exports to CPTPP countries, including organic and inorganicchemicals.

With the CPTPP, these tariffs will be fully eliminated by theyear 2034 across all CPTPP countries.

According to the association, CPTPP countries accounted foralmost 22% (11billion RM or 2.47 billion USD) of Malaysia’s chemical exports in2019, with major export destinations being Singapore, Japan and Vietnam.

CICM said the deal can also increase investment attractivenessof Malaysia and spur development of local capabilities, especially in specialtychemicals by establishing high standards of protection for investors andfurther strengthening Malaysia’s competitive advantage./.
VNA
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