Malaysian exporters pin strong hope for Trans-Pacific Partnership (Photo: THESTAR) Kuala Lumpur (VNA) – According to the Federation of Malaysian Manufacturers (FMM), Malaysia benefits from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with better market access for its exports.
In a statement on January 18, the FMM said that Malaysia, as the ninth country implementing the CPTPP, benefitted from deeper tariff concessions, especially to three new markets - Canada, Mexico and Peru. It was also pleased to note that there was a growing interest among Malaysian companies when it came to the application of the CPTPP.
The FMM noted that Canada has removed duties on 96.6% of its tariff lines, while Mexico offers duty-free treatment on 80%, and Peru has eliminated duties on 86.2%.
The CPTPP, it said, provides exporters market access to these three new markets, as Malaysia has no free trade agreements with these countries.
Together with the Regional Comprehensive Economic Partnership (RCEP), which was implemented in March 2022, the FMM said Malaysia’s implementation of the CPTPP will improve the country’s competitiveness and attractiveness as an investment destination for global companies to use the nation as a gateway to both trade blocs./.
