Malaysian exporters pin strong hope for Trans-Pacific Partnership
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.
Malaysian exporters pin strong hope for Trans-Pacific Partnership (Photo: THESTAR)
Kuala Lumpur (VNA) – According to the Federationof Malaysian Manufacturers (FMM), Malaysia benefits from the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP) with better marketaccessꦦ for its exports.
In a statement on January 18, the FMM said that Malaysia,as the ninth country implementing the CPTPP, benefitted from deepertariff concessions, especially to three new markets - Canada, Mexico and Peru. Itwas also pleased to note that there was a growing interest among Malaysiancompanies when it came to the application of the CPTPP. The FMM noted that Canada has removed duties on 96.6% ofits 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 tothese three new markets, as Malaysia has no free trade agreements with thesecountries. Together with the Regional Comprehensive EconomicPartnership (RCEP), which was implemented in March 2022, the FMM said Malaysia’simplementation of the CPTPP will improve the country’s competitiveness andattractiveness as an investment destination for global companies to use thenation as a gateway to both trade blocs./.
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Malaysian exporters pin strong hope for Trans-Pacific Partnership (Photo: THESTAR) 
