Malaysia's new government pledges to maintain implementation of CPTPP
Malaysian Minister of International Trade and Industry Zafrul Aziz on January 5 affirmed that the Southeast Asian nation will continue implementing contents of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Malaysian Minister of International Trade and Industry Zafrul Aziz. (Photo: thestar)
Kuala Lumpur (VNA) – Malaysian Minister of International Trade andIndustry Zafrul Aziz on January 5 affirmed that the Southeast Asian nationwill continue implementing contents of the Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP).
He said that the unity government led by Prime MinisterAnwar Ibrahim is fully committed to taking part in the free trade pact,reflected through his signing of all necessary administrative agreements toensure exports and imports can continue under the ratified 11-member deal,which came into effect in Malaysia on November 29, 2022.
The other signatories are Australia, Brunei, Canada, Chile,Japan, Mexico, New Zealand, Peru, Singapore and Vietnam.
On October 5, 2022, Malaysia became the ninth member toratify the trade deal.
In a statement released on December 22, the ministry saidthat Malaysia will benefit from preferential duty rates for goods that areexported to and imported from the eight CPTPP member countries that have implementedthe agreement, including Australia, Canada, Japan, Mexico, New Zealand, Peru,Singapore, and Vietnam.
It also pointed out preferential duty rates that takeeffect immediately including full duty-free treatment to all Malaysian exportsentering Singapore and Australia; duty-free treatment of 96% of Malaysianexports and tariff lines to New Zealand presently, which is set to increase to100% by 2024./.
Malaysia has officially ratified the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) following years of careful deliberation and consultation by the government, becoming the 9th nation to have approved the deal.
Malaysia’s ratification of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) has opened a great chance for Vietnam and Malaysia to further promote their trade cooperation, especially in export.
Malaysia is ready to assist industries, exporters, and people to reap the benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which came into effect from 29 November 2022 for Malaysia, according to the country’s Ministry of International Trade and Industry (MITI).
In the recent three years after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect, trade revenue between Vietnam and other member countries has seen two-digit growth every year, said Director of the Multilateral Trade Policy Department under the Ministry of Industry and Trade (MoIT) Luong Hoang Thai.
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Malaysian Minister of International Trade and Industry Zafrul Aziz. (Photo: thestar) 
