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FMM: CPTPP ratification to help Malaysian exporters secure market access

FMM In The News: THE EDGE MARKETS, KUALA LUMPUR, Tuesday, September 7, 2021: The ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) would assist Malaysian exporters to secure preferential market access within the participating countries, said the Federation of Malaysian Manufacturers (FMM). 

in a statement today, FMM president Tan Sri Soh Thian Lai said early ratification of the CPTPP would pave the way for local exporters to remain competitive over regional competitors and build investor confidence in Malaysia.

“FMM is a strong advocate of free trade agreements (FTAs) and an FTA such as the CPTPP, once ratified, will contribute significantly to strengthening Malaysia’s global supply chain,” he said.

Soh believes that as the world economies continue to ramp up efforts for recovery, it is important for Malaysian businesses to leverage the CPTPP to boost trade since it is expected to open up to another three countries — Canada, Mexico and Peru — that Malaysia currently has no FTAs with.

“The three markets collectively represent a population of over 199 million with a combined GDP of US$2,921 billion, 8.6 times bigger than our own economy.

“The agreement is expected to eliminate tariffs of current Malaysian exports to CPTPP countries and allow Malaysian businesses to supply goods, including parts, components and raw material, for the global supply chain and get involved in domestic supporting services,” he said.

Soh opined that the CPTPP is expected to enable exporters to tap into the supply chains of other participating countries as well.

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