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Trade deal can speed up economic recovery if ratified early, says FMM

FMM In The News: FREE MALAYSIA TODAY, KUALA LUMPUR, Thursday, July 26, 2022 - An early ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) can help to hasten the recovery process for the Malaysian economy, according to the Federation of Malaysian Manufacturers (FMM).

Its president, Soh Thian Lai, said that for a start, Malaysia would get the opportunity to reach three new markets, namely Canada, Mexico, and Peru with which it has yet to establish free trade agreements (FTAs).

He noted that 2021 data from the World Bank showed that the three new markets collectively represented a population of over 200 million with a combined gross domestic product (GDP) of more than RM15.7 trillion. “That is 9.4 times bigger than our own economy,” Soh said.

Malaysia signed the CPTPP in March 2018.

Soh said the CPTPP would widen sourcing channels for raw materials at competitive prices for businesses in Malaysia and this would directly enhance Malaysia’s competitiveness and attractiveness as an investment destination.

Given that the main thrust of the CPTPP is to facilitate and promote regional economic integration, trade and investment, he said FMM is confident that Malaysia’s interests would be safeguarded and its domestic interests would be protected.

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