Chile ratifies CPTPP, a big opportunity for Malaysian businesses: Tengku Zafrul
24 Dec 2022
Chile’s move to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) opens up a big opportunity for Malaysian businesses, said Minister of International Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz.
The agreement will enter into force for Chile, a country in the western part of South America, on Feb 21, 2023.
“Chile has ratified the CPTPP. The agreement will enter into force for Chile on Feb 21, 2023.
“A big opportunity for Malaysian businesses to take advantage of the preferential duty rates for goods that are exported to and imported from Chile,” he tweeted today.
The CPTPP is a trade pact between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The trade deal came into effect for Malaysia on Nov 29, 2022, and its comprehensive scope includes traditional market access areas as well as factors such as labour, environment, state-owned enterprises, government procurement, intellectual property, electronic commerce, and small and medium enterprises.