CPTPP ratification will boost chemical industry, open up access to new marts — CICM
28 Oct 2022
The Chemical Industries Council of Malaysia (CICM) expects the chemical industry’s role as a supply chain enabler to be strengthened further following ratification in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
In a statement today, CICM further said Malaysia could become a more attractive investment destination and push to develop local capabilities, especially in the specialty chemicals segment.
“The development of local capabilities, especially in the specialty chemicals segment can be expedited, leading to increased local value-adding manufacturing activities,” the statement said.
Apart from that, the ratification of CPTPP would also broaden Malaysia’s chemical manufacturers’ access to new markets such as Canada, Mexico and Peru, which are currently not covered by any existing Free Trade Agreements (FTAs).
“Additionally, the United Kingdom is in the final stages of acceding to the agreement, and China, Chinese Taipei, Ecuador and Costa Rica have applied to join the CPTPP.
“Their eventual inclusion will provide wider and deeper market access opportunities to Malaysian chemical exporters too,” it added.