CPTPP to benefit consumers with competitive prices, quality
23 Dec 2022
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), among others, improves access to a wider range of competitively-priced raw materials and intermediate goods from CPTPP countries, which feed into finished products that are either exported or sold domestically.
“As such, the rakyat as consumers will also be able to enjoy quality products at competitive prices,” the Ministry of International Trade and Industry (Miti) said in a statement today.
The CPTPP came into effect in Malaysia on Nov 29, 2022.
A total of eight countries have implemented the agreement, namely Australia, Canada, Japan, Mexico, New Zealand, Peru, Singapore and Vietnam.
The ministry said the deal would also facilitate capital flows into the country, which in turn would create quality and high-skilled jobs as well as economic opportunities for Malaysians.
“Better investment ecosystem through capacity-building which will enhance Malaysia’s attractiveness as an investment destination. Improved protection, predictability and transparency for Malaysians to invest in CPTPP countries,” it said.
It said the agreement would also give Malaysian professionals’ the ability to export their services through mutual recognition of professional qualifications, licensing or registration, through the Guidelines for Mutual Recognition Agreements (MRA) or Arrangement for Professional Services.
“Better facilitation of cross-border movement of appropriately qualified professionals in several service-based sectors that are of key interest to Malaysia, such as accounting, engineering, architectural, legal, medical and dental services,” it said.
In particular, it said the facilitation mechanisms offered by the CPTPP would effectively reduce barriers encountered by business professionals at the borders of CPTPP countries.
It said this would facilitate business travel or relocation on a temporary basis for specific categories of professionals involved in trade and investment activities.
“Equally important are the technical assistance and capacity-building programmes incorporated in the agreement, which will help develop local capabilities in sectors such as automotive, electrical and electronics, chemicals, optical and scientific equipment as well medical devices,” it said.
It said as a full Party to the Agreement, Malaysia is now able to participate effectively in the ongoing accession negotiations with the United Kingdom.
Additionally, it said given the imminent accession by China, Chinese Taipei, Ecuador, Costa Rica and Uruguay, Malaysia has the right to participate in the accession talks with these countries to obtain maximum benefits for the country.
It added that all agencies within Miti’s ecosystem are also ready and well-equipped to assist Malaysian exporters, producers; investors and services suppliers; business communities and professionals; as well as small and medium entreprises (SMEs) to harness the full potential and benefits of the CPTPP.