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UK’s decision to join CPTPP set to boost Malaysia-UK trade relationship

UK’s decision to join CPTPP set to boost Malaysia-UK trade relationship

31 Mar 2023

The UK’s decision to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to boost Malaysia and UK’s trade relationship.

The British High Commission to Malaysia in a statement on Friday (March 31) said that Malaysia is one of the CPTPP members which the UK does not currently have a bilateral agreement with.

With both countries being party to the agreement, market access to their respective economies will be significantly increased.

“The UK’s bilateral trade with Malaysia currently totals £5.9 billion, and is on a positive growth trajectory. The UK’s accession to CPTPP and the increased market access for both the UK and Malaysia will enable us to harness the full potential of our bilateral trade and investment relations,” said  British High Commissioner to Malaysia Charles Hay.

The UK imported around £2.6 billion worth of goods and services from Malaysia in the four quarters to the end of 3Q2022.

“The UK’s accession to the dynamic trade bloc follows news of Malaysia’s ratification last November. Businesses and consumers could benefit from preferential tariffs that the UK will offer to Malaysia in CPTPP,” it added.

UK’s Prime Minister Rishi Sunak announced that the UK will join an 11-nation Indo-Pacific free-trade bloc to strengthen economic ties with new partners following its separation from the European Union (EU).

The UK is the first European country to join the dynamic trade bloc.

Source: The Edge Markets