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BUSINESS

Azmin expects CPTPP ratification to be completed by year-end

08/08/2022 07:25 PM

SERDANG, Aug 8 (Bernama) -- The ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to be completed by the end of this year, Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali said.

He said currently, there are still four laws under the Ministry of Human Resources and Ministry of Communications and Multimedia that needed to be amended before moving on to the next phase. 

“We want it to be completed by the third quarter of this year but because the Parliament sitting has ended and there are amendments that needs to be done, we are hoping that the whole process will be completed by end of the year,” he told reporters on the sideline of the 2022 Malaysian Agriculture, Horticulture and Agro-tourism Exhibition (MAHA) today.

He said the Ministry of International Trade and Industry (MITI) had presented the findings of the cost and benefit analysis (CBA) of CPTPP to the Cabinet last month and it made a conclusion that the benefit of CPTPP ratification outnumbered the expected cost.

“In any free trade agreement, there are costs and benefits that we have to appreciate and accept and in this CBA findings, the benefits outnumbered the costs,” he said.

He said MITI would continue its engagement with stakeholders to ensure that all stakeholders understand and comply with their obligation under the CPTPP. 

“I want to highlight that the response from the industry is quite positive, many open statements made by the chamber of commerce urging immediate ratification of this agreement so that we can benefit as members of the CPTPP,” he added.

-- BERNAMA


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