GE15 NEWS   Kudat Independent MP backs unity government | Hamas leader congratulates Anwar on appointment as PM | GRS will abide by Agong 's decision on formation of unity govt - Hajiji | Zahid, Wan Azizah, Loke win while Saifuddin, Rezal Merican lose | 

FMM: Implementation of CPTPP is timely for Malaysian businesses to recover

05/10/2022 06:50 PM

KUALA LUMPUR, Oct 5 (Bernama) -- The much-awaited implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is very timely, enabling Malaysian businesses to leverage it as another trade recovery tool, said the Federation of Malaysian Manufacturers (FMM).

President Tan Sri Soh Thian Lai said the federation commends the Ministry of International Trade and Industry (MITI) on its strong efforts in completing the domestic procedures following the mandate received from the Cabinet to enable the submission of Malaysia’s instrument of ratification for the CPTPP with the depositary in New Zealand on Sept 30, 2022.

"It is imperative to stabilise manufacturing activities and rebuild supply chain connectivity in the region while securing new markets,” he said in a statement today.

Soh said FMM believes that Malaysia’s participation by being the ninth country to implement the agreement, will certainly benefit Malaysian businesses in terms of preferential access to the growing CPTPP market.

"China, Ecuador and Taiwan have submitted their applications to be members of the CPTPP last year while the United Kingdom (UK) is currently in the process of the CPTPP accession negotiation.

"Malaysia’s gross domestic product (GDP) is expected to further expand by 4.2 per cent in 2030 with the accession of China and the UK,” he added.

According to the findings of cost and benefit analysis published by MITI on July 25, 2022, Malaysia is expected to achieve higher GDP by US$56.5 billion (US$1=RM4.64) over the 2021-2030 period.

For Malaysia, the CPTPP offers market access opportunities to three new markets, namely Canada, Mexico and Peru, which it has no free trade agreements with.

"Based on the 2021 data from World Bank, these three new markets collectively represent a population of over 200 million with a combined GDP of over US$3.5 trillion -- 9.4 times bigger than our own economy," said Soh.




Bernama provides the latest authentic and comprehensive news and information to media agencies and the public. The news and information is disseminated via the website; BERNAMA TV broadcasts on the Astro 502, unifi TV 631 and MYTV 121 IFLIX channels as well as BERNAMA Radio on the FM93.9 frequency in the Klang Valley, FM107.5 in Johor, FM107.9 in Kota Kinabalu and FM100.9 in Kuching.

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter :, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2022 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy