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BUSINESS

CPTPP to come into force for Malaysia on Nov 29, 2022 -- Mohamed Azmin

06/10/2022 05:29 PM

KUALA LUMPUR, Oct 6 (Bernama) — Senior Minister of International Trade and Industry (MITI) Datuk Seri Mohamed Azmin Ali said the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will come into force for Malaysia on Nov 29, 2022.

Mohamed Azmin said the ratification of the CPTPP for Malaysia is considered complete and the results of the Cost-Benefit Analysis study show that the benefits Malaysia will enjoy through the enforcement of this agreement clearly outweigh any costs that may arise.

Malaysia has ratified the CPTPP following the submission of the instrument of ratification by the government for the agreement to New Zealand, the depositary of the CPTPP, on Sept 30, 2022.

“All amendments to the law related to the CPTPP agreement have also been completed,” he said during the question and answer session at the Dewan Rakyat today.

The senior minister was replying to Wong Hon Wai (DAP-Bukit Bendera) who wanted to know the status of Malaysia’s participation in the CPTPP and progress on other free trade agreements.

Mohamed Azmin also said that some exemptions and flexibility related to the rights of the Bumiputera and local players under the CPTPP had also been obtained.

“CPTPP member countries do not have any transition period for their income threshold value except Malaysia and this is a success we have achieved.

“For example, the transition period for Malaysia for the service sector is for nine years, the goods sector for seven years and the construction sector for 20 years,” he said.

Mohamed Azmin said because Malaysia has obtained a long transition period, MITI has discussed with the Ministry of Finance to look at certain modules to prepare local players, especially the Bumiputera, to get ready to join the CPTPP.

In addition, he said Malaysia’s commitment to government procurement is limited to the federal level only and does not involve the state level.

Mohamed Azmin is confident that this agreement will be continued by the government that will be formed after the 15th General Election if Parliament is dissolved because the CPTPP is highly regarded to benefit the country and the people.

“I ask that efforts to dissolve Parliament not be carried out now. Although the economic indicators are getting better, we need some time for this economic recovery process to have a positive effect on the people,” he said.

— BERNAMA

 

 


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