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Govt urged to ratify trans-Pacific trade deal soonest possible

FMT | 28 September 2022

Govt urged to ratify trans-Pacific trade deal soonest possible

PETALING JAYA: The Malaysian Rubber Products Manufacturers Association (MRPMA) has urged the government to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as soon as possible.

MRPMA president Yeaw Kok Kwey said the recently released cost-benefit analysis of the CPTPP clearly showed the agreement would have a positive impact on the Malaysian economy.

“MRPMA fully supports the ratification of the CPTPP and hopes that the government could do so soon,” he said in a statement.

He said Malaysia’s rubber products would then gain easier access to trans-Pacific countries, especially those that have not signed any free trade agreements with Malaysia yet, such as Canada, Mexico and Peru.

Yeaw said signing the partnership agreement would enable companies to invest in Malaysia with greater confidence, adding that it would offer greater transparency and protection from discriminatory treatment in business dealings.

“It will also provide robust and enforceable provisions on labour and the environment,” he said. “This will create positive sentiments in the rubber products industry, thus attracting more investment in the sector.”

Yeaw added that MRPMA was working closely with the relevant government agencies and the private sector in order to elevate the rubber industry.

The CPTPP is a free trade agreement among Malaysia, Australia, Brunei, Canada, Chile, Japan, Mexico, Peru, New Zealand, Singapore and Vietnam.

The agreement came into force for Australia, Canada, Japan, Mexico, New Zealand and Singapore in December 2018, for Vietnam in January 2019 and Peru in September 2021.

Malaysia, Brunei and Chile have yet to complete their respective ratification processes.

 source: FMT