Malaysia Ratifies UK’s Accession to Comprehensive and Progressive Trans-Pacific Partnership (CPTPP)

September 25, 2024

Malaysia has ratified the UK’s accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), a significant multilateral free trade agreement (FTA) that marks Malaysia’s first FTA with the UK.

The UK completed its ratification process in May 2024, joining other signatory states such as Japan, Singapore, Chile, New Zealand, Vietnam, and Peru, in fulfilling the conditions for the treaty to come into force. The CPTPP is expected to come into force by December 15th.

With the UK joining the CPTPP, the combined gross domestic product (GDP) of member countries will be US$15.4 trillion, accounting for 15% of global GDP. This significant economic partnership will have far-reaching implications for international trade and commerce.

Malaysia will enjoy zero tariffs on 94 percent of its exports to Britain, including key products such as palm oil, cocoa, rubber, and electrical and electronic goods, according to the Ministry of Investment, Trade and Industry. This development is expected to make it easier for Malaysia to access the British market.

Other members of the CPTPP include Australia, Brunei, Canada, Mexico, and New Zealand, making it a diverse and influential economic partnership.

Source: ASIA INFONET.COM