Malaysia has officially ratified the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) following years of careful deliberation and consultation by the government, becoming the 9th nation to have approved the deal.
Illustrative image (Source: VNA)
In a statement, the Ministry of International Trade and Industry (MITI) said the CPTPP places Malaysia in a strategic position, elevating the Southeast Asian economy’s competitiveness in the global arena.
According to the Cost-Benefit Analysis (CBA), the CPTTP will also elevate Malaysia's prominence as a global trading economy and boost total trade to 655.9 billion USD in 2030.
Other members of the free trade agreement, originally called the Trans-Pacific Partnership, are Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore and Vietnam.
The 11 countries signed the deal in March 2018, and Malaysia is the ninth country to have ratified the CPTPP, leaving Brunei and Chile to follow suit./.