The CPTPP is important in the context of rising protectionism around the world. (Photo: NST)Hanoi (VNA) – The Malaysian Government has not set any deadlinefor ratifying the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP), Malaysian national news agency Bernama quotedInternational Trade and Industry Minister Datuk Darell Leiking as saying.
The pact would only be ratified after the Government is very certain that itwill benefit the nation, he said on November 28.
However, he expressed his belief that the CPTPP will enter into force at theend of this year as seven member countries, namely Australia, Canada, Japan,Mexico, New Zealand, Singapore and Vietnam, have already ratified it.Currently, it has not received ratification from Brunei, Chile, Peru andMalaysia.
Earlier, New Zealand Minister for Trade and Export Growth David Parker laidstress on the importance of CPTPP in the context of rising protectionism aroundthe world.
According to a recent report of the United Nations Economic and SocialCommission for Asia and the Pacific (UNESCAP), escalating protectionism hasslowed down economic growth, especially in developing countries. Meanwhile, theWorld Bank estimated that if trade barriers are removed, the nations canincrease its budget collection and help millions of people escape from poverty.
The CPTPP, which was previously called Trans-Pacific Partnership (TPP), is afree trade agreement among 11 countries. It is expected to bolster economicgrowth, generate more jobs, alleviate poverty, and improve living standards inthe member states. The deal covers a market of about 490 million people and hasa combined GDP of 10.1 trillion USD, 13.5 percent of the globe’s GDP, andaverage per capita income of more than 19,000 USD a year.-VNA
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