Malaysian government ratifies CPTPP

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.

Wednesday, October 05, 2022 20:00

Malaysian government ratifies CPTPP ảnh 1

Illustrative image (Source: VNA)

Kuala Lumpur (VNA) – Malaysia has officially ratified the Comprehensive and ProgressiveAgreement for the Trans-Pacific Partnership (CPTPP) following years of carefuldeliberation and consultation by the government, becoming the 9th nation to have approved the deal.

In a statement, the Ministry of International Trade and Industry(MITI) said the CPTPP places Malaysia in a strategic position, elevating theSoutheast Asian economy’s competitiveness in the global arena.

According to the Cost-Benefit Analysis (CBA), the CPTTP willalso elevate Malaysia's prominence as a global trading economy and boost totaltrade to 655.9 billion USD in 2030.

Other members of the free trade agreement, originally called theTrans-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 isthe ninth country to have ratified the CPTPP, leaving Brunei and Chile tofollow suit./.

VNA

#Malaysia #CPTPP #Ministry of International Trade and Industry #Cost-Benefit Analysis #Vietnam #VietnamPlus #Vietnam news

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