Most Malaysian manufacturers not utilising RCEP, CPTPP yet
Only 11% of Malaysian manufacturers are utilising both the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreements, according to a recent survey of the Federation of Malaysian Manufacturers (FMM).
President of the Federation of Malaysian Manufacturers Tan Sri Soh Thian Lai. (Photo: theedgemarkets.com)
Kuala Lumpur (VNA) - Only 11% of Malaysianmanufacturers are utilising both the Regional Comprehensive EconomicPartnership (RCEP) and the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) agreements, according to a recent survey of the Federation of MalaysianManufacturers (FMM).
The FMM's Business Conditions Survey for the second half of 2022 showed 66% of the 745 respondents said they are aware of the free trade agreements(FTAs), of which 9% of respondents are utilising the RCEP which took effect inMarch 2022, and 3% of respondents are utilising the CPTPP which was implemented inNovember 2022.
FMM president Tan Sri Soh Thian Lai said 77% of therespondents have not started utilising these FTAs yet.
Speaking at a press conference on March 16, Soh said41% of those which have not utilised the FTAs cited reasons of not knowing where to start, suggesting a lack ofinformation or policy direction on these FTAs among the respondents.
Another 33% saidthey are already utilising other FTAs and the duty exemption rate is lower, while 16%are not importing or exporting, and 6% have complained of a tedious applicationprocess.
He said despite the implementation of the RCEP andCPTPP, knowledge about them is still limited, particularly among exporters. Thetrade associations and government need to promote aggressively these RCEP andCPTPP so they can take advantage of this big opportunity for exports./.
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President of the Federation of Malaysian Manufacturers Tan Sri Soh Thian Lai. (Photo: theedgemarkets.com)
