Malaysia Ratifies The CPTPP

Pursuant to this, on Friday, 30 September 2022, the Government of Malaysia officially submitted the Instrument of Ratification (IOR) for the CPTPP, to New Zealand, the CPTPP Depositary.

Malaysia Ratifies The CPTPP
Photo by CHUTTERSNAP / Unsplash

The Cabinet has agreed for Malaysia to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Pursuant to this, on Friday, 30 September 2022, the Government of Malaysia officially submitted the Instrument of Ratification (IOR) for the CPTPP, to New Zealand, the CPTPP Depositary.

The CPTPP was signed on 8 March 2018. This Agreement has already been ratified and implemented in stages since December 2018, by Australia, Canada, Japan, Mexico, New Zealand, Singapore, Viet Nam and Peru. The submission of the IOR marks a momentous occasion for Malaysia as we become the ninth country to ratify the CPTPP.

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The ratification comes after years of detailed deliberation, extensive consultations and careful assessment by the Government. Furthermore, in light of the findings of the Cost-Benefit Analysis (CBA), it is clear that the benefits accruing from the ratification of CPTPP far outweigh any potential costs that may arise from the implementation of this Agreement.

The CPTPP, which presently boasts 11 countries as its members, is currently growing to include more interested economies into the fold and has the potential to become a new rule book for future trade.

The United Kingdom (UK), which became the first country to formally apply to join the CPTPP, is currently in the final stages of acceding to this Agreement. In addition, the People’s Republic of China (PRC), Chinese Taipei, Ecuador and Costa Rica have also officially applied to join the CPTPP. With the eventual inclusion of more economies, particularly the UK and PRC into the CPTPP, Malaysian exporters will gain wider and deeper market access opportunities.