KUALA LUMPUR: The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will open the door for Malaysian companies to expand their presence overseas, Datuk Seri Mustapa Mohamed said.
The minister of international trade and industry said CPTPP is a high quality agreement, with a combined GDP worth USD11 trillion (13 per cent of global GDP), 476 million population and 15 per cent share of global trade volume.
“For the Malaysian public at large, the CPTPP will benefit us in terms of expanding consumer choices on goods and services in our market.
“We expect additional jobs to be created as a result of further investment that will come in due to the improved trading and investing environment under the CPTPP,” he said in a statement.
Mustapa said Malaysia is satisfied with the outcome of the meeting in Tokyo and praised its negotiators who have once again successfully defended Malaysia’s interests.
“Moving forward, I will be tabling the outcome of this meeting to Cabinet for its consideration and resume the engagement process with the relevant stakeholders should the Cabinet decides to grant its approval,” he said.
Mustapa said the Tokyo meeting achieved a breakthrough on four country-specific issues — state-owned enterprises, market access for the coal industry, trade sanctions related to dispute settlement, and exceptions to cultural industries.
“These issues were supposed to have been resolved much later,” he added.
The Tokyo meeting also agreed on a total of 22 suspensions — provisions not implemented for the time being until all countries agree. These include additional flexibilities for Malaysia in the oil and gas sector, and market access for Brunei’s coal industry.
CPTPP is planned to be signed on 8 March 2018 and Chile has offered to host the signing ceremony, Mustapa said.