Malaysia has formally ratified the UK's accession into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marking a significant milestone as the country’s first bilateral free trade agreement with the UK.
Malaysia joins other member countries including Japan, Singapore, Chile, New Zealand, Vietnam, and Peru in completing the necessary in-country ratification for the UK to join the trade bloc. With the UK’s inclusion, the CPTPP will represent 15% of global economic output.
"We are pleased to welcome the UK into the CPTPP family," said Tengku Datuk Seri Zafrul Abdul Aziz, Malaysia’s Minister of Investment, Trade, and Industry. He highlighted that the agreement would grant better access for Malaysian exports to the UK, particularly benefiting products such as palm oil, cocoa, rubber, electronics, chemicals, and machinery.
With the agreement expected to enter into force by end-2024, Malaysian exports to the UK will benefit from duty-free treatment on 94% of tariff lines.
The CPTPP, originally derived from the Trans-Pacific Partnership (TPP), covers major global economies, though its reach is smaller than the original TPP, which would have represented 40% of the global economy had the US remained a member.
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