Malaysia still reluctant to ratify CPTPP26/07/2019
The Malaysian Government has yet to decide on whether the country would ratify the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) or not, the local news agency Bernama quoted an official as saying.
Speaking at a session of the Dewan Negara – the upper house of the Parliament of Malaysia - on July 24, Malaysian Deputy Minister of International Trade and Industry Ong Kian Ming said the Government needs more time to assess related clauses as the deal is a complex and comprehensive agreement.
He said commitments agreed under the CPTPP have a significant impact on some of the country’s current laws, policies and regulations, including those under the jurisdiction of the state governments.
The official noted the government is responsible for ensuring that every free trade agreement signed by the Malaysian government emphasises free and fair trade in line with the government's national development policies for economic benefits that can be distributed to target groups.
According to Ong, related government agencies and non-governmental bodies have conducted a study to evaluate whether the CPTPP would have positive or negative effects on the Malaysia.
The CPTPP is a renegotiated trade deal borne out of the Trans-Pacific Partnership Agreement (TPP) after the US pulled out from the TPP.
The pact was signed earlier this year by the remaining 11 TPP member countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Currently, only Malaysia, Brunei, Chile and Peru have yet to ratify the agreement.