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Azmin expects Asia-Pacific trade pact to be fully ratified by year-end

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International Trade and Industry Minister Mohamed Azmin Ali says he expects the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to be fully ratified by the end of this year. – The Malaysian Insight file pic, August 8, 2022.

THE Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to be fully ratified by the end of this year, International Trade and Industry Minister Mohamed Azmin Ali said.

He said currently, there are still four laws under the Human Resources and Communications and Multimedia Ministries that needed to be amended before progression to the next phase. 

“We want it to be completed by the third quarter of this year but because the parliamentary sitting has ended and there are amendments that needs to be done, we are hoping that the whole process will be completed by end of the year,” he told reporters on the sidelines of the 2022 Malaysian Agriculture, Horticulture and Agro-tourism Exhibition today.

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He said the International Trade and Industry Ministry (Miti) had presented the findings of the cost and benefit analysis (CBA) of CPTPP to the cabinet last month and concluded that the benefit of CPTPP ratification outweighed the costs.

“In any free trade agreement, there are costs and benefits that we have to appreciate and accept and in this CBA findings, the benefits outweigh the costs,” he said.

He said Miti would continue its engagement with stakeholders to ensure that they understand and comply with their obligations under the CPTPP.

“I want to highlight that the response from the industry is quite positive, with many open statements made by chambers of commerce urging immediate ratification of this agreement so that we can benefit,” he added. – Bernama, August 8, 2022.


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