Malaysia ratifies UK’s accession to CPTPP, expands trade opportunities

KUALA LUMPUR: Malaysia has officially ratified the United Kingdom’s (UK) accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marking it as the country’s first bilateral free trade agreement with the UK.

In a statement today, the Investment, Trade and Industry Ministry (MITI) said this significant move elevates the combined gross domestic value (GDP) of the CPTPP bloc to US$15.4 trillion, enhancing economic collaboration among member nations.

MITI said the ratification allows Malaysian exports to benefit from immediate duty-free treatment on 94 per cent of tariff lines, particularly for palm oil, cocoa, rubber, electrical and electronic products, chemicals as well as machinery and equipment, once the agreement enters into force for the UK, expected by the end of 2024.