MALAYSIA cannot afford to withdraw from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as the agreement is crucial for trade and investment.

The Malaysian Consortium of Mid-Tier Companies (MCMTC) said unlike other trade agreements, the CPTTP does not only open up trade but also brought about technical assistance and technology and knowledge transfers, which are critical for local capacity building.

“The MCMTC stands with the Federation of Malaysian Manufacturers against the call from certain parties urging the government to withdraw from the long-awaited CPTPP, which took effect on November 29, 2022,” the consortium’s president Callum Chen said in a statement today.

He said the delay in ratification has already caused Malaysia to lose out in foreign direct investments while Vietnam, which signed the deal in January 2019, has become the springboard for Canada into the Asean market .

“Much has already been said about the costs versus benefits of the CPTPP. Malaysia is a small country in terms of population and land area but in terms of trade, we rank 25th in the world. We have become an integral part of the global supply chain,” he added. – Bernama, December 4, 2022.