WITH the UK agreeing to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Malaysian exporters will stand to benefit from preferential access to the British market, International Trade and Industry Minister Tengku Zafrul Abdul Aziz said.

He said upon implementation of the agreement, the UK will eliminate import duties for a wide range of products including palm oil, cocoa, rubber, electrical and electronic goods, and chemicals, which are of significant export interest to Malaysia.

“The eventual accession of the UK into the CPTPP will open new opportunities for Malaysian businesses, and small and medium enterprises, particularly through wider sourcing channels for materials at competitive prices, as well as technical assistance and capacity building programmes, which would further stimulate Malaysia’s economic growth and strengthen regional supply chains.

“With Malaysia and UK’s historical trading and investment ties, membership into the CPTPP will further enhance this close relationship and foster greater economic co-operation,” he said in a statement today.

Yesterday, the UK concluded trade talks with member countries to join the CPTPP after 21 months of negotiations. It is due to sign the accession protocol in the third quarter of 2023.

The CPTPP is one of the most comprehensive trade deals ever concluded, eliminating 98% of tariffs in a trade zone representing a combined GDP of US$13.5 trillion (RM59.5 trillion), representing 13.4% of global gross domestic product (GDP) and a population of more than 500 million people. – Bernama, April 1, 2023.