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Malaysian Minister of International Trade and Industry Zafrul Aziz. (Photo: thestar)Kuala Lumpur (VNA) – Malaysian Minister of International Trade and
Industry Zafrul Aziz on January 5 affirmed that the Southeast Asian nation
will continue implementing contents of the Comprehensive and Progressive
Agreement for Trans-Pacific Partnership (CPTPP).
He said that the unity government led by Prime Minister
Anwar Ibrahim is fully committed to taking part in the free trade pact,
reflected through his signing of all necessary administrative agreements to
ensure exports and imports can continue under the ratified 11-member deal,
which came into effect in Malaysia on November 29, 2022.
The other signatories are Australia, Brunei, Canada, Chile,
Japan, Mexico, New Zealand, Peru, Singapore and Vietnam.
On October 5, 2022, Malaysia became the ninth member to
ratify the trade deal.
In a statement released on December 22, the ministry said
that Malaysia will benefit from preferential duty rates for goods that are
exported to and imported from the eight CPTPP member countries that have implemented
the agreement, including Australia, Canada, Japan, Mexico, New Zealand, Peru,
Singapore, and Vietnam.
It also pointed out preferential duty rates that take
effect immediately including full duty-free treatment to all Malaysian exports
entering Singapore and Australia; duty-free treatment of 96% of Malaysian
exports and tariff lines to New Zealand presently, which is set to increase to
100% by 2024./.
VNA