Malaysia to become ninth party in CPTPP trade deal: Gov’t

This after Malaysia completed its ratification process of the agreement.

Minister for Trade and Industry Gan Kim Yong revealed that Malaysia has been accepted into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) after the market completed its ratification process.

Gan announced that Malaysia will become the ninth party to the CPTPP on 29 November 2022. The CPTPP is a trade deal amongst  Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

In his speech at Sands Expo and Convention Centre, Gan said his fellow ministers evaluated the progress in implementing the trade agreement and reviewing impact on trade and supply chains.

READ: Singapore to chair CPTPP in 2022

According to Gan, they have enforced a set of non-binding guidelines for mutual recognition agreements for professional services.

“These guidelines serve to streamline and better facilitate the recognition of professionals between CPTPP Parties. They provide practical guidance for governments, relevant bodies or authorities when they enter into negotiations for mutual recognition of regulated professional services,” he said.

They are also undergoing a review of CPTPP’s effect on supply chains, Gan also said.