KUALA LUMPUR, Nov 28 — The government has not set any deadline for ratifying the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

International trade and Industry Minister Datuk Darell Leiking said it would only be ratified after the government was very certain that it would benefit the nation.

 “There is no deadline and I believe the pact would enter into force at the end of this year as seven countries have ratified the CPTTP,” he said in winding up the debate on the 2019 Budget at the committee stage in the Dewan Rakyat today.

Japan, Singapore, Mexico, Canada, Australia, New Zealand and Vietnam have ratified the deal, which met the minimum threshold – ratification by six signatories – for the CPTTP to take effect by year-end. Brunei, Chile and Peru have yet to ratified the deal, aside from Malaysia.

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Darell said the government was currently carrying out an impact study and urged the public and industry players to remain patient so that a good decision could be made.

“I know there are parties that say they have done an impact study and are concerned on the effects on the current competition. There are also those who see opportunities for us to enter into free trade agreements (FTAs) while China and the United States are having problems, and to achieve greater heights.

“However, the government is firm that we already have many FTAs. We also have many things to consider before we ratify the CPTPP,” he added.

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At the same time, the government would conduct deeper negotiations with the Regional Comprehensive Economic Partnership members and hoped the trade deal could be signed next year, he noted.

 “We have also received FTA offers from several countries. There is an Asean member that is keen to sign an FTA with Malaysia. There are also requests for FTA reviews. We will decide through the Cabinet,” he added. — Bernama