KUALA LUMPUR, Nov 28 — The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) continues to bolster Malaysia’s position as an attractive investment destination, as around 33.1 per cent of the country’s total foreign direct investment (FDI) originates from CPTPP member economies.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the membership also opens wider doors for Malaysian professionals and entrepreneurs, especially in the services and skill sectors, including engineering, law, and medicine, to compete and serve in CPTPP member countries.
“CPTPP is an important catalyst in our efforts to propel Malaysia to the global value chain.
“We are leveraging this agreement to position the country as a hub for investment and trade into Asean and the wider Indo-Pacific,” he said in a post on X today.
Tengku Zafrul said the membership allows Malaysia to expand into new markets, with the country now gaining free trade agreement (FTA) access to four major markets for the first time, namely Canada, Mexico, Peru, and the United Kingdom.
“This means that there are no tariffs on our exporters, from automotive components and textiles to palm oil and high-value electrical and electronic products.
“In addition, efforts to eliminate 99 per cent of tariffs by 2033 will ensure cheaper supplies of essential materials, including fuel and machinery that are desperately needed by our factories and industries,” he said.
He said the CPTPP is not just a trade agreement but a platform that will strengthen Malaysia’s economic position for the coming decades.
“Let us continue to strengthen Malaysia’s role as a major hub in the high-technology and service-driven value chain,” he added. — Bernama
