CPTPP to take effect for Malaysia in late November
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will come into force for Malaysia on November 29 this year, Senior Minister of International Trade and Industry Mohamed Azmin Ali has said.
Kuala Lumpur (VNA) – TheComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)will come into force for Malaysia on November 29 this year, Senior Minister ofInternational Trade and Industry Mohamed Azmin Ali has said.
All amendments to the law related tothe CPTPP have been completed, he told a parliamentary session on October 6.
He said CPTPP member countries do nothave any transition period for their income threshold value, except Malaysia.
For example, the minister noted, thetransition period for Malaysia in the service sector is for nine years, thegoods sector seven years, and the construction sector 20 years.
In an announcement on October 5, theMinistry of International Trade and Industry said the Malaysian Government hadagreed to ratify the CPTPP and submit the ratification document to New Zealandon September 29.
The11-member CPTPP took effect for Australia, Canada, Japan, Mexico, NewZealand and Singapore in December 2018; Vietnam in January 2019; and Peru inSeptember 2021. Brunei and Chile are the remainders that have yet to completethe ratification process./.
The Chemical Industries Council of Malaysia (CICM) on August 2 called on the country’s Government to soon ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to bring about benefits for its chemicals companies.
Malaysia’s inflation rate in August increased to 4.7% year-on-year, mainly due to food and non-alcoholic beverages, according to the Malaysian Department of Statistics Malaysia (DOSM).
Malaysia's financial system and equity market have continued to function in a sound and orderly manner without any disruption to financial intermediation, according to Malaysian Finance Minister Zafrul Abdul Aziz.
Malaysia has officially ratified the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) following years of careful deliberation and consultation by the government, becoming the 9th nation to have approved the deal.
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