CP TPP was signed in Chile on March 8 (Photo: VNA)

KualaLumpur (VNA) - Malaysia sends a strong signal of the country’scommitment towards an open and liberal trading system following the signing ofthe Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) in Chile on March 8.

Accordingto the News Straits Times, International Trade and Industry Minister Datuk SeriMustapa Mohamed said that Malaysia has begun necessary steps to amend relevant laws in order to complete the ratification process and enable theimplementation of the CPTPP as early as possible. He stressed that the worldneeds more trade and investment flows, not restricted markets.

Ina statement, the minister voiced his belief that the CPTPP will help itsmembers to further promote trade and investment and mitigate thechallenges of the global economic environment.

Asone of the pioneer members who has successfully negotiated the trade deal,Malaysia should not miss the opportunity to grab the benefits of the CPTPP and efforts to complete the ratification process should be intensified, he added.

Despitethe absence of the US, Mustapa believes Malaysia still stands to gain frommarket access to countries like Canada, Peru and Mexico, with whom Malaysiacurrently do not have preferential trading arrangements yet.

Malaysia’sparticipation in the CPTPP will also benefit the country in terms of enhancinggovernance in a number of economic sectors, strengthening economic cooperationamong member countries and promoting adoption of international standards, headded.

Mustapasaid the CPTPP will open up the door for more Malaysian companies to expand theirpresence beyond the borders of the country as well as strengthening Malaysia’sposition as a premier investment destination, which will eventually createadditional quality jobs for the people.

"Malaysianpeople will also benefit from the increase in consumer choices on goods and servicesin the country’s market,” he noted.

Inanother article, the newspaper reported that the majority of businesses inMalaysia believe the CPTPP will have a positive impact on their business.

Accordingto the new data from HSBC’s comprehensive survey of global businesses, 63 percentof Malaysian firms expect positive impact from the new trade agreement in thenext two years.

Andrew Sill, HSBCMalaysia head of commercial banking, said the CPTPP is a big, ambitiousdeal for Malaysia, which will matter hugely for future growth, jobs and livingstandards.

Hestated that now is the time for both Malaysian firms and government to focus onimplementing the ag𒁃reement to achieve its full potential.