KUALA LUMPUR: According to Tengku Datuk Seri Zafrul Abdul Aziz, Minister of International Trade and Industry, Chile’s decision to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) presents a significant opportunity for Malaysian firms.
On February 21, 2023, the agreement will come into effect for Chile, a nation in western South America.
“CPTPP has been approved by Chile. On February 21, 2023, the agreement will become enforceable for Chile.
“A significant chance for Malaysian companies to benefit from the reduced tariff rates. For products imported and exported from Chile,” he tweeted today.
Australia, Brunei, Canada, Chile, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam are all parties to the CPTPP, a trade agreement.
On November 29, 2022, the trade agreement went into effect for Malaysia. Its broad scope covers traditional market access areas. As well as concerns with labor, the environment, state-owned businesses, and public procurement. And also the intellectual property, electronic commerce, and small and medium-sized businesses.