LONDON – The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade agreement will be a critical vehicle to expand and facilitate investment and trade between Malaysia and the United Kingdom (UK).
Prime Minister Datuk Seri Anwar Ibrahim said this was made possible by the move by both countries to enter the agreement.
“In fact, I chose to express my appreciation to the UK premier (Keir Starmer) for successfully entering the CPTPP agreement. It takes serious political commitment on the part of the UK and Malaysia, focusing on economic fundamentals in the interest of both nations to promote free trade,” he said here on Wednesday.
Anwar was speaking at the launch of the YTL Group’s Brabazon New Town development in Bristol, the largest city in the South West of England.
Malaysia ratified the CPTPP in October 2024, joining Peru, Japan, Singapore, Chile, New Zealand and Vietnam in doing so, while the UK formally joined last December.
Under this framework, tariffs for products by member countries will be reduced to zero.
On Monday, Malaysian High Commissioner to the UK and Northern Ireland Zakri Jaafar said Malaysian products – particularly palm oil – were expected to benefit from tariff-free access in the UK under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade agreement.
He said this was possible because the UK formally joined the CPTPP last December.
Malaysia ratified the CPTPP in October 2024, joining Peru, Japan, Singapore, Chile, New Zealand and Vietnam in doing so.
According to reports here, more than 99% of current UK goods exports to CPTPP member countries will be tariff-free once the deal comes into effect.
Anwar, who is here for a five-day working visit, said that by participating in overseas ventures, Malaysian businesses could deepen their global market ties, contributing to Malaysia’s aspirations of expanding its trade footprint through international frameworks such as the CPTPP.
During the visit, Anwar is accompanied by Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz, Higher Education Minister Datuk Seri Zambry Abdul Kadir, and Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani. – January 16, 2025