Malaysia’s ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a catalyst for change that could impact the public and private sectors say ASEAN-BAC Malaysia Council Member Tan Sri Yong Poh Kon.
“The ratification of the CPTPP could serve as an anchor and catalyst for change since its provisions would impose a wide range of standards that both the public and private sector would need to comply with,” he said during a consultation meeting last Friday with business associations representing US businesses.
The meeting organised by the ASEAN Business Advisory Council (ASEAN-BAC) Malaysia discussed the CPTPP extensively.
Michael W. Michalak, US-ASEAN Business Council (USABC) Senior Vice President and Regional Managing Director Ambassador says ratifying key trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP) would increase the conducive business ecosystem here.
“Malaysia has made impressive achievements amidst these challenging times, as seen by its over 200% increase in FDI inflows in the first half of 2021. American businesses are encouraged by this positive growth and we hope that Malaysia will continue establishing a conducive business ecosystem with robust and resilient supply chains to spur more investments, jobs and economic opportunities,” he said.
On the other hand, the Ambassador of the United States of America to Malaysia, His Excellency Brian D. McFeeters said that the continuation of a strong and collaborative relationship between the United States and Malaysia and the enhancement of policy consultative mechanisms will strengthen the business climate enabling Malaysia to continue to attract U.S. economic and commercial activity.
“Malaysia has long been and continues to be a key trading partner with the United States. U.S. companies consistently rank among the largest employers in states like Penang and most U.S. company subsidiaries are managed by Malaysians and employ over 90% Malaysian employees.
Meanwhile, the Ministry of International Trade and Industry says Malaysia is particularly encouraged by the recent move by the People’s Republic of China to formally apply for accession into the CPTPP.
