PERSATUAN PENGILANG-PENGILANG PERANTI PERUBATAN MALAYSIA (PERANTIM), as the only association representing locally owned Malaysian companies in medical manufacturing, is in tandem with the Ministry of International Trade and Industry (MITI) on the net benefits in participating in The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). PERANTIM strongly supports immediate ratification.
The CPTPP was signed on March 8, 2018 with membership consists of Australia, Brunei Darussalam, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore, Vietnam and Malaysia. CPTPP countries have a combined population of 508 million, generating total gross domestic product (GDP) of USD11.3 trillion and representing 13% of the world GDP and 15% of world trade. These numbers have attracted even economic superpower like The United Kingdom and People Republic of China and
others countries like Chinese Taipei and Ecuador to officially apply to be part of CPTPP.
These are immense opportunities for Malaysian exporters especially medical manufacturers who are in the recent years have established ourselves as high-tech, quality, fast yet reliable exporters. The recent pandemic showed that Malaysia has become the darling sourcing and out-sourcing destination for Medical Devices, Halal Medical Devices, and Medical Disposables.
Malaysia, nonetheless, is lagging, as we are one of only few countries who has yet to ratify CPTPP. Other countries including our neighbours like Singapore and Vietnam have started implemented CPTPP and reaping benefits from this Trade Agreement. They have in fact started negotiating terms and market access conditions with the fellow countries. PERANTIM urgesthe Government to expedite the ratification so that we will not left far behind and lose the opportunities. These include terms and conditions provided for under the CPTPP, i.e. the reciprocal technical assistance, capacity building, expert sharing among countries and of course the jewel of the crown, i.e. the elimination of tariffs and reduction of non-tariff up to 15.5% for certain destinations.
Market liberalisation is always a part of any Trade Agreement. PERANTIM, nonetheless feels that, for CPTPP, MITI and Malaysian Government have stroked the trade balances for the betterment for the business communities. It is time for us Malaysian to ply on the same level playing field with other countries, albeit with continuous support from the Malaysian Government. Buy Malaysian First must remain as the central policy, as it is imperative to continuously support The Malaysian Medical Manufacturers and other SMEs. New local innovations must be encouraged and supported with aids and fast track registration policies. These cocktails will spur the industries and local economies.
JOHARI ABU KASIM
PRESIDENT
PERSATUAN PENGILANG-PENGILANG PERANTI PERUBATAN MALAYSIA (PERANTIM)
