The Comprehensive and Progressive Agreement on Trans-Pacific Partnership (CPTPP) will allow the country’s petrochemical companies at competitive prices, according to the Malaysian Petrochemicals Association (MPA) as it enables a wide range of procurement channels for sourcing raw materials.
In today’s statement, President Akbar Mad Sayub said this will directly improve Malaysia’s competitiveness and attractiveness as an investment destination.
He said the association is confident that the interests of Malaysian producers will be broadly protected through necessary clauses in trade agreements to add to the benefits in protecting domestic interests.
Therefore, he said he believed delaying ratification of the CPTPP would expose the risk of being left on the side-lines as some of its ASEAN neighbours made strong progress, Bernama reported him saying.
He said the cost-benefit analysis confirmed that the CPTPP provided market access opportunities for countries with which Malaysia had no previous free trade agreements.
“More countries are planning to join this group, which will enhance broader market penetration opportunities for Malaysian petrochemical manufacturers in the future,” he said.
He said that by 2023, Malaysia’s petrochemical industry will grow by 30% from 18.1 million tonnes per annum with an additional 5.5 million tonnes of production capacity and the expected full operation of the Pengerang petrochemical and refining complex. said to be expected.
He said that new and other existing petrochemical plants will attract foreign direct investment within the downstream sectors of the polymer, plastics, chemicals and derivatives sectors in the near future, both in domestic and export markets. I added that you can.
