The Association of Malaysian Medical Industries (AMMI), as the voice of Malaysia’s medical device industry, congratulates the Ministry of International Trade and Industry (MITI) for the Ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) recently.
AMMI Chairman, Andy Lee, stated that “CPTPP countries account for nearly 19% of Malaysia’s medical device exports. With the ratification of CPTPP, Malaysian medical device exports will be able to access new markets such as Canada, Mexico, and Peru.
Tariff elimination for medical devices by Canada (presently up to 15.5%), Mexico (15%) and Peru (9%) will benefit Malaysian medical device exporters.”
CPTPP will enable medical device manufacturers located in Malaysia to further grow their exports to the CPTPP countries. Malaysian SMEs exporters will benefit from greater market access in ancillary industries. Given the wide and growing range of products manufactured by both MNCs and local companies, this sector supports many other ancillary industries such as rubber – gloves, catheters, condoms; plastics and packaging – intravenous (IV) sets, syringes, procedural kits; electronics – pacemakers, hearing implants, electrocardiogram (ECG) machines; metal – orthopaedics implants, surgical instruments; as well as textiles – surgical gowns, drapes, covers.
CPTPP offers opportunities for the medical device sector to benefit from the Cooperation and Capacity Building Chapter through collaborative programmes and projects, exchange of experts, information and technology, as well as capacity building and technical assistance programmes with leading medical device innovators from other advanced CPTPP countries.
AMMI believes that CPTPP will enable Malaysia to attract more Foreign Direct Investment (FDI) in medical device manufacturing and position Malaysia as the contract manufacturing hub for medical devices in Asia.