Local textile exporters will benefit from the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Federation of Malaysian Fashion, Textile and Apparel (FMFTA) said.
In a statement today, chairman Datuk Seri Tan Thian Poh said one of the benefits for textile exporters is a duty-free treatment where Malaysian exporters might enter all CPTPP markets such as Canada and Mexico.
He said the CPTPP, which currently involves 11 countries, is predicted to include more potential future trades, according to Bernama.
FMFTA anticipates that this agreement is an opportunity to gain deeper and wider market access for Malaysia’s economic growth.
“FMFTA hopes that all local and key industry players will make use of the benefits of CPTPP and show unwavering support towards the effort of the government in securing Malaysia’s position in the global arena,” he said.
It said the CPTPP implementation by year-end is essential for all Malaysian industry players to take advantage of the agreement as another trade recovery instrument.
It is a crucial time to stabilise manufacturing activity, recover supply chain connections and secure new markets,” it added.
