The Malaysian International Chamber of Commerce and Industry (MICCI) applauds the government and more importantly the Minister for International Trade and Industry and his team for taking the brave step in cutting the country’s protectionist apron strings and begin to reform the competitiveness of our businesses by ratifying the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
MICCI, the longest serving Malaysian chamber in the forefront of championing the economic and industrial development of the nation since 1837, has a majority of its membership being multinational corporations, have globalised business in their DNA and thus would be primed to take Malaysian talents and local SMEs beyond with the CPTPP.
Malaysian has the added advantage.
Malaysia has inherited from its colonial past a good educational foundation, a world-class commercial legal system, established western trade relationships, and more so, fluency in English, which is the international language of business.
Geographically, the Melaka Straits augurs well for Malaysia as the crossroad for trade. With these advantages, Malaysia has already a leg up over many of our neighbours. It should give us the confidence to play in the big league now.
MICCCI President Christina Tee, in a statement, said: “Prolonged protective policies will only hamper the competitiveness of our businesses and we need this competitive edge to be sustainable in the globalised trade world, especially with the advent of digital commerce.
“To be competitive, we need confidence, confidence comes from competence, competence is borne from meritocracy and meritocracy exists with governance.”
The Government and in particular, the Ministry of International Trade and Industry have shown that Malaysian businesses have the confidence and competence to compete globally.
For a foreign company to set up and compete in Malaysia, it has to be really competitive to match against a locally established Malaysian business. The only way that a foreign company can compete is to provide affordably priced high-quality products and services. CPTPP will then be beneficial to Malaysian consumers providing access to high-quality affordable products and services to which Malaysian businesses can also learn and adopt, she said.
On the one hand from the Malaysian perspective, CPTPP reduces trade barriers against foreign investors. The CPTPP in reverse also opens up and protects Malaysian investors in CPTPP countries.
Government Linked Companies with many decades of capacity building should take advantage of the CPTPP’s protection and open access to lead the way overseas bringing along Malaysian SMEs in its wake.
MICCI said it will continue to support and champion Malaysian businesses in the implementation of CPTPP.
MICCI being an international chamber has already amongst its membership long-established western investors and network to the European business world that would be in an advantageous position to solidify access to the CPTPP markets.
Fear is natural to all businesses, the ratification of the CPTPP by Malaysia is a recognition by the government in progressing its long-held affirmative policies, overcoming fear and to be one of confidence building in competing globally.