Malaysia expects to welcome China into the CPTPP as early as next year

[ASEAN NOW Content Team]

 

Malaysia, as one of the founding members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is looking forward to integrating China, the world's most powerful economy, into the fold as soon as next year.

"The Malaysian Ministry of International Trade and Industry (Miti) is particularly delighted by China's recent decision to formally seek for accession to the CPTPP," the Ministry told Bernama in response to a question about China's decision.

 

The United Kingdom became the first country outside of the Asia Pacific belt to formally propose membership in the CPTPP in February of this year.

It's wonderful to note that the CPTPP has received another accession request in just seven months, demonstrating the agreement's tremendous value and appeal to countries both within and outside the Asia Pacific area.

The CPTPP, widely regarded as the gold standard for regional trade accords, presents enormous economic prospects for Malaysia and China.

 

"Miti is confident that bilateral trade and investment ties between Malaysia and China will grow to greater heights in the near future," it said, citing ongoing domestic efforts to put Malaysia on track for ratification and the possibility of China's accession negotiations with the CPTPP membership beginning next year.

Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam have signed the CPTPP trade pact.

Malaysia is on track to ratify the CPTPP, Miti stated recently, awaiting a specific and unequivocal mandate from the Cabinet.