Tuesday, 19 June, 2018

Malaysia To Be The Biggest Winner From CPTPP: Moody's

US steel tariffs impact on local farmers Malaysia To Be The Biggest Winner From CPTPP: Moody's
Ray Hunter | 10 March, 2018, 01:54

The TPP, which would have represented 40 percent of the global economy and almost one-quarter of its trade, was left for dead after Trump pulled out to pursue his "America First" agenda, but the revamped deal, now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is still a significant achievement and a victory for openness, its supporters said at the signing ceremony in Santiago, Chile.

Pacific nations will be "drinking more Australian wine, eating more Australian beef and using more Australian services" thanks to a new trade agreement with 10 other countries in the region, according to the trade minister Steve Ciobo.

A survey by banking firm HSBC showed today that 63 per cent of firms in Malaysia believed they would positively benefit from the recently-signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

"Despite the diverse and hard challenges, the CPTPP is a historic achievement that creates free and fair 21st century rules in the Asia-Pacific region", Japanese Economy Minister Toshimitsu Motegi said at a news conference after the signing of the deal.

Minister Mustapa Mohamed says for Trans-Pacific Partnerhip, Malaysia will amend relevant laws in order to complete the ratification process.

Felipe Lopeandia, Chile's top trade negotiator, said the deal will "send a political signal to the world and to the United States itself, that this is a global agreement".

The CPTPP was built on the foundations of the Brunei-Chile-Singapore-New Zealand Trans-Pacific Strategic Economic Partnership Agreement that was signed in 2006.

Mohammed Shami denies match-fixing allegations made by wife Hasin Jahan
Meanwhile, the other charges leveled by wife against husband Shami are voluntarily causing hurt, attempt to murder, rape etc. She has alleged that Shami is a womaniser and that his family tried to kill her before.

Trump said the tariffs would take effect in 15 days.

Although the U.S. pulled out a year ago, the deal was salvaged by the remaining members, who signed it at a ceremony in the Chilean city of Santiago. For countries like Chile, one aspect of this deal is boosting agricultural exports. Their wines are regularly voted among the best in Chile.

"It gives our exporters new opportunities in key markets like Japan, it preserves the unique status of the Treaty of Waitangi, and it protects the Government's right to regulate in the public interest".

Mustapa said CPTPP will open up the door for more Malaysian companies to expand their presence beyond the borders of our country as well as strengthening Malaysia's position as a premier investment destination - which will eventually create additional quality jobs for the people.

"The accord has an open architecture that is created to accommodate additional members and will include arrangements for periodic review and possible updates to the agreement itself", he said. The TPP text, which has in large part been incorporated into the new deal, had also been flayed for mandating labour and other regulations that increase the bureaucratic burden on businesses.

Although the fate of the TPP was uncertain for a while following Trump's decision to pull the USA out of the pact, the 11 remaining countries moved forward with a trimmed-down deal with Japan leading the push for revival.

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