CPTPP to take effect on Nov 29, minister says

Mohamad Azmin hopes this agreement can be continue by the government formed after GE15 due to its benefits to the country and the people


THE ratified Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will take effect for Malaysia on Nov 29, International Trade and Industry Minister Datuk Seri Mohamad Azmin Ali (picture) said.

Mohamad Azmin said the process has been completed and that 11 laws have been amended to ensure Malaysia fulfils CPTPP obligations and enforcement in the agreement.

“I want to state here that some exceptions and also flexibility related to the rights of Bumiputera and local players under the CPTPP have been obtained,” he said in the Dewan Rakyat.

Mohamad Azmin added that all the CPTPP participants do not have a transition period for the value of their earnings threshold.

“This is the success we have achieved, may I report here, as the transition period for Malaysia for the service sector is nine years. For the goods sector, it’s seven years and it is 20 years for the construction sector.

“Since the transition period will last so long, my ministry and the Finance Ministry have considered what specific modules will be needed to get local participants, particularly Bumiputeras, ready to take part in the CPTPP,” he added.

On the other note, Mohamad Azmin urged that efforts to dissolve Parliament be delayed following Malaysia’s ratification of the CPTPP as the country currently is seeing an economic improvement and the agreement is needed sometimes for the economic process to take effect on the local economy.

“This is why I request that efforts to dissolve Parliament not be carried out now.

“I am confident that this agreement will be continued by the government that will be formed after the 15th General Election (GE15) if Parliament is dissolved because the CPTPP is highly regarded to benefit the country and the people,” Mohamad Azmin said in responding to Bagan MP Lim Guan Eng.

Mohamad Azmin said its ministry wants to emphasise that this agreement, for a long period, can face up to the challenges of the current economic situation and all the relevant parties can work with them to ensure the country’s economic agenda can be continued for the sake of the country.