The Federation of Malaysian Manufacturers (FMM) said the freshly-signed trans-Pacific trade deal will give Malaysia a competitive edge in the region and build investor confidence.
Kuala Lumpur (VNA) - The Federation of Malaysian Manufacturers (FMM)said the freshly-signed trans-Pacific trade deal will give Malaysia a competitiveedge in the region and build investor confidence.
According to the FMM, the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CP TPP), signed in Chile on March 8, promises adegree of transparency and predictability in investment rules, tariffconcessions and avenue to address non-tariff barriers for local manufacturers.
The CP TPP is expected to diversifyMalaysian manufactured product exports, the FMM said, adding this will helpMalaysian parts and components manufacturers to export to global originalequipment manufacturers (OEMs) located in CP TPP countries like Mexico andbecome part of the global supply chain, it added.
Besides, tariff concessions agreed to byeach CP TPP country will boost exports for the electrical and electronics(E&E) industry which has been a key contributor to Malaysia’s exportearnings.
The FMM said export growth into othercountries such as Canada and the Latin American countries, particularly Mexico.These countries currently impose high tariffs for electrical appliances,telecommunication devices and consumer electronics.
Manufacturers are also expected to benefitfrom a diversification of import sources of industrial inputs and components,it said.
The CP TPP, a new version of theTrans-Pacific Partnership (TPP) agreement, comprises 11 member nations, namelyAustralia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru,Singapore and Vietnam. - VNA
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