The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has been named as a landmark trade agreement, with significant implications for the Asia-Pacific region and beyond. The CPTPP represents a mega free trade agreement with 11 signatories, all of which are Asia-Pacific countries that collectively account for 13 per cent of the global gross domestic product (GDP). By lowering barriers to trade in goods and services among member countries, the CPTPP aims to create a more seamless and integrated trading environment in the region.
The CPTPP goes beyond just the removal of tariff barriers and import levies, with common obligations on a range of issues, including environmental policies, labour standards, digital economy, investment, and food regulations, among others. As a signatory country to the CPTPP, Malaysia has already taken steps towards implementing the agreement and stands to benefit significantly from increased trade flows and investment.
The recent addition of the United Kingdom as the latest signatory to the CPTPP is a clear indication of the growing importance of this trade pact on the global stage. Moreover, Taiwan has formally indicated its intention to join the CPTPP by submitting an application. Other interested countries include Thailand, Republic of Korea, the Philippines, Costa Rica, and the People’s Republic of China (PRC).
If confirmed, the inclusion of these new economies would further enhance the economic significance of the CPTPP and provide greater opportunities for trade and investment across the region. This forum aims to explore the potential impact of these new additions on the GDP of respective CPTPP members, and to advocate for reforms post-ratification for Malaysia and other partners.
As the CPTPP continues to gain momentum and attract interest from different potential partners, it is increasingly clear that this trade agreement has the potential to shape the future of trade and investment in the Asia-Pacific region and beyond. By advocating for reforms post-ratification of the CPTPP and promoting inclusivity in membership, we can help to ensure that the benefits of this landmark trade pact are enjoyed by all member countries and contribute to greater economic growth and prosperity for the region.
This public forum aims to raise awareness and advocate for reforms post-ratification of the CPTPP and inclusivity in its membership. The forum aims to achieve the following objectives:
- To educate the public on the benefits and challenges of reforms post-ratification of the CPTPP and its potential impact on economic growth and development in the region;
- To promote the ratification of the CPTPP by countries that have yet to do so;
- To discuss the potential benefits and challenges of expanding the membership of the CPTPP to include other countries in the region;
- To gather input and feedback from stakeholders on how to make the CPTPP more inclusive and beneficial for all member countries.
