Malaysia and the UK are set to enhance their trade and investment relations following the UK's imminent accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The milestone was celebrated today at a ceremony marking the UK's official countdown to joining the agreement, with the UK expected to become a full member on Dec 15, 2024.
During his opening remarks, Minister of Investment, Trade and Industry Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz expressed confidence that the CPTPP would create new opportunities for both countries, particularly in exports and investment. "Our bilateral trade reached RM14 billion (US$3 billion) in the first ten months of 2024, and with the UK's accession to the CPTPP, we expect this figure to grow," said Tengku Zafrul.
The UK's membership will provide a platform for greater exports of Malaysian goods such as sustainable palm oil, aerospace parts, and renewable energy, while British exports like machinery, pharmaceuticals, and high-tech goods will benefit from better access to the Southeast Asian market. Malaysian companies will also gain access to the 16 FTAs that Malaysia has ratified, including the Regional Comprehensive Economic Partnership (RCEP).
Tengku Zafrul also highlighted the strategic importance of Malaysia as a hub for investment, underpinned by clear government policies and robust infrastructure. "Malaysia's unique location and strong business policies make it an attractive destination for British investors looking to establish a presence in Asia," he noted.
Further strengthening bilateral ties, the Malaysia-UK Joint Committee on Bilateral Trade and Investment Cooperation (JETCO) will be elevated to a Ministerial-level forum, paving the way for more strategic collaboration.
Looking ahead, Malaysia's role as ASEAN Chair in 2025 was also underscored by Tengku Zafrul, who expressed commitment to fostering ASEAN-UK economic cooperation. "Through the CPTPP, we can work together to build a brighter, more interconnected future for both Malaysia and the UK," he concluded.
The event also featured a panel session discussing the opportunities presented by the CPTPP for businesses in both nations.
