From D.Arul Rajoo
LONDON, Jan 14 (Bernama) – Malaysian products, particularly palm oil, are expected to benefit from tariff-free access in the United Kingdom (UK) under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade agreement.
Malaysian High Commissioner to the UK and Northern Ireland Datuk Zakri Jaafar said this is possible because the UK formally joined the CPTPP last December.
“Under this framework, tariff for products by member countries will be reduced to zero. This means it will be easier for palm oil from Malaysia to enter the UK,” he told a press conference with Malaysian media here.
Zakri said this when asked if the palm oil tariff issue will be on the agenda during Prime Minister Datuk Seri Anwar Ibrahim’s five-day visit to the UK beginning Wednesday.
Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani is among three ministers accompanying Anwar.
Malaysia ratified the CPTPP in October 2024, joining Peru, Japan, Singapore, Chile, New Zealand and Vietnam in ratifying the agreement.
According to reports here, more than 99 per cent of current UK goods exports to CPTPP member countries will be tariff-free once the deal comes into effect.
According to Timber Development UK in its Trade Note on the CPTPP, plywood products from Malaysia and others who have ratified the agreement will be duty-free effective from year one of the CPTPP agreement versus a six per cent to 10 per cent duty.
CPTPP is an Asia-Pacific trade bloc made up of 11 countries plus the UK. The 11 original members are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
On whether Malaysia will discuss a future free trade agreement with the UK, Zakri said there was no need for that as CPTPP has a similar agreement.
“Under CPTPP, all member countries, including the UK and Malaysia, will enjoy similar FA elements,” he added.
-- BERNAMA
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