Malaysia ‘encouraged’ by China’s interest to join CPTPP trade pact

Malaysia has welcomed China’s bid to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) free-trade pact, which groups Malaysia and 10 other countries, the official news agency Bernama has reported.

The Malaysian Ministry of International Trade and Industry said in a statement to Bernama, dated Sunday, that it was “encouraged” by Beijing’s interest in the free-trade deal, and that negotiations with China could start in 2022 at the earliest.

“With the ongoing domestic efforts setting Malaysia right on track towards ratification and the possible commencement of China’s accession negotiations with the CPTPP membership next year, MITI is confident that bilateral trade and investment ties between Malaysia and China will grow to greater heights in the near future,” the ministry said.

The United States withdrew from the initiative in 2017 before it took effect the following year.

In a speech on Friday, Chinese President Xi Jinping said high barriers that would harm growth of trade, investment and technology should be “removed”, pledging to take measures to push forward the free-trade system.

Foreign Ministry spokesman Zhao Lijian said Chinese participation in the CPTPP would “contribute to promoting the process of economic integration in the Asia-Pacific region” and encouraging “trade and investment growth” after the Covid-19 pandemic.