UPS is welcoming Malaysia’s admission into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the benefits it may bring to the country’s small companies.
“Congratulations to Malaysia and the Malaysian business community on the CPTPP’s entrance into effect – joining any free trade agreement is an exciting time for the business community,” said UPS Malaysia Managing Director Chika Imakita.
“Free trade agreements are one of the most important accelerators of global trade; they strengthen trade connections, open up potentially new client bases, and may drastically cut costs.” This is especially useful for small firms, where money and resources are scarce and time to seek new development prospects is typically restricted.
Tariffs on numerous essential exports, including automobiles, textiles and clothing, and electronics, will be removed under the CPTPP. It enables enterprises to obtain parts or components from additional partners without incurring duties. For the first time, it establishes a level of free trade between Malaysia and Canada, Peru, and Mexico.
“We understand that free trade agreements might appear confusing and difficult to grasp. It is our mission at UPS to assist the world’s businesses in achieving their worldwide growth objectives. Whether it’s demystifying customs procedures, optimising supply chains, or assisting our customers in unlocking the potential of new trade agreements like the CPTPP, the opportunities are there, and this is an exciting moment for Malaysian businesses,” she added.