CPTPP To Secure Tariff-Free Access to UK Market for M’sian Products, Says Envoy

Zakri Jaafar says it will be easier for products such as palm oil to enter the UK.

Malaysian high commissioner to the UK and Northern Ireland Zakri Jaafar said under the CPTPP trade agreement, tariffs for products by member countries will be reduced to zero. (File pic)

Malaysian products, particularly palm oil, are expected to benefit from tariff-free access in the UK under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade agreement.

Malaysian high commissioner to the UK and Northern Ireland Zakri Jaafar said this was possible because the UK formally joined the CPTPP last December.

“Under this framework, tariffs 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 would be on the agenda during Prime Minister Anwar Ibrahim’s five-day visit to the UK beginning Wednesday.

Plantation and commodities minister Johari Abdul Ghani will be among three ministers accompanying Anwar.

Malaysia ratified the CPTPP in October 2024, joining Peru, Japan, Singapore, Chile, New Zealand, and Vietnam.

According to reports here, more than 99% of current UK goods exports to CPTPP member countries will be tariff-free once the deal comes into effect.

Timber Development UK said in its trade note on the CPTPP that plywood products from Malaysia and others who had ratified the agreement would be duty-free effective from year one of the CPTPP agreement versus a 6% to 10% duty.

The CPTPP is an Asia-Pacific trade bloc made up of 11 countries plus the UK. The 11 original members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

On whether Malaysia would discuss a future free trade agreement with the UK, Zakri said there was no need for that as the CPTPP has a similar agreement.

“Under the CPTPP, all member countries, including the UK and Malaysia, will enjoy similar FA elements,” he added.

Source: www.freemalaysiatoday.com