KUALA LUMPUR: Members of Parliament in Malaysia need to amend 18 more laws before the country can ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
"Our lawmakers at Parliament need to amend laws concerning labour, intellectual property rights and Customs tax before the country can ratify to the CPTPP,” said Ministry of International Trade and Industry (MITI) Secretary-General Datuk Seri J Jayasiri.
"The relevant law amendments have been submitted to the Attorney General Chambers. So far, one of the 19 laws concerned have been passed by Parliament," he said.
"The CPTPP doesn't set any timeline for signatory countries to ratify the agreement but we are trying to do it as soon as we can," he added.
Jayasiri was speaking with reporters after giving the latest information of the CPTPP to members the Federation of Malaysian Manufacturers (FMM) here today.
Also present at the seminar were FMM president Datuk Soh Thian Lai, High Commissioner of Canada to Malaysia Julia Bentley, Mexico Ambassador to Malaysia Carlos Felix Corona and Peru Ambassador to Malaysia Guido Felipe Loayza Devéscovi.
The CPTPP was signed by 11 countries, in Chile, on March 8 2018.
It requires the ratification of at least six member countries to come into force.
CPTPP's 11 members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The deal was previously known as the Trans-Pacific Partnership (TPP) and was signed by 12 countries, including the US, in February 2016.
Donald Trump in January 2017, however, withdrew the US from the TPP, a key part of his presidential election.
Jayasiri explained that every member country of the CPTPP needs to get their lawmakers to amend a set of laws at the Parliament before they can deposit their notice of ratification to New Zealand.
"Once the CPTPP is ratified by at least six member countries, it will take 60 days for the benefits of the deal to come into effect," he said.
He gave an example that currently medical gloves from Malaysia entering Canada is slapped with 15.5 per cent tax but once the CPTPP comes into force, Canada will waive the tax.
Jayasiri's elaboration of the procedure is aligned with the views recently expressed by International Trade and Industry Minister Datuk Seri Mustapa Mohamed that Malaysia is not likely to be among the first few countries to ratify the CPTPP by early 2019.
Possible change in government of the day may pose risks and prolong the CPTPP ratification process.
It must be highlighted Malaysia and Mexico are two member countries within the CPTPP, which are due to face general elections in the months ahead.
When asked on CPTPP's impact on small and medium enterprises (SME), Jayasiri explained it will open up opportunities for SMEs to provide their goods in the global supply chain and be part of domestic supporting services.
He also assured SMEs would continue to enjoy preferential treatment in government procurement and purchases by state-owned enterprises.
It was reported that at least five countries -- South Korea, Indonesia, Thailand, the Philippines and Colombia -- have expressed their interests to join the CPTPP.
Jayasiri replied the CPTPP is an open and inclusive agreement for any like-minded partners which able to meet its standards.
He, however, cautioned any negotiations for accession of other countries into the agreement can only be executed after the CPTPP is ratified by all existing members.