Cabinet ratifies trans-Pacific trade pact

The cabinet has agreed to ratify the Comprehensive And Progressive Agreement For Trans-Pacific Partnership (CPTPP), the International Trade and Industry Ministry said in a statement today.

"The CPTPP places Malaysia in a strategic position, elevating our competitiveness in the global arena," the ministry said.

CPTPP is a free trade agreement that links Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The pact removes 95 percent of tariffs between its 11 members.

- Reuters