Based HSBC’s new comprehensive survey of global businesses, the majority of businesses in Malaysia believe the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade agreement that was signed recently will have a positive impact on global business.
Out of 11 countries that signed the CPTPP agreement, six are covered in the survey, which includes Australia, Canada, Malaysia, Mexico, Singapore and Vietnam.
Andrew Sill, Head of Commercial Banking, HSBC Malaysia said: “CPTPP is a big, ambitious deal for Malaysia. It will be essential for future growth, jobs and living standards. Now is the time for both firms and government to focus on implementing today’s agreement to achieve its full potential.”
Across the 11 economies involved, recent estimates from the Peterson Institute for International Economics (PIIE) suggest trade flows will be boosted by 6% to 2030, with members enjoying total real income gains of US$157 billion every year.