The majority of businesses in Malaysia believe the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade agreement signed today will have a positive impact on their business, according to the new data from HSBC’s comprehensive survey of global businesses.
Of 1,150 firms based in CPTPP member countries surveyed by HSBC, almost half at 46 per cent expect to see positive benefits.
The survey which covered Malaysia as well, revealed a large number of Malaysian firms at 63 per cent anticipates positive impact from new trans-pacific trade deal.
Out of 11 countries1 signing the CPTPP agreement today, another five are covered in the survey namely Australia, Canada, Mexico, Singapore and Vietnam.
“CPTPP is a big, ambitious deal for Malaysia. It will matter hugely 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. It’s encouraging that many businesses are already expecting to see Benefits.” HSBC Malaysia head of commercial banking, Andrew Sill.
Across the 11 economies involved, recent estimates from the Peterson Institute for International Economics (PIIE) suggest trade flows will be boosted by 6 per cent to 2030, with members enjoying total real income gains of US$157 billion every year.