HSBC: 63% of Malaysian firms expect positive impact on business from CPTPP

“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,” says Andrew Sill, Head of Commercial Banking, HSBC Malaysia.

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KUALA LUMPUR (March 9): Sixty-three percent of Malaysian firms anticipate a positive impact on their business from the newly-signed Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) trade agreement, according to an HSBC Group survey.

The survey, conducted by global marketing researcher Kantar TNS on behalf of HSBC on key decision makers in eligible companies, sampled 6,033 firms in 26 markets around the world between December 2017 and January 2018.

The markets surveyed consist of Malaysia, Australia, Bangladesh, China, Hong Kong, India, Indonesia, Singapore, South Korea, Thailand, Vietnam, US, Canada, Mexico, France, Germany, Ireland, Netherlands, Poland, United Kingdom, Czech Republic, Egypt, Saudi Arabia, United Arab Emirates, Turkey and Argentina.

“Of that, 997 firms are within CPTPP markets, with 200 based in Malaysia,” the group said in a statement today.

HSBC Bank Malaysia Bhd commercial banking head Andrew Sill said CPTPP is a big, ambitious deal for Malaysia, and would 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,” Sill said in a statement today.

Yesterday, 11 remaining members of the former TPP signed a revised free trade agreement (FTA) without the US. They comprise Malaysia, Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore and Vietnam.

Recent estimates from the Peterson Institute for International Economics (PIIE) across the 11 involved economies suggest trade flows will be boosted by 6% to 2030, with members enjoying total real income gains of US$157 billion every year, HSBC noted.