MITI: CBA for CPTPP will be finalised by year-end

International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said the CPTPP is expected to be ratified by mid next year.

"We had to conduct the CBA again this year due to the pandemic since we need to take a second look at the impact of the International Trade Agreement that we have signed.

"The CBA will be completed by the end of this year, and when it is submitted, we will get a new mandate from the cabinet before we continue the internal process," he said after officiating the Malaysia Aerospace Summit 2021 here today.

Mohamed Azmin said the findings from the CBA will be presented to the Cabinet for the evaluation and consideration of the CPTPP.

Earlier in his speech, Mohamed Azmin said revenue from the aerospace industry will reach RM30 billion by 2025.

He noted that it was imperative to enhance value-creation across the whole value chain, rather than just becoming a part of it, in order to strengthen the industry's ecosystem in Malaysia.

"In this regard, Malaysian small and medium enterprises (SMEs) have been formidable in a narrow range of aerospace products, therefore they will be required to move up the value chain into product and process designing," said Mohamed Azmin.

He urged the SMEs to fully capitalise and embrace advanced technology and high-value investments which comply with environmental, social and corporate governance practices.

Mohamed Azmin pointed out that the adoption of advanced technology and digitalisation would be pivotal in achieving a sustainable supply chain, where the transformation is not only limited to the companies but also suppliers, service and utility providers.