UPS Malaysia welcomes boost to small biz as CPTPP comes into force

KUALA LUMPUR: UPS, one of the world’s leading shipping and logistics companies, is celebrating Malaysia’s entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the boost it could provide especially to the country’s small businesses.

“Congratulations to Malaysia and the Malaysian business community on the entry into force of the CPTPP – the joining of any free trade agreement is an exciting time for the business community,” said Chika Imakita, managing director UPS Malaysia.

“FTAs are one of the biggest enablers of global trade – they improve trade relations, they open up potentially new customer bases and they can significantly reduce costs.

“This is particularly beneficial to small businesses, where money and resources are tight, and the time to look for new growth opportunities is often limited.

“The CPTPP will see tariffs eliminated on many key exports, including in the automotive, textiles and apparel and electronics sectors.

“It allows businesses to source parts or components from more partners without paying duties on them.

‘And it establishes a level of free trade between Malaysia and Canada, Peru and Mexico for the first time.

“We understand that free trade agreements can seem complicated, and like it’s difficult to know where to begin.

“At UPS, it’s our job to help the world’s businesses achieve their global growth ambitions.

“Whether this is demystifying customs regulations, optimising supply chains or helping our customers unlock the potential within new trade agreements such as the CPTPP, the opportunities are there and this is an exciting time for businesses in Malaysia.”