Malaysia has become the latest country to ratify The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade agreement. Malaysia joins Peru, Japan, Singapore, Chile, New Zealand and Vietnam in ratifying the agreement. Source: Timberbiz
Once the UK government joins the CPTPP, more than 99% of current UK goods exports to CPTPP members will be tariff-free once the deal comes into effect, helping businesses export more to CPTPP markets.
This agreement is good news for international trade in the wood sector, as the tariff schedule within the agreement indicates that all wood products with commodity codes starting 44, which includes 44 12 plywood, 44 11 fibreboards and 44 10 particle boards, will have duty free trade (for both exports and imports) within the countries that ratify the CPTTP agreement.
Timber Development UK has updated its recent Trade Note on the CPTPP to reflect Malaysia’s joining the agreement and has also added a table showing how plywood products from Malaysia (or any of the other countries who have ratified the agreement) will move from 6% or 10% duty to duty free from Year One of the CPTPP agreement.
