CPTPP: consignment of Malaysian palm oil totalling 100,000 tonnes enters UK tariff-free
LONDON: A shipment of Malaysian palm oil from Sabah totalling 100,000 tonnes entered the storage depot at the Port of Liverpool, England, on April 5, said Malaysian High Commissioner to the United Kingdom (UK) and Northern Ireland Datuk Zakri Jaafar.
This marked the first consignment of Malaysian palm oil under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with zero tariff, he said.
'Through the CPTPP, Malaysian and UK companies are now able to expand their markets further and can enhance bilateral trade prospects,' he said during a dinner hosted for Deputy Prime Minister Datuk Seri Fadillah Yusof, who is also the Minister of Energy Transition and Water Transformation, at the Malaysian High Commission in London on Friday.
The 80 guests at the dinner included students, representatives from government-linked companies, as well as high commission staff.
Also present were Fadillah's wife Datin Seri Ruziah Mohd Tahir, Tenaga Nasional Bhd chief new energy officer Mohd Zarihi Mohd Hashim, Sarawak Energy Bhd group chief executive officer Datuk Sharbini Suhaili, and a delegation from the Ministry of Energy Transition and Water Transformation (PETRA).
The UK acceded to the CPTPP on Dec 15 last year, making it the first European country to join the Asia-Pacific trade bloc. For Malaysia, the CPTPP agreement came into effect on Nov 29, 2022.
On the renewable energy sector, Zakri said Malaysia's involvement in the UK will yield significant long-term benefits for the country, particularly in terms of technology transfer.
'The launch of high-capacity solar farms operated by a TNB subsidiary at Eastfield and Bunkers Hill in January this year showcases Malaysia's capability to participate in global sustainable energy solution efforts,' he said.
The solar farms were launched by Prime Minister Datuk Seri Anwar Ibrahim on Jan 17 during his official visit to the UK.
The farms -- in Bunkers Hill, Rotherwick (66.7 megawatts peak (MWp) and Eastfield, Harbury (35 MWp) -- are advanced and innovative projects. The combined capacity of 102 MW highlights Malaysia's expertise in driving global sustainable energy solutions.
Malaysia is the UK's fourth-largest trading partner in Southeast Asia, with total trade reaching RM15.30 billion in 2024.
Meanwhile, Malaysia's total investment in the UK reached £19 billion (£1=RM5.81) in the same year.
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