The UK became a CPTPP member on 16 July 2023. Its accession provided bloc members with easier access to the fifth largest economy in the world and a market of 67 million consumers. For Malaysia, this will be its first free trade agreement with the UK and an opportunity to improve further bilateral trade and investment ties.
The UK-Malaysia bilateral trade in goods and services was valued at approximately £5.6 billion in the four quarters to the end of 2022 (4Q22). The UK currently has a near-5% share of the Malaysian market in services (compared to less than 2% in goods), mainly in the travel, transportation, financial and other business services sub-sectors. Given the UK's strengths especially in services, there is significant potential for growth in Malaysia and in UK players' interest in utilising Malaysia as a hub in the wider region. Likewise, for Malaysian businesses and investors in the UK.
However, there have been limited studies conducted on the specific opportunities in Malaysia and in the UK for both nation's goods and services trade and investments. Hitherto, studies have focused on the broad or aggregated benefits of trade to both countries' economies. To fill this gap, research is now being proposed to focus on how the UK's accession to the CPTPP could benefit the different UK and Malaysian trade and services exporters as well as investors.
Project timeline and budget
The study should be completed, with all deliverables submitted and/or completed by 31 March 2024. Maximum budget limit for the research project is £60,000.
Assessment
Bids will be assessed against the following criteria:
- strengths of the organisation: 10%
- skills and past experience on similar assignments - of the Team Leader and key team members: 15%
- understanding of issues in the TOR and methodology (including access to data sources): 40%
- feasibility of the proposed workplan, and evidence of ability to mobilise at short notice: 15%
