Harvard Case - Ratification Politics and Preferential Trade Agreements: Malaysia and the CPTPP
"Ratification Politics and Preferential Trade Agreements: Malaysia and the CPTPP" Harvard business case study is written by Nikhar Gaikwad, Kenneth Scheve, Elisabeth van Lieshout. It deals with the challenges in the field of Business & Government Relations. The case study is 36 page(s) long and it was first published on : Oct 8, 2019
At Fern Fort University, we recommend that Malaysia proceed with the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), but with a strategic approach that prioritizes national interests and addresses potential concerns. This strategy should involve a multi-pronged approach encompassing **trade policy**, **economic policy**, **public engagement**, and **strategic partnerships** to maximize the benefits of the agreement while mitigating risks.
2. Background
The case study focuses on Malaysia's complex decision regarding the ratification of the CPTPP. The agreement, a trade deal between 11 Pacific Rim countries, promises significant economic benefits, including increased market access, reduced tariffs, and enhanced investment opportunities. However, the ratification process has been met with resistance from various stakeholders, including domestic businesses, labor unions, and political groups, who raise concerns about potential negative impacts on local industries, employment, and environmental sustainability.
The main protagonists in the case are the Malaysian government, facing pressure from both proponents and opponents of the CPTPP, and Malaysian businesses, navigating the potential benefits and risks of the agreement.
3. Analysis of the Case Study
The case study presents a complex scenario involving international relations, trade policy, economic policy, and political considerations. To analyze the situation, we can utilize the following frameworks:
- Porter's Five Forces: Analyzing the competitive landscape within the Malaysian economy, we can assess the impact of the CPTPP on the bargaining power of buyers, suppliers, potential entrants, and substitute products. This framework helps evaluate the potential benefits and threats to specific industries and sectors.
- Political Economy Framework: This framework helps understand the interplay of political, economic, and social factors influencing the decision-making process. It highlights the importance of stakeholder engagement, public opinion, and the government's ability to navigate competing interests.
- Risk Management Framework: Identifying and evaluating potential risks associated with CPTPP ratification is crucial. These risks include economic disruptions, job losses, environmental degradation, and potential conflicts with existing trade agreements. Implementing a comprehensive risk management plan is essential to mitigate these risks and ensure a smooth transition.
4. Recommendations
- Strategic Trade Policy: The Malaysian government should prioritize negotiating favorable terms within the CPTPP framework, ensuring that the agreement aligns with national development goals and safeguards key industries. This includes focusing on sector-specific provisions that address concerns regarding potential job losses and market disruptions.
- Targeted Economic Policies: To mitigate potential negative impacts, the government should implement targeted economic policies that promote upskilling and reskilling programs, support for small and medium enterprises (SMEs), and investment in innovation and technology. These policies can help Malaysian businesses adapt to the changing economic landscape and seize opportunities within the CPTPP framework.
- Public Engagement and Transparency: The government should prioritize transparent communication with the public, addressing concerns, and building consensus regarding the CPTPP. This includes engaging with stakeholders, conducting public hearings, and providing clear and concise information about the agreement's potential benefits and risks.
- Strategic Partnerships: Malaysia should leverage the CPTPP to foster strategic partnerships with other member countries, particularly in areas of mutual interest, such as technology, innovation, and sustainable development. This can lead to joint ventures, knowledge sharing, and capacity building, ultimately enhancing Malaysia's competitiveness within the regional and global markets.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with Malaysia's long-term economic goals of promoting sustainable growth, diversifying its economy, and enhancing its global competitiveness.
- External Customers and Internal Clients: The recommendations address the concerns of various stakeholders, including businesses, workers, and consumers, ensuring that the CPTPP benefits the Malaysian economy as a whole.
- Competitors: The recommendations acknowledge the competitive landscape within the region and aim to position Malaysia favorably within the CPTPP framework, enabling it to attract foreign investment and compete effectively in global markets.
- Attractiveness: The recommendations consider the potential economic benefits of the CPTPP, including increased trade, foreign investment, and access to new markets. These benefits are expected to contribute to economic growth, job creation, and improved living standards in Malaysia.
6. Conclusion
Ratifying the CPTPP presents both opportunities and challenges for Malaysia. By adopting a strategic approach that prioritizes national interests, addresses concerns, and leverages the agreement's potential benefits, Malaysia can position itself for success within the evolving global trade landscape.
7. Discussion
Alternative options include:
- Rejecting the CPTPP: This would avoid potential risks but also limit opportunities for economic growth and market access.
- Delaying ratification: This would allow for further negotiations and public engagement but could lead to uncertainty and missed opportunities.
Key risks associated with the recommendations include:
- Economic disruptions: The CPTPP could lead to job losses in certain sectors, requiring effective mitigation strategies.
- Environmental concerns: The agreement's impact on environmental sustainability needs to be carefully monitored and addressed.
- Political backlash: Public opposition to the agreement could lead to political instability and hinder its implementation.
8. Next Steps
- Negotiate favorable terms: The Malaysian government should prioritize negotiations to secure beneficial provisions within the CPTPP framework.
- Develop mitigation strategies: Implement targeted economic policies and social safety nets to address potential negative impacts on specific sectors and workers.
- Enhance public engagement: Engage with stakeholders, conduct public hearings, and provide transparent information about the agreement.
- Foster strategic partnerships: Identify and pursue collaborative opportunities with other CPTPP member countries to enhance economic cooperation and competitiveness.
By taking these steps, Malaysia can navigate the complex landscape of the CPTPP and maximize its potential benefits while mitigating risks.
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Case Description
What does the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) mean for a country like Malaysia? This case investigates the far-reaching domestic ramifications of this type of "mega-regional agreement," as well as how international agreements can be an important way to strengthen alliances and global standing. The case asks students to evaluate an important decision facing Prime Minister Mahathir Mohamad, a long-serving former prime minister who surprised everyone by winning Malaysia's May 2018 election. Having come out of retirement to secure his legacy, Mahathir faces a complicated political choice. The previous administration had signed on to the CPTPP, and signatory countries must now pass the deal through their respective domestic approval processes. But Mahathir's party and government are divided on the deal, which could bring new export and investment opportunities - but also would require Malaysia to make commitments to protect labor rights and intellectual property. These commitments, in turn, could prove politically unpopular at home.
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