TPP’S FATE TO BE DECIDED AT APEC MEET
Malaysia remains open to options, says minister
RUPA DAMODARAN
KUALA LUMPUR rupabanerji@mediaprima.com.my
THE future of the Trans Pacific Partnership (TPP) grouping will be decided during the Asia-Pacific Economic Cooperation (Apec) leaders’ summit in Vietnam in November.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Malaysia remained open to options to bring the TPP agreement into force without the United States.
The rest of the members are Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore and Vietnam.
“The TPP would have brought additional growth not only to Malaysia but to the world as a whole,” he said at Channel News Asia’s Asia Business First Forum yesterday.
The TPP experience has strengthened Malaysia’s resolve to pursue regional and bilateral agreements with the trading partners.
“With the TPP hanging in the balance, the successful conclusion of the Regional Comprehensive Economic Partnership is important for future trade and growth in the region.”
On Malaysia’s key to success, Mustapa said the country was now a net exporter of capital and had produced many globally competitive companies.
At the end of the second quarter, direct investment abroad stood at RM574 billion, compared with foreign direct investment of RM557 billion.
The diversified economic and export structure as well as the focus on infrastructure have helped domestic businesses.
“Malaysia has been successful because it has a systematic planning process and execution machinery through the development plan and key performance indicator since we embarked on our transformation journey seven years ago.”
Despite the positive buzz, Malaysia will continue to improve the hard and soft infrastructure so as to keep sight of the challenges. The setting up of the Digital Free Trade Zone is one of the commitments to embrace the digital economy.