Leg­is­la­tion changes to go on de­spite cloud over TPP

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: In­ter­na­tional Trade and In­dus­try Min­is­ter Datuk Seri Mustapa Mo­hamed (pix) said Malaysia will con­tinue its work in amend­ing rel­e­vant leg­is­la­tion de­spite the cloud of un­cer­tainty around the fu­ture of the Trans Pa­cific Part­ner­ship (TPP).

In a state­ment re­leased yes­ter­day, he said the changes to these laws are not just to com­ply with the TPP agree­ment (TPPA) but are a re­sult of the on­go­ing do­mes­tic re­view meant to strengthen and up­date a num­ber of laws to fa­cil­i­tate trade and ful­fil our in­ter­na­tional obli­ga­tions.

The fi­nal de­ci­sion on the pro­posed amend­ments will, how­ever, be made by the Cab­i­net.

Mustapa said the 12 lead­ers of TPP coun­tries at a meet­ing in Lima, Peru, on Nov 19, agreed to wait for greater clar­ity from the new US ad­min­is­tra­tion be­fore con­sid­er­ing any fu­ture op­tions.

“De­spite the lat­est state­ment by US Pres­i­dent-elect Don­ald Trump on Nov 21, that one of the first tasks as pres­i­dent would be to with­draw the US from the TPPA, Malaysia would wait for greater clar­ity from the US ad­min­is­tra­tion when the new pres­i­dent takes of­fice on Jan 20, 2017. Malaysia will take the next course of ac­tion only when there is of­fi­cial con­fir­ma­tion that the US will not par­tic­i­pate in the TPPA,” he said.

The TPP mem­bers agreed in Lima to re­main in close con­tact and up­date each other on de­vel­op­ments in their re­spec­tive coun­tries. Once there is cer­tainty from the new US ad­min­is­tra­tion af­ter Jan 20, the chief ne­go­tia­tors may meet to con­sider op­tions and the way for­ward.

All the TPP coun­tries, ex­cept for the US, are in var­i­ous stages of ob­tain­ing their do­mes­tic leg­isla­tive ap­provals. New Zealand has com­pleted its par­lia­men­tary process. Ja­pan’s Lower House of Par­lia­ment has ap­proved the TPPA, which is now in the Up­per House for con­sid­er­a­tion.

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