Legislation changes to go on despite cloud over TPP
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.