Malaysia keeps its options open on TPP
PETALING JAYA: The Ministry of International Trade and Industry said Malaysia is keeping its options open on the Trans-Pacific Partnership (TPP), following the first meeting of all TPP ministers bar the United States, in which they decided to keep talks alive despite differing views.
TPP ministers met on the sidelines of the gathering of Asia Pacific Economic Cooperation (Apec) trade ministers in Hanoi, Vietnam, over the weekend.
TPP officials are to start the process to assess all the options available for the signatories, taking into account the needs to ensure that the partnership remains beneficial for parties involved. The next meeting involving the TPP officials is expected to be hosted by Japan in July this year.
Discussions among officials will be guided by several principles, including the need to keep the momentum and act decisively in a timely manner; to maintain the high standards of the agreement; to maintain balance of benefits for all members; and to ensure that the TPP Agreement (TPPA) maintains the commercial and strategic interests of all participants.
Minister Datuk Seri Mustapa Mohamed gave an assurance yesterday that should the TPP proceed without the US, they will ensure that the interests of the country remain protected and the benefits derived still outweigh the costs. An important consideration for Malaysia would be the possibility of missing out on economic opportunities should the other 10 countries decide to go ahead with the trade agreement.
“The engagement with our domestic stakeholders will resume as soon as there is greater clarity in the options to be considered. Malaysia will deliberate every aspect of the TPPA without the US and I assure all Malaysians that any decision made will be in the best interest of our country,” Mustapa said.
Malaysia will continue to amend the legislations covering several areas including labour and intellectual property rights regardless of whether or not we will be part of the TPPA.
“The changes to these laws are not just to comply with the TPPA, but are a result of our domestic review that has been ongoing to strengthen and update legislationa to fulfil our international obligations such as in the International Labour Organisation. These amendments are also to ensure our legislations remain relevant in current times,” Mustapa said in a statement.