Even as 12 Pacific Rim member countries of the Trans-Pacific Partnership (TPP) agreement reached consensus over contentious areas covered in the sweeping trade pact, its impact on sectors and industries in Malaysia remains vague.
The TPP, in which Malaysia joins ranks with Vietnam, Singapore, Australia, the United States, Mexico, Canada and others, aims to liberalise trade and set common standards in these countries which produce 40% of global economic output.
All member countries have up to two years to ratify the agreement.
Malaysia’s International Trade and Industry Minister Datuk Seri Mustapa Mohamed, in a posting on his Facebook account last Tuesday, said that the contents of the agreement and a cost benefit analysis would be tabled in Parliament in two months, whereby parliamentarians would debate and decide to agree or disagree to the TPP.
While some quarters have argued that the TPP will offer developing countries like Malaysia and Vietnam greater access to markets across the world, others argue that it will open the door to biased arbitration favouring corporate interests above the government’s and restrict access to important goods such as cheaper medication. Read more