KUALA LUMPUR, Nov 5 — The Trans-Pacific Partnership Agreement (TPPA) will include core obligations found in the World Trade Organisation (WTO) and other trade agreements on national treatment, most-favoured nation treatment and market access, among others.
The Ministry of International Trade and Industry (MITI) said chapter 10 of the final TPPA text specified that the TPP parties accepted the obligations on a “negative-list basis.”
This means that their markets are fully open to services suppliers from TPP member countries, except where they have taken an exception, it added.
“TPP parties also agree to administer measures of general application in a reasonable, objective, and impartial manner, and to accept requirements for transparency in the development of new services regulations,” it said.
MITI said the benefits of the chapter could be denied to shell companies and to a service supplier owned by non-parties with which a TPP party prohibits certain transactions.
“TPP parties agree to permit free transfer of funds related to the cross-border supply of a service.
“In addition, the chapter includes a professional services annex, encouraging cooperative work on licensing recognition and other regulatory issues, and an annex on express delivery services,” it added.
The TPP is a high-standard, comprehensive regional free-trade agreement that will boost trade and investment flows between the countries concerned, as well as integrate the region into a single manufacturing base and market.
After five years of negotiations, Malaysia and 11 other countries, namely
Australia, Brunei, Canada, Chile, Japan, Singapore, Mexico, New Zealand, Peru, the US and Vietnam concluded negotiations for the TPP on Oct 5, 2015 in Atlanta, the US.
“The TPPA will be tabled in Parliament early next year for debate,” International Trade and Industry Minister Datuk Seri Mustapa Mohamed in a statement today. — Bernama