TUMPAT: The fate of the Trans-Pacific Partnership pact will be determined at the Asia Pacific Economic Cooperation summit to be held in Peru next week, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
He said Malaysia was disappointed with US President Barack Obama’s administration for suspending efforts to win congressional approval for the Asian free-trade deal before President-elect Donald Trump takes office.
Obama, expected to explain the situation to leaders of the 11 other countries in the pact at the summit, had said that TPPA’s fate would depend on Trump who would take over office as the new President on Jan 20, 2017.
“We are really disappointed with this latest development as the TPPA is the first international free trade agreement which has internationally recognised Malaysia’s Bumiputera agenda.
“A lot of time and effort went into the negotiations to conclude the deal,” he told reporters after officiating a ground breaking ceremony here today.
The agreement, negotiated for more than five years by the US, Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore, Vietnam and Malaysia, was finalised in October 2015 and signed in Auckland on Feb 4, 2016. –Bernama