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Malaysia gets off the block to ratify TPP
04
Feb '16
Malaysia's eagerness for the Trans Pacific Partnership deal became apparent almost a week before the formal signing of the agreement in Auckland, New Zealand today. The Malaysian Parliament approved the country's participation in the 12-nation trade bloc on January 27 with 127 votes in favour of the agreement, while 84 voted against. A day later the Senate also gave its approval for the country to sign and ratify the trade deal.

International Trade and Industry Minister Mustapa Mohamed signed the landmark trade pact on behalf of Malaysia in Auckland today.

He said the textile, electrical and electronics, palm oil and rubber industries were also among sectors that were keen to exploit opportunities arising from an expanded market and lower tariffs under the new pact.

“We believe market access is very important for Malaysia especially with countries we don't have free trade agreements such as the US, Canada, Mexico and Peru. Market access is indeed one of the reasons we are in the TPP,” he said at a joint press conference with 11 other signatories to the deal.

The US-led trade deal is aimed at spurring trade in the Pacific region.

Signatories include Brunei, Chile, New Zealand, Singapore, Australia, Canada, Malaysia, Japan, Mexico, Peru, the United States and Vietnam.

The 12 countries have two years to ratify the agreement before it comes into force in 2018. (SH)

Fibre2Fashion News Desk – India

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