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Mustapa: KL wins several TPPA concessions in sensitive areas

KUALA LUMPUR: Malaysia and 11 other Pacific Rim countries have reached a deal on the most sweeping trade liberalisation deal that will cut trade barriers and set common standards among these countries which form 40% of the world economy.

Trade ministers and their chief negotiators who have been on a marathon meeting in Atlanta since Sept 26, revealed yesterday that their Trans-Pacific Partnership Agreement (TPPA) has been concluded, paving the way for a deal that could reshape industries and influence everything from the price of cheese to the cost of cancer treatments.

The TPP nations are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States and Vietnam.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed, who is now in Turkey to attend the G20 ministerial meeting, said Malaysia had won several concessions in areas considered sensitive to the country, including protecting the interest of bumiputras, government procurement and state-owned enterprises.

“Elements of flexibilities accorded to Malaysia include longer transition periods and differential treatment for Malaysia’s sensitive areas,” he said in a statement issued after negotiations were concluded yesterday.

Mustapa reiterated that Malaysia would never be party to an agreement that violated the nation’s Constitution or one that undermined the core policies of the Government.

“Let me reiterate that whether or not Malaysia becomes a party to the TPPA will be a collective decision.

“Once the complete and official text of the agreement is prepared, I will present it to the Cabinet and Parliament for debate.

“We will also hold full consultations with interested parties and the public,” he said.

Mustapa said he had spoken to Prime Minister Datuk Seri Najib Tun Razak from Atlanta to update him on the progress as well as to seek guidance and mandates to ensure Malaysia’s positions and interests were safeguarded.

On the issue of intellectual property rights, Mustapa said Malaysia had stood firm that the TPPA should not hinder the public’s accessibility to affordable drugs and healthcare, while at the same time ensuring the necessary incentives for pharmaceutical innovators to produce new drugs and medicine.

“On market access, a fundamental element in any free trade agreement, Malaysia has concluded its negotiations with all parties.

“Good offers were made by all parties in which import duties for almost all products will be eliminated.

“Essentially, the outcome will provide Malaysian companies with greater market-access opportunities, particularly in markets such as the US, Canada, Mexico and Peru with which Malaysia does not have FTAs,” the minister said.

He also said that Malaysian exporters would gain an advantage over regional competitors in exports in the electrical and electronics sector, textiles as well as automotive parts and components.

“Exports of chemical, palm oil, rubber and wood products will also benefit.

“All of these represent major exports for Malaysia and generate huge amounts of revenue and employ tens of thousands of Malaysians,” he added.

“As an open economy which has benefited from a more open trade and investment regime, we not only need to move in tandem with regional and global developments, but also need to improve our competitiveness.

“We believe the TPPA will provide the impetus for us to do so.”

– The Star

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