AUCKLAND: Malaysia joined 11 other Pacific Rim countries in signing the Trans Pacific Partnership agreement today. Witnessed by New Zealand Prime Minister John Key, all 12 signatories inked the agreement.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed signed on behalf of the Malaysian government.

Also present were Dewan Negara president Tan Sri Abu Zahar Ujang, Datuk Wira Ahmad Hamzah, who is the chairman of the Parliamentary Caucus Committee, Kuala Selangor MP Datuk Irmohizam Ibrahim and High Commissioner to New Zealand Datuk Lim Kim Eng.

The trade leaders and chief negotiators were given the Powhiri (M?ori welcome) before they started the ceremony.

Key said today marked a significant day for all as the document, which has been in the making for many years now, draws up better access for goods and services to more than 800 million people across the TPP countries, which make up 36 per cent of global GDP.

“TPP is our biggest-ever free trade deal and is estimated to boost our economy by at least NZ$2.7 billion a year by 2030.

That will help to diversify our economy and mean more jobs and higher incomes for New Zealanders.” The TPP also enables New Zealand to have its first FTA with the United States and Japan. “As a country, we won’t get rich selling to ourselves.

Instead, we need to build new global markets for our products and services, and TPP will help make that happen. ” The next step is for member countries to ratify the Agreement so it can come into force.

“We will encourage all countries to complete their domestic ratification processes as quickly as possible.

“This is because the TPP is not only good for New Zealand, it is really positive for the Asia Pacific region.

Other countries have already signalled an interest in joining TPP and this could lead to even greater regional economic integration.-NST