Malaysian businesses to benefit from TPP
Malaysian enterprises stand to benefit greatly from the market enlargement if the country signs the Trans-Pacific Partnership (TPP) agreement.
Illustrative image (Source: theborneopost.com)Malaysian enterprises stand to benefit greatly from the market enlargement if the country signs the Trans-Pacific Partnership (TPP) agreement, said International Trade and Industry Minister Mustapa Mohamad.
Speaking at a briefing on the TPP Alor Setar, Kedah on October 25, the minister said a bigger combined market will help local companies explore new markets abroad.
He went on to say that Malaysian firms will enjoy preferential treatments in terms of import and export duties from TPP trading partners if it joins the trade deal, which will also make the country an attractive trade and investment destination.
In 2014, the total offshore investment of Malaysian companies was 520 billion Malaysian Ringgit (RM) (123 million USD), exceeding that of foreign companies in Malaysia at 470 billion RM (111.2 million USD). Half the amount was invested through Petronas, he added.
Mustapa reckoned the TPP deal, which was concluded in Atlanta on October 5, will be submitted to the Parliament for discussion as early as January 2016.
The 12 countries involved in the TPP agreement are Brunei, Chile, Singapore, New Zealand, the US, Australia, Peru, Vietnam, Mexico, Canada and Malaysia.-VNA
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