Malaysia looks into bilateral FTAs with TPP members

Malaysian Minister of International Trade and Industry Datuk Seri Mustapa Mohamed
(Source: http://www.thesundaily.my/)

Kuala Lumpur (VNA) - Malaysia may study the possibility of pursuing bilateral free trade agreements (FTAs) with Trans-Pacific Partnership (TPP) member countries if the pact fails to be enforced, Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said on January 21.

Malaysia will also prioritise strengthening the economic integration within ASEAN as well as pushing for the conclusion of the Regional Comprehensive Economic Partnership (RCEP), he stated.

Previously, when attending the annual meeting of the World Economic Forum in Davos, Switzerland from Jan. 17-20, Mustapa raised his voice against a number of countries’ support for protectionism, stressing that Malaysia remains open for business and investment.

Immediately after the enthronement of new US President Donald Trump on January 20, the new administration informed that the country will withdraw from the TPP.

TPP includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.

If the agreement comes into full force, it will account for an enormous 40 percent of the global economy. It will help remove a great number of tariff barriers and ensure rights of labourers in member nations. The deal is forecast to contribute 300 billion USD to the world’s GDP each year.-VNA