Consider disadvantages of not being TPPA member, urges Wahid

Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar has urged the public to consider the disadvantages of not being a member of the Trans-Pacific Partnership Agreement (TPPA).

"The public must consider the cost of not entering TPPA and I would like to encourage them to be open-minded about the idea," he said during a question-and-answer session at the Bumiputera Agenda Driving Unit (Teraju) fifth networking session here, Monday.

He said foreign companies would be able to enter the local market if neighbouring countries such as Singapore and Vietnam decided to participate in the agreement.

"With the ASEAN Economic Community and the ASEAN Free Trade Area (implementation), foreign companies can actually come in (into domestic market)," he added.

This would affect Malaysia as it has to bear the cost incurred but would not enjoy the benefit, he said.

Meanwhile, Teraju has signed a collaborative agreement with RHB Islamic for an additional RM480 million fund created for high-performing Bumiputera companies (TeraS).

Of the amount, RM240 million would be set aside for TeraS companies to apply for working capital and the balance would be for potential asset acquisition.

To date, the amount of TeraS fund made available with RHB Islamic has increased to RM1 billion under the TeraS Fund initiative.