MITI: Access to countries that Malaysia has no trade pacts one reason to opt for TPP

The potential for access to more countries that Malaysia has yet to have trade pacts with, investment as well as adoption of international standards were among the eight compelling reasons for the government to opt for the landmark trade pact -- the Trans-Pacific Partnership Agreement (TPPA).

Ministry of International Trade and Industry's (MITI) Deputy Secretary General (Strategy and Monitoring), Datuk J. Jayasiri, said another reason was about sending the right signal to the world that Malaysia was an open and a business-friendly nation.

Jayasiri, who is also Malaysia's chief negotiator for TPP, said this at the roundtable discussions on 'What Does The TPPA Mean For Malaysia?' here today.

The roundtable discussion is organised by Asian Strategy & Leadership Institute.

He said the Trans-Pacific Partnership (TPP) included 12 countries -- Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, US and Vietnam.

Prior to the TPP, Malaysia has no trade-related arrangements with Canada, the US, Mexico and Peru.

"These countries are eliminating almost 90 per cent of their tariffs and being part of the deal will give Malaysia the preferential access to these countries," he said.

Jayasiri said TPP would also ensure liberalisation, protection and facilitation of investments, adoption of international standards in labour and environment as well good governance.

"Rating agencies will look at good governance and transparency when evaluating a country's prospects," he said.

He said Malaysia would also enjoy the first-mover advantage with the rest of TPP members by becoming a member.