Najib: M'sia looks to completion of TPP 'on own terms' by year-end

Malaysia looks forward to the completion of the Trans-Pacific Partnership (TPP) possibly by year-end on terms acceptable to the country, Prime Minister Datuk Seri Najib Razak said.

"We will try because earlier the target was to complete it by the end of last year but at the East Asia Summit in Bali, I said it was not possible, the TPP cannot became a reality, as such we are hoping to reach an agreement by the end of this year," he said.

Najib was speaking to reporters after his keynote speech presented at the Nikkei 20th International Conference on the Future of Asia "Rising Asia: Messages for the Next 20 Years" here today.

This is Najib's second appearance as a keynote speaker at the Nikkei conference. His first was at the 17th Nikkei Conference in 2011.

However, Najib, who is also Finance Minister, said if the year-end date cannot be met, Malaysia would continue with the negotiations as the deadline was not important but the contents of the TPP agreement.

He said the aim of the agreement was to achieve two main objectives; expanding trade and market access in terms of economic and investment growth, and secondly, to uphold the country's sovereignty based on current principles.

"We will hold to these two principles and I do not want them to be jeopardised because of the TPP agreement," he said.

In this context, the prime minister directed Malaysian negotiators to negotiate for a "TPP agreement that is on our terms".

Asked on the peoples' perception of the TTP, Najib explained that they have not been informed as the agreement was still being negotiated.

"If a TPP agreement is reached and completed, only then will we reveal the contents. Although Datuk Seri Mustapa Mohamed (International Trade and Industry Minister) has had many engagements with various quarters to explain the TPP principles, we still have to wait for the entire process to end," he said.

Najib said as soon as the negotiations are completed, the people would be informed of its contents and it would be presented in Parliament for endorsement.

He also did not deny that the TPP negotiations were being politicised.

"Of course, that is the work of the opposition, they will oppose to everything. What is good for the people they will oppose but there are times when you can only see the benefits in the long-term," Najib added.

The TPPA is an free trade agreement involving 11 countries namely Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, United States and Vietnam.

Earlier in his keynote address, Najib said TPP would strengthen the country's ties with the wider world; as would the Regional Comprehensive Economic Partnership, which would bring three of the largest economies into the world's largest trading bloc.

"In an interdependent global economy, the benefits of greater co-operation extends far beyond Asia's borders," he added.

The conference, organised by well-known international media group Nikkei Inc of Japan, also saw Singapore Prime Minister Lee Hsien Loong and Nikkei Inc president and CEO, Tsuneo Kita present.