Najib: TPP negotiations to enter final phase early next year

Prime Minister Datuk Seri Najib Razak said that all 12 countries involved in the Trans-Pacific Partnership (TPP) have agreed for the final round of negotiations to be held early next year.

Leaders involved in the TPP negotiations, being held on the sidelines of the ongoing Asia-Pacific Economic Cooperation summit in Beijing, however, agreed that the negotiations were subject to several factors.

The meeting was chaired by US President Barack Obama.

"I informed them that we have several sensitive areas which are close to our internal policies.

"Top among them is the Bumiputera agenda and government-owned companies. We want the 12 countries in the TPP to allow flexibility for Malaysia's request to be considered," he told Malaysian journalists Monday night.

The TPP negotiating countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, US and Vietnam.

Najib also said if this was possible than Malaysia would be able to negotiate for a ‘TPP agreement that is on our terms’.

"The timeline is rather tight but we will try. If we are unable (to reach a decision) than we will look at further developments. I expect negotiations to be intensive in the next few months," the prime minister said.

Najib also said Malaysia's commitment must be endorsed by the Dewan Rakyat.

On the Apec Business Advisory Council (ABAC), Najib said discussions centred on trade liberalisation, Free Trade Area of the Asia-Pacific (FTAAP), small and medium enterprises (SMEs) and women empowerment, infrastructure development and finance and, the Asia Pacific Financial Forum (APFF).

"I highlighted potential areas where Malaysia can support the APFF that is through capital market, public private partnership and sukuk issuance," he said.

Najib also shared Malaysia's initiative in facilitating financing for SMEs beyond the conventional mode like micro finance, venture capital and government schemes.

In addition, he also highlighted policy measures undertaken by Malaysia to empower women through their increased participation in decision making, access to capital and enhancing capacity and skills.