TPP deal will be made public in two weeks' time

The contents of the Trans-Pacific Partnership (TPP) Agreement will be made public in two weeks' time, Second International Trade and Industry Minister Datuk Seri Ong Ka Chuan said.

He said as the government had concluded the TPP with the parties involved, the next step is to present the details to the people.

It will then be brought before a special parliamentary session in January next year for debate and a vote by the 222 lawmakers, he told reporters after visiting the Malacca branch of the International Trade and Industry Ministry here Tuesday.

"The members of Parliament will decide whether we will join the TPP or not. It will be approved if 112 or more members of the House agree to it.

"A decision has already been made at the Cabinet level. As the TPP is of paramount importance, this whole process is a way of letting the rakyat decide," he said.

Twelve countries, namely Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore, the US, Vietnam and Malaysia, concluded the TPP negotiations in Atlanta on Oct 5.

Ong said the TPP would not directly affect the prices of goods in the country as the entry of goods from abroad through the trade pact would provide more choices to consumers.

"As consumers will have more choices, this will give them an added advantage as they will be able to buy more goods at low prices due to competition among manufacturers producing cheap and quality goods," he said.

On the impact of the TPP on local manufacturers, he said there would be a healthy competition between them and foreign producers in the local market, besides facilitating their products to enter foreign markets.

"The TPP will also boost foreign direct investment. If we do not join the TPP now, our opportunities might be affected and we will lose the competitive edge against neighboring countries such as Singapore," he said.

Meanwhile, Ong commended Malacca for attracting investments totaling RM6.2 billion for the first six months of this year.

"I believe that the number will increase, especially with the close cooperation between Malacca and Guangdong province, China following an agreement signed between them recently," he said.