TPP's market enlargement to benefit Malaysian companies - Mustapa

Malaysian companies will benefit from the market enlargement under the Trans-Pacific Partnership (TPP) if Malaysia were to sign the deal, International Trade and Industry Minister Datuk Seri Mustapa Mohamad said.

He said the bigger combined market would help local companies explore new markets abroad.

Last year, the total investment of Malaysian companies abroad was RM520 billion, which was more than that of foreign companies in Malaysia at RM470 billion, he said at a briefing on the TPP Agreement here, today.

Mustapa said half of the amount invested by local companies abroad was through Petronas, including in Canada, one of the countries expected to join the TPP.

He said Malaysian companies would receive preferential treatment in terms of import and export duties from TPP trading partners if it were to join the trade pact, which would also make the country an attractive trade and investment destination.

The TPP deal, which was clinched in Atlanta on Oct 5, would be tabled and debated in Parliament as early as January next year, he added.

Twelve countries involved in the TPP negotiations are Brunei, Chile, Singapore, New Zealand, the US, Australia, Peru, Vietnam, Mexico, Canada and Malaysia.

Kedah Menteri Besar Kedah Datuk Seri Mukhriz Mahathir and state executive councillors were present.