TPP will fall through without US participation, says Mustapha
Bernama
August 26, 2016 15:58 MYT
August 26, 2016 15:58 MYT
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 last year. - File Photo
International Trade and Industry Minister Datuk Seri Mustapa Mohamed has reiterated that the Trans-Pacific Partnership Agreement (TPPA) would fall through without the participation of the United States (US).
He said a provision in Chapter 30 of the TPPA states the need for the participation of the US in the trade deal as the country is the largest economy in the world, accounting for about 20 per cent of global output.
"President Obama will try to push the TPPA during his 'Lame Duck' period in the office. It will go through should there be enough support," he told reporters today on the sidelines of second Teras Networking
Session organised by the Bumiputera Agenda Steering Unit.
Republican candidate for the US presidential elections candidate Donald Trump has made public his opposition to the TPPA.
Trump reportedly called the TPP the "biggest betrayal" of Americans, claiming the deal will result in job losses to his countrymen from massive work outsourcing.
"All ASEAN leaders will be at the upcoming ASEAN Summit and so will the TPP leaders. We may discuss updates on the trade pact," said Mustapa.
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 last year.
The TPP is a free trade agreement that has been negotiated as part of the larger Trans-Pacific Strategic Economic Partnership since 2010.