TPP fate to be decided at APEC 2017 in Vietnam
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Malaysia remains open to options to bring the TPP agreement into force without the United States.
The rest of the grouping members are Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru,Singapore and Vietnam.
“The TPP would have brought about additional growth not only to Malaysia but to the world as a whole,” he said when addressing Channel News Asia’s Asia Business First Forum.
The TPP experience has strengthened Malaysia”s resolve to pursue regional and bilateral agreements with the trading partners.
“With the TPP hanging in the balance the successful conclusion of the Regional Comprehensive Economic Partnership (RCEP) is important for future trade and growth in the region.”
On Malaysia’s key to success, Mustapa said the country is now a net exporter of capital and has produced many globally competitive companies.
At the end of the second quarter, direct investment abroad stood at RM574 billion compared to foreign direct investment which received RM557 billion.
The diversified economic and export structure as well as the focus on infrastructure has helped domestic businesses.
“Malaysia has been successful because it has a systematic planning process and execution machinery through the development plan and KPI since we embarked on our transformation journey seven years ago.”
Despite the positive buzz, Malaysia will continue to improve the hard and soft infrastucture so as to keep sight of the challenges.
The setting up of the Digital Free Trade Zone is one of the commitments to embrace the digital economy.
Source: Newstraitstimes
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