Malaysian Deputy Minister of International Trade and Industry Ong Kian Ming (Source: Malay Mail)Kuala Lumpur (VNA) - The Malaysian Government hasyet to decide on whether the country would ratify the Comprehensive andProgressive Agreement for the Trans-Pacific Partnership (CPTPP) or not, thelocal news agency Bernama quoted an official as saying.
Speaking at a session of the Dewan Negara – the upper houseof the Parliament of Malaysia - on July 24, Malaysian Deputy Minister ofInternational Trade and Industry Ong Kian Ming said the Government needs moretime to assess related clauses as the deal is a complex and comprehensiveagreement.
He said commitments agreed under the CPTPP have asignificant impact on some of the country’s current laws, policies andregulations, including those under the jurisdiction of the state governments.
The official noted the government is responsible forensuring that every free trade agreement signed by the Malaysian governmentemphasises free and fair trade in line with the government's nationaldevelopment policies for economic benefits that can be distributed to targetgroups.
According to Ong, related government agencies andnon-governmental bodies have conducted a study to evaluate whether the CPTPPwould have positive or negative effects on the Malaysia.
The CPTPP is a renegotiated trade deal borne out of theTrans-Pacific Partnership Agreement (TPP) after the US pulled out from the TPP.
The pact was signed earlier this year by the remaining 11TPP member countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia,Mexico, New Zealand, Peru, Singapore, and Vietnam. Currently, only Malaysia, Brunei,Chile and Peru have yet to ratify the agreement.-VNA
VNA
