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Malaysian parliament kicks off debate on TPP

Xinhua, January 26, 2016 Adjust font size:

The Malaysian parliament started debate on the country's participation in the Trans-Pacific Partnership (TPP) on Tuesday as the government seeks a quick approval of the trade pact despite remaining skepticism in the country.

The lower house of parliament started a two-day special sitting to debate the agreement, followed by a session in the upper house.

International Trade and Industry Minister Mustapa Mohamed, who tabled the motion, argued that Malaysia's participation in the TPP will be essential for the country to achieve its goal to become a high income country by 2020.

The Malaysian government has lobbied hard to garner support for TPP by holding numerous briefings and discussions with various quarters as well as citing researches and evaluations that Malaysia is among the most to benefit from the deal.

In an article posted on his social networking account ahead the parliamentary debate, Prime Minister Najib Razak said free trade agreements like TPP would not only open up markets for products and services, but could also potentially help develop businesses, create more job opportunities as well as provide more choices of products which are cheaper for Malaysians.

He argued that the TPP had taken into account on some sensitive issues of Malaysia, including the rights of the Malays and other indigenous people, government procurements and government-owned enterprises.

However, some Malaysians remained skeptic on TPP. The opposition said they would vote against the deal.

Thousands of protesters gathered in Kuala Lumpur during the weekend to denounce TPP, demanding the parliament to reject the accord.

Jomo Kwame Sundaram, an economist at the Institute of Strategic and International Studies Malaysia, urged the parliament in a recent article for a throughout discussion on the accord for public interest, instead of rushing through the deal.

He said Malaysia would face huge risks by participating in the partnership, including the investor-state dispute settlement and further liberation on financial services. Meanwhile, the potential benefits for Malaysia are far from certain.

After more the five years of discussions, 12 Pacific Rim countries, namely Singapore, Brunei, New Zealand, Chile, the United States, Australia, Peru, Vietnam, Malaysia, Mexico, Canada and Japan, concluded TPP in October 2015.

TPP forms a trading block that makes up nearly 40 percent of the world economy. The 12 countries are to sign the accord in New Zealand next month. Endite