Decision on TPP likely at Apec meeting in November

KUALA LUMPUR — Negotiations on reviving the Trans-Pacific Partnership (TPP) agreement without the United States are likely to be concluded in November during the Asia-Pacific Economic Cooperation (Apec) meeting in Manila, said Malaysian Minister of Trade and Industry Mustapa Mohamed.

“In November, there is an Apec meeting in Manila. We will be meeting leaders and ministers dealing with (the) TPP agreement and (there) might be a decision there,” said Mr Mustapa, adding that Malaysia remains open to proposals raised by other participating countries on the TPP.

“My ministry and the Malaysian team fought hard for (a) fair deal that was in the best interest of Malaysia while also adhering to the principles of fair and open trade.”

The TPP was signed in February last year by 12 countries — including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the US — covering around 40 per cent of the global economy.

The US withdrew from the deal in January. While on the campaign trail, American President Donald Trump had promised to pull his country out of what he called a “job-killing” free trade agreement.

Under the TPP, a minimum of six countries accounting for 85 per cent of combined GDP of the 12 members must be ratified before the agreement can come into force.

The remaining signatories have agreed to pursue the trade deal without Washington.

One of the challenges of the TPP is keeping on board Vietnam and Malaysia, which signed up for the deal and promised to make major reforms largely to get better US market access.

Commenting on another trade pact being negotiated between the Association of South-east Asian Nations (Asean) and six of its dialogue partners, Mr Mustapa said: “Malaysia’s focus is now on the Regional Comprehensive Economic Partnership (RCEP), which could possibly be finalised early next year, with Australia, China, India, Japan, New Zealand and South Korea and Asean as the main driver.”

To date, the RCEP participating countries have met a number of times and there has been progress towards achieving a substantial conclusion, he said.

The minister added that the RCEP negotiating parties will meet again in Hyderabad, India, next week. This will be the 19th round of negotiations for the RCEP. The last meeting was held in the Philippines in May. AGENCIES