On Tuesday, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the TPPA chief negotiators from the 11 countries other than the US would be in constant communications with each other to consider all available options before deciding the best way forward.
KUALA LUMPUR: The Federation of Malaysian Manufacturers (FMM) hopes the Government would continue to engage countries in the Trans-Pacific Partnership Agreement (TPPA) that Malaysia was supposed to have a free trade agreements (FTAs) under the pact.
In a statement on Wednesday, FMM said the move was to strengthen trade ties through bilateral trade agreements if the TPPA failed to materialise.
FMM said the TPPA was expected to open up another 10% of Malaysia’s duty-free trade with new non-FTA markets, namely the US, Canada, Mexico and Peru.
“We also look forward with great anticipation to the successful conclusion of other important FTAs, especially the Regional Comprehensive Partnership Agreement (RCEP), which is currently being negotiated.
“We note that the RCEP negotiations have made significant progress and are very hopeful for a swift and successful conclusion of the RCEP by year-end,” it said.
As of now, FMM said, Malaysia has concluded seven bilateral FTAs (Japan, Pakistan, New Zealand, India, Chile, Australia and Turkey) and five regional FTAs through Asean (Asean with China, South Korea, Japan, India and Australia-New Zealand). - Bernama