Free trade agreements part of global trend, says minister

Work of art: (from left) Noraini, Mustapa, Ahmad and Yeoh looking at the Star Wars inspired shoe designed by Choo (right).

KUALA LUMPUR: Free trade agreements (FTA) including the Trans-Pacific Partnership (TPPA) are part of a global trend to facilitate commerce and Malaysia cannot be left behind.

International Trade and Industry Minister II Datuk Seri Ong Ka Chuan said Malaysia was already part of the Asean Economic Community which is also a FTA.

He pointed out that Malaysia had a population of only 30 million, but the removal of trade barriers allowed local products to be exported to all 10 member countries which had a combined population of 600 million.

Ong said the TPPA was nothing unusual as the principle would still be the same.

“Free trade means a bigger market for Malaysia. The whole world has the same aspiration.

“So let’s come together to sign this FTA,” said Ong during the launch of FACIT@INTRADE and the Malaysia Fashion Week (MFW) 2015.

The TPPA is touted to be the biggest trade agreement in history, reducing tariffs and other forms of protectionism in 12 countries making up about 40% of the world’s economy.

Ong expected the TPPA to be a hot topic in the weeks to come as Malaysia decides on whether to sign on. The contents of the agreement will be made public before it is brought to Parliament for final approval.

The TPPA, Ong said, would also make Malaysia a more attractive destination for foreign investors to set up hi-tech factories which in turn would provide more local jobs.

Ong, who was at the launch with his deputy Datuk Ahmad Maslan and MFW honorary adviser Datuk Prof Jimmy Choo, said he was very impressed with what he saw.

This year’s event has 290 booths with 68% Malaysian and 32% businesses from 14 countries.

Later, the MFW kicked off with a fashion line-up from over 100 local and international designers which will last until Saturday.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed attended the gala dinner accompanied by Ahmad, Matrade chairman Datuk Noraini Ahmad and chief executive Datuk Dzulkifli Mahmud, MFW co-chairman Datuk Nancy Yeoh and Choo.

Mustapa also spent time to look at some of the fashion exhibits.

For more information on Malaysia Fashion Week 2015, visit malaysiafashionweek.my.