KUALA LUMPUR: The Trans-Pacific Partnership Agreement (TPPA) will come into effect as long as six countries accounting for 85% of the bloc’s GDP ratify the agreement, says International Trade and Industry Ministry secretary-general.
Datuk J. Jayasiri said Malaysia is on track for the ratification before the 2018 deadline.
“We have to do the necessary amendment to 18 legislation, which is ongoing right now,” he said.
Jayasiri was speaking at The King’s Discourse on the TPPA here organised by King’s College London Alumni Malaysia and Columbia University Alumni Association.
He told reporters that all 12 countries in the TPP have 24 months to ratify the agreement, following the signing in February this year in Auckland, New Zealand.
The agreement would come into force 60 days after that.
Should the TPP fall through, Jayasiri said Malaysia would find ways to engage with the four countries within the bloc which Malaysia does not have an existing free trade agreement (FTA) with.
The 12 countries that negotiated the TPP included Malaysia, the United States, Japan, Australia, Peru, Vietnam, New Zealand, Chile, Singapore, Canada, Mexico and Brunei.