KUALA LUMPUR: The Trans-Pacific Partnership Agreement (TPPA) does not involve any amendment to the constitution and will not threaten the country’s sovereignty.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed gave this assurance at a prime briefing on 1Malaysia Development Berhad (1MDB), TPPA and Budget 2016, at Putra World Trade Centre (PWTC) here, yesterday.
Instead, he said, the TPPA would make Malaysia a more competitive trading country.
“In addition, the TPPA also encourages the implementation of a high trade standard among member countries, in accordance with international standards
such as better labour rights and more sustainable environmental care.
“This may just involve improvements to the existing laws and regulations. TPPA does not involve amendments to our constitution,” he said.
Malaysia and 11 other countries – Australia, Brunei, Canada, Chile, Japan, Singapore, Mexico, New Zealand, Peru, the United States and Vietnam successfully concluded negotiations for the TPP on Oct 5, 2015.
Mustapa said the content of the TPPA and the two impact studies would be tabled in parliament in January.
“Parliament will debate and make a decision to sign (TPPA) at the end of January 2016 while the ratification of the agreement will be made two years after the signing,” he said.
Under the TPPA, the Malaysian industry would gain wider market access, particularly into Latin America, as well as enjoy tax exemption on exports to TPP member countries.
Taking the example of rubber products, he said, for the moment, duties between two and 14 per cent would be charged for exports to the United States, but after the TPPA, the duties would be abolished.
On medicines, Mustapa said the patent protection on medicines in Malaysia under the TPPA would be retained for 20 years. — Bernama