Malaysia will not be among the first to ratify new TPP deal: Minister

Malaysia will not be among the first to ratify new TPP deal: Minister

KUALA LUMPUR: Malaysia will not be among the first countries to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by early 2019. 

This is because Malaysia would not be able to amend the remaining 18 laws required by year-end in its efforts to implement the trade deal, said International Trade and Industry Minister Mustapa Mohamed on Tuesday (Mar 6). 

“We are required to amend 19 laws and so far, we have done one,” he said at a press briefing. 

The main areas of the 18 legislation covers labour, governance and environment.

With the country's looming 14th general election, it will not be possible for Malaysia to meet the requirement to be part of the first batch of countries ratifying the CPTPP, he added.

“We hope next year, we could be on board. If we are not part of it, we will not get the benefits of the CPTPP. That is the implication for Malaysia not ratifying the CPTPP,” he said.

Mustapa said there were speculations that six countries would be able to implement the CPTPP by early next year.

Last year, the Trans-Pacific Partnership (TPP) was rebranded as the CTPP after the US abruptly pulled out of the trade pact. 

Ministers of all 11 member countries are expected to sign the CPTPP in Santiago, Chile on Thursday. 

The countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Source: Bernama/CNA/ad