TPP targetted to be signed in March 2018

Malaysia has welcomed a breakthrough among trade negotiators of the remaining 11 countries of the Trans-Pacific Partnership in Tokyo, clearing the way for a revised agreement to be signed in early March 2018
International Trade and Industry Minister Datuk Seri Mustapa Moha­med said the free trade agreement, now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is a high-quality agreement with a combined GDP worth US$11 trillion (RM42.9 trillion), covering a 476 million population and a 15% share of global trade volume.
“The signing of this agreement will be a significant boost to global trade and open doors for Malay­sian companies to expand their presence in the overseas market."
“We expect additional jobs to be created as a result of further investments that will come due to the improved trading and investing environment under the CPTPP. We are satisfied with the outcome of this meeting and our negotiators have once again successfully defended Malaysia’s interests,” Mus­­­ta­pa said in a statement.
The signing of the deal will be done without the United States, which has abandoned it under President Donald Trump.
The CPTPP involves Australia, Bru­­nei, Canada, Chile, Japan, Malay­sia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The agreement will incorporate all commitments from the original TPP, except for a limited number of provisions suspended temporarily and some remaining issues to be finalised.
Mustapa listed four issues, including Malaysia’s request for additional flexibility for the oil and gas sector under state-owned enterprises chapter, which were resolved.
“Malaysia’s request for additional flexibility to conduct preferential purchases for the upstream oil and gas sector will now commence on the date of entry instead of the date of signing."
“The other issues (involving other countries) are market access for the coal industry, trade sanctions related to dispute settlement and exception to cultural industries."
“Before the Tokyo meeting, there were 20 provisions that will be suspended under the CPTPP."
“The suspension would mean that these provisions will not be implemented until all CPTPP mem­ber countries agree to lift this suspension.
“The Tokyo meeting has agreed to add two more suspensions into the list – making it a total of 22 suspensions. One of them was on the additional flexibility for Malaysia in the oil and gas sector, after the relentless pursuit and consistent fight put forth by our negotiating team on this matter. The other one was on market access for Brunei’s coal industry,” the statement added.
According to Japanese media reports, nearly two-dozen stipulations sought by the US in the original TPP deal were shelved after Washington withdrew.

Some members sought easier terms on labour rights and state-owned companies, but it’s unclear how far the changes will go in watering down what was proclaimed by the Obama administration to be a “gold standard” for 21st century trade rules.
Japan’s top trade negotiator, Toshimitsu Motegi, said he hoped to expand the membership of the TPP and encourage a US return to the pact.
/theSTAR 25-01-2018
Disclaimer: Views or opinions expressed are solely those of the Author and should be used with discretion. The Author shall not be held liable for any acts or omissions arising from the use of the information. The user will be personally liable for any damages or other liability arising hereof.

Post a Comment