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Malaysia undecided on CPTPP treaty

Malaysia has yet to decide on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The country feels the trade pact is not a fair one as it gives companies the power to sue governments for loss of future profits, and something too dangerous for a small country to be associated with. Another concern is that TPP tends to take a stand that is almost anti-Chinese, while a trade agreement ought to include all countries without discrimination. Signatories to the TPP represent 13.5 per cent of the global economy and a market of 500 million people.

Malaysia does not want to be manipulated by big players in the TPP. Malaysia wants the Trans-Pacific Partnership to be renegotiated and has urged protection for small countries in international trade.

The CPTPP is a renegotiated trade deal after the US pulled out from the Trans-Pacific Partnership Agreement (TPP). CPTPP was signed by the remaining eleven TPP member countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership will reduce tariffs in countries that together amount to more than 13 per cent of the global economy. Malaysia’s ideal is a broad trade pact such as the East Asian Economic Caucus.