Malaysia's trade with US expected to rise via TPP

January 15, 2011 11:04 am 

By Elmi Rizal Elias

WASHINGTON, Jan. 14 — Malaysia expects total trade with the United States to increase more than 70 per cent after it gains membership into the Trans-Pacific Partnership Agreement (TPP).

Deputy Prime Minister Tan Sri Muhyiddin Yassin said trade between Malaysia and the United States grew 20 per cent or RM15.79 billion between January and October last year compared with the corresponding ten months in 2009.

"Through the TPP and the involvement of eight major countries which are our trading partners, trade with the United States is anticipated to rise more than 70 per cent," he told Malaysian reporters after a meeting with the United States-Asean Business Council here on Thursday.

Also present were the Malaysian Ambassador to the United States Datuk Seri Dr Jamaludin Jarjis and the President of the United States-Asean Business Council Alex Feldman.

Muhyiddin is in the United States for a six-day working visit to Boston and Washington.

Besides Malaysia, the others members of TPP include the United States, Brunei, Australia, New Zealand, Chile, Peru, Singapore and Vietnam.

Muhyiddin also said Malaysia was actively involved in the TPP.

"TPP is one step ahead of the Free Trade Agreement (FTA). We realize that the FTA with the United States is stagnant..it has not made progress perhaps because President Barack Obama wants to concentrate on domestic policies.

"As such, the move to introduce TPP is not only a step in the right direction but it is also better than the FTA," he said adding that the TPP was keenly awaited by both Malaysian and American businessmen

Muhyiddin said Malaysia did not face any problems in the TPP negotiations and was confident it would be concluded as scheduled.

He said what was vital to the negotiations was the fact that the private sector, especially the small-and-medium entreprises, and not the government, was the catalyst to the TPP.

Besides Malaysia, the others members of TPP include the United States, Brunei, Australia, New Zealand, Chile, Peru, Singapore and Vietnam.

Muhyiddin also said Malaysia was actively involved in the TPP.

"TPP is one step ahead of the Free Trade Agreement (FTA). We realise that the FTA with the United States is stagnant..it has not made progress perhaps because President Barack Obama wants to concentrate on domestic policies.

"As such, the move to introduce TPP is not only a step in the right direction but it is also better than the FTA," he said adding that the TPP was keenly awaited by both Malaysian and American businessmen

Muhyiddin said Malaysia did not face any problems in the TPP negotiations and was confident it would be concluded as scheduled.

He said what was vital to the negotiations was the fact that the private sector, especially the small-and-medium entreprises, and not the government, was the catalyst to the TPP. (PNA/Bernama)

DCT/rsm

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