Tuesday, October 6, 2015
Malaysia's Parliament must ratify the TPPA
Salleh Said Keruak
Yesterday, 12 Pacific Rim countries reached the most ambitious and largest regional trade pact in history that cuts trade barriers, sets labour and environmental standards, and protects multinational corporations' intellectual property rights.
The Trans-Pacific Partnership Agreement (TPPA) was concluded on Monday after lengthy negotiating sessions throughout the weekend and is designed to encourage trade between the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam -- jointly which accounts for 40% of the world trade.
Japanese Prime Minister Shinzo Abe welcomed Monday's agreement, saying it would benefit both Japan and the Asia-Pacific region. “It is a major outcome not just for Japan, but also for the future of the Asia-Pacific," said Abe after the deal was clinched.
According to the BBC today, the lawmakers of each of the 12 countries would still need to ratify the agreement, which means Malaysia’s Parliament would still need to debate and approve the agreement.
“It marks the end of five years of often bitter and tense negotiations. Despite the success of the negotiations, the deal still has to be ratified by lawmakers in each country,” said the BBC.