KUALA LUMPUR, Jan 26 — Malaysia risks facing trade flow changes if it chooses to withdraw from the Trans-Pacific Partnership (TPP) as participating countries would have wider access to markets, said Member of Parliament Datuk Irmohizam Ibrahim.

“The overall impact at national level may not appear large, but the trade flow changes could become very significant for certain industries and for Malaysia’s export revenue,” the BN-Kuala Selangor MP said at a special session on the TPP at the Dewan Rakyat here today.

The two-day meeting beginning today is expected to be followed by one at the Dewan Negara on Thursday.

Irmohizam said the TPP would give Malaysia lower or zero tariffs on exports, adding that open markets would widen opportunities for exporters wishing to venture overseas.

According to a World Bank report, Malaysia and Vietnam would benefit the most from the TPP while non-participating Asian countries would be cut off from trade flows and post slow growth.

The Institute of Strategic and International Studies (ISIS) says Malaysia’s participation in the TPP is consistent with the New Economic Policy and in line with its aspirations to be a high-income country.

“If we do not join the TPP we should be worried, as our economy would be left behind those of regional countries like Vietnam and Singapore,” said Irmohizam, who is chairman of the Malaysian Fisheries Development Authority.

“Joining the TPP could make Malaysia a more attractive investment and trade destination.”

The trade deal could also make Malaysia’s agro-food exporters more competitive in price and product quality while boosting exports of sea food products and livestock, he said.

The session, which ended at 7pm, will resume tomorrow. — Bernama