Miti: Rescued trans-Pacific trade deal not as onerous as original

Deputy International Trade and Industry Minister Ong Kian Ming speaks during the Dialogue on Budget 2019 and Industry at Seri Kembangan, Kuala Lumpur November 9, 2018. — Picture by Azneal Ishak
Deputy International Trade and Industry Minister Ong Kian Ming speaks during the Dialogue on Budget 2019 and Industry at Seri Kembangan, Kuala Lumpur November 9, 2018. — Picture by Azneal Ishak

KUALA LUMPUR, Nov 9 — The Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) is less detrimental to Malaysian interests than the Trans-Pacific Partnership from which it was salvaged, said Deputy International Trade and Industry Minister Ong Kian Ming.

He said it does not contain elements of the TPP that were deemed dangerous to the country’s sovereignty.

“Certain provisions in the Investor-State Dispute Settlement (ISDS) and Intellectual Property Rights (IPR) have been suspended with the US pullout and this is favourable to Malaysia,” said Ong.

He was speaking to reporters after chairing his ministry’s dialogue with industry players on Industry 4.0 and Budget 2019 here today.

The CPTPP is a rebranded Trans-Pacific Partnership Agreement (TPPA) that “collapsed” after US President Donald Trump withdrew his country.

Six countries have ratified the new deal. Malaysia has signed on but not ratified.

The deal will reduce tariffs in economies that together amount to more than 13 per cent of global gross domestic product (GDP) — a total of US$10 trillion (RM41.8 trillion). With the United States, it would have represented 40 per cent.

Related Articles