AUCKLAND, Feb 4 — Twelve countries including Malaysia have finally signed the ambitious Trans-Pacific Partnership Agreement here Thursday which is set to expand markets, reduce tariffs and promote freer trade.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed signed the comprehensive 21st century pact pact for Malaysia that represents nearly 40 per cent of global gross domestic product worth US$30 trillion.
The signing of the TPPA in New Zealand’s capital city is the culmination of five years and 19 rounds of tough negotiations.
The 12 countries include New Zealand, Australia, Chile, Mexico, Japan, Peru,Canada, Vietnam, United States, Singapore, Brunei and Malaysia.
Most of these countries comprise Malaysia’s major trading partners.
The TPPA is aimed at promoting economic integration to liberalise trade and investment as well as spur economic growth and social benefits.
More than 90 per cent of the economic gains will be attributable to lower non-tariff measures.
It is also expected to create new opportunities for workers and businesses, contribute to raising living standards of 800 million people, benefit consumers, reduce poverty and promote sustainable growth.
Besides Mustapa, Malaysia’s Chief Negotiator for the TPPA who has been involved in the thick of negotiations from the beginning, Datuk J. Jayasiri was also present at the historical event.
Bernama learnt that the signing ceremony held at SKYCITY Convention Centre in downtown Auckland began at 9.00am local time with a colourful cultural performance followed by ministerial meeting before the signing.
Malaysia, which joined the TPPA in the third round of negotiations in October 2010, will see its GDP increase by US$107 billon to US$211 billion over 2018-2027.
Investments are projected to increase by US$136 billion to US$239 billion over 2018-2027, largely due to higher investment growth in textiles, construction and distributive trade.