KUALA LUMPUR, Aug 2- A trade official has played down public concerns over Malaysia’s participation in the Trans-Pacific Partnership Agreement (TPPA) negotiations, saying it is a positive move that augurs well for the country’s trading position in the international marketplace.
President of the Federation of Malaysian Manufacturers, Tan Sri Yong Poh Kon, said Malaysia’s participation in the talks would increase its bargaining power in global trade.
“With the participation of other 11-member countries besides the US, it would increase Malaysia’s bargaining power as we are not only bargaining with US but with other countries as well,” he told Bernama at the TPPA Open Day today organised by the Ministry of International Trade and Industry (MITI).
The Malaysian public were generally concerned as to the extent the 21st century trade agreement model of the TPPA could play an effective tool in promoting fair trade and that Malaysia could be pressured to succumb to a bigger political power.
MITI Policy and Strategy Division Director, Isham Ishak, said the TPP will benefit Malaysia as it will provide access for products with free duties and new investment.
While the TPP can open up new markets for Malaysian products through liberalisation and reduced duties in products, there were also concerns raised that Malaysia companies might not be able to compete with the bigger players in the market.
In this respect, the need for capacity building among small and medium enterprises (SMEs) was raised at the Open Day.
Issues pertaining to the more expensive cost of medicines and difficulty in getting generic drugs were also raised.
An entrepreneur, requesting anonymity, said it would be beneficial for entrepreneurs “as it can help enhance my networking and in the process create more quality and competitive SMEs.”
He said it could open new market opportunities for his company.
“TPP also encourages healthy competition. And as a consumer it can give me more choices and at more reasonable prices,” he said.
– BERNAMA
