SINGAPORE, Aug 21 – The Trans- Pacific Partnership Agreement (TPPA) will bring great benefits for Malaysia, says Asian Development Bank (ADB) Chief Economist, Changyong Rhee.
Rhee said a more open economy was best for structural reforms and to increase market access.
“Being an economist, what do you expect? I’ll suggest (to Malaysia), not only just TPPA but other free trade agreements will provide great benefits.
“This because what Malaysia needs is macroeconomic efficiency and the opening of trade market is the best way to improve market efficiency,” he told Bernama in Singapore, Wednesday.
Rhee said this at a media briefing when asked to comment on concerns raised by some quarters that the TPPA could bring negative impact to countries like Malaysia.
The briefing was held in conjunction with the release of a new ADB report, ‘Asia’s Economic Transformation: Where to, How, and How Fast – Key Indicators for Asia and the Pacific 2013 Special Chapter’, in Singapore, Wednesday.
Rhee is chief spokesperson for ADB on economic and development trends, and oversees the Economic and Research Department, which publishes ADB’s flagship knowledge products.
He said it looked like the US, together with Japan, had strong political will to go through the TPPA.
“I think the atmosphere is much more promising than many economists had (earlier) thought.
“On the other hand, they are really talking about real sector issues, so probably the next one or two months will be critical on how much give-and-take will be agreed,” Rhee said.
TPP negotiators from 12 countries will converge in Bandar Seri Begawan for the 19th round of negotiations from Friday to Aug 30.
Japan joined as the 12th TPPA member during the 18th round of negotiations held in Sabah last month.
The TPPA is a free trade initiative which aims to further liberalise the economies of the Asia-Pacific.
-BERNAMA
