Malaysia, New Zealand push for RCEP following US pullout from TPP
Malaysia will focus on regional economic integration and the conclusion of the Regional Comprehensive Economic Partnership (RCEP) as the Trans-Pacific Partnership (TPP) agreement could not materialise following the withdrawal of the US, local officials said on January 24.
Prime Minister of New Zealand Bill English (Source: AFP/VNA)
Hanoi (VNA) – Malaysia will focus on regional economic integration and theconclusion of the Regional Comprehensive Economic Partnership (RCEP) as theTrans-Pacific Partnership (TPP) agreement could not materialise following thewithdrawal of the US, local officials said on January 24.
Ministerof International Trade and Industry Mustapa Mohamed said Malaysia will promoteeconomic integration with the 10-member Association of Southeast Asian Nations(ASEAN) and promptly conclude the RCEP, which groups ASEAN and its six majortrading partners, including China.
Malaysiawill also pursue bilateral free trade agreements with TPP members with whom itcurrently does not have any preferential trading arrangements, he said, addingthat chief negotiators from other 11 TPP countries will hold regular contactwith each other to consider all available options before deciding the best wayforward.
However,the minister did not elaborate on whether Malaysia would pursue a TPP withoutthe US.
Inregard to the argument by newly inaugurated US President Donald Trump that TPPwould cause job losses in the US, Mustapa insisted that the trade pact was abalanced agreement as the US will also benefit from better market access tocountries which it does not have FTA with such as Japan, Vietnam and Malaysia.
Thesame day, Prime Minister of New Zealand Bill English told reporters inWellington that the withdrawal of the US from the TPP was not surprising, butstill disappointing after the nations managed to negotiate the pact. He revealed thatthe remaining 11 members are scheduled to meet with each other in the months tocome to consider the next possible steps./.
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Malaysia may study the possibility of pursuing bilateral free trade agreements (FTAs) with Trans-Pacific Partnership (TPP) member countries if the pact fails to be enforced, Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said on January 21.
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Prime Minister of New Zealand Bill English (Source: AFP/VNA)
