The Trans â€“ Pacific Partnership Agreement (TPPA) which according to International Trade and Industry Minister of Malaysia Datuk Seri Mustapa Mohamed will help the nation gain priority market access, especially to the four new free trade access markets as soon as it is in force is close to its finalization process.
The minister justifies this delay in signing of the deal by saying that there were still several technical details that needed to be ironed out before any conclusions can be made. This includes the legal scrubbing and the finalisation of related schedule.
He said that they have been able to defend their countryâ€™s policy on several matters giving example on the bumiputra policy as well as in intellectual property rights.
He also added the instance of the import duty of almost 73% from textile product export to the US which will be repealed immediately with TPPA.
Furthermore, TPPA will repeal import duty for Malaysia's main export products such as electric and electronic, rubber-based items, palm oil and automotive spare parts and timber products to TPPA market such as the US, Canada, Mexico and Peru.
The minister further added that the matter would be brought to Parliament in a session which is not yet decided, adding that Malaysia was so far satisfied with the result of the negotiation and that Malaysia's interests have been taken into consideration.
The minister said that the countries involved in the agreement will reveal the details of the negotiation to the public simultaneously in the near time.
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