SEREMBAN: A special sitting on the Trans-Pacific Partnership Agreement (TPPA) is expected to be held in the Dewan Rakyat on Jan 26 next year, said International Trade and Industry Minister II Datuk Ong Ka Chuan.
He said the special sitting however is subject to the approval of the Speaker, Tan Sri Pandikar Amin Mulia.
“Normally according to the Constitution, any matters related to trade can be decided by the Cabinet.
“But this time we feel that the TPPA is an important matter so we bring it to the Dewan Rakyat for the 222 members to debate and vote,” he said to reporters after a memorandum of understanding signing ceremony for a strategic partnership for the Senawang Exhibition and Convention Centre here, today.
Malaysia and 11 other countries, namely Australia, Brunei, Canada, Chile, Japan, Singapore, Mexico, New Zealand, Peru, the United States and Vietnam finalised the TPP negotiations on Oct 5 2015.
The TPPA contents and two cost-benefit analyses would be tabled in the Dewan Rakyat for approval before being ratified in two years after the signing.
Ong said if the TPPA was approved, it would take another two years for its implementation as this would involve amendments to laws.
During the two years, he said all the 12 countries involved needed to make adjustments in terms of their respective legislations.
Meanwhile, he said from Jan 1, 2016, the Asean Economic Community (AEC) involving 10 countries with a population of 620 million would be merged to become one economy.
He said this would involve free movement of products, services and skilled labour and professional, capital as well as investment.
“Hence, Malaysia is also in this situation whereby our products can gain access to other countries while we cannot stop products from other countries to enter our country.
“This is a trend to facilitate e-commerce whereby we can buy products via the Internet (online), in an era where e-commerce will become a popular platform in the future. --BERNAMA