KUALA LUMPUR: Malaysia will most likely be able to complete its domestic ratification legal procedures for the Trans Pacific Partnership Agreement (TPPA) by mid- 2017 said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
“For Malaysia, we have started drafting some of the required amendments to comply with the TPP commitments. These will be presented to Parliament by the first half of 2017,"he said in a statement out of Arequipa in Peru where the 22nd APEC (Asia Pacific Economic Cooperation) trade ministers' meeting is being held.
A TPP ministerial meeting between the 12 members of the grouping - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, US and Vietnam - also reviewed the progress of the respective domestic processes towards ratification of the agreement.
In general, most TPP countries will be able to complete ratification by the end of the year, he added.
They also stressed the importance of bringing the TPPA into force as early as possible to reap the benefits of market liberalisation, create jobs and new economic opportunities, as well as enhance competitiveness.
The 12 trade ministers also agreed on a mechanism for implementation and administration of the TPP Agreement which would include the designation of a rotating TPP Chair and appointment of chief representatives of each country to deal with ongoing administration and any issues that may arise.
Most of the work will be done by virtual means while a virtual library for all TPP documentation will also be set up.
New Zealand will continue to serve as the depository.
On the small and medium sized enterprises (SMEs) which continue to be apprehensive about the TPP, Mustapa proposed that TPP countries share with each other the various initiatives they have put in place to get better buy-in SMEs.
Meanwhile Mustapa, in a separate session between APEC trade officials and the Director General of the World Trade Organisation (WTO) raised concerns on the rising trend of protectionism and emphasised on the need to monitor closely protectionist measures.
"At a time when growth of the global economy is sluggish, there is a tendency for some to be more inward looking. It is important to ensure that the benefits of a more open trading system are not negated by these measures. "
He also highlighted Malaysia’s commitment to implement the Information Technology Agreement expansion (ITA2) by July 2016, and urged other members to do the same.
The global annual trade of ICT products amount to US$1.3 trillion.
The tariff elimination on 201 high‐technology ICT products will benefit more than 600 Malaysian producers, he said.
Of the RM366 billion Malaysian exports of ICT products in the period of 2013-2015, about 94 per cent went to ITA2 members.
Mustapa stressed on the need for multi-national corporations (MNCs) to have more programmes to assist SMEs in leveraging on the global value chains and accessing international markets.